Tilray Brands, Inc.

Tilray Brands delivered record third-quarter fiscal 2026 results, with net revenue rising 11% year-over-year to $206.7 million and gross profit expanding 6% to $55.0 million. The performance was driven by a 73% surge in international cannabis revenue and an 8% increase in combined Canadian adult-use and medical cannabis revenue, reinforcing Tilray's #1 market share position in Canada by revenue. The distribution segment also contributed meaningfully, achieving record net revenue of $83.0 million, up from $61.5 million in the prior year period. However, the beverage segment faced headwinds, with net revenue declining to $42.6 million from $55.9 million, though management highlighted the completion of the Project 420 synergy program, which delivered approximately $33 million in annualized cost savings. GAAP net loss improved significantly by 97% to $25.2 million, or $(0.24) per share, compared to a substantial loss of $793.5 million in the prior year. Adjusted EBITDA increased 19% to $10.7 million. The company maintains a strong liquidity position with $264.8 million in cash and marketable securities and a net cash position of $3.5 million. Subsequent to the quarter end, Tilray completed the acquisition of BrewDog for approximately £40 million in cash, positioning the company as a global craft beverage leader. Management reconfirmed fiscal year 2026 guidance for Adjusted EBITDA of $62 million to $72 million, representing 13% to 31% growth compared to fiscal year 2025, while noting potential risks from Middle East hostilities impacting operating expenses.