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Earnings

Tilray Brands Delivers Record Q2 Fiscal 2026 Net Revenue of $218 Million, Moves to Net Cash Position and Reaffirms Full-Year Adjusted EBITDA Guidance

By The Northwire Desk — AI Analysis Jan 08, 2026 · 16:05 TLRY · 12.45 TILRAY BRANDS, INC. J
TLRY · Price

Executive Summary

  • Tilray Brands reported Q2 FY 2025 net revenue of $217.5 M, a modest 3% increase year‑over‑year, highlighted by a 36% rise in international cannabis revenue and a 6% gain in Canadian adult‑use cannabis.
  • Net loss narrowed to $(43.5) M ($0.41 per share) from $(85.3) M a year ago; adjusted net loss improved to $(2.0) M ($0.02 per share). Adjusted EBITDA was $8.4 M, down 7% YoY but still positive.
  • Cash and marketable securities grew to $291.6 M, providing a net cash position of $27.4 M; total debt decreased by $4.2 M.

Key Details

  • Revenue Breakdown (Q2 FY 2025):
  • Cannabis: $67.5 M (up 3% YoY) – driven by +36% international and +6% Canadian adult‑use sales.
  • Beverage: $50.1 M (down 21% YoY).
  • Distribution (incl. Tilray Pharma): $85.3 M (record high, up 26%).

  • Wellness: $14.6 M (flat).

  • Gross Profit / Margin:

  • Total gross profit $57.5 M; gross margin 26% (down from 29%).
  • Cannabis gross profit $26.1 M; margin 39% (up from 35%).

  • Beverage gross profit $15.7 M; margin 31% (down from 40%).

  • Operating Expenses:

  • Total operating expenses $79.8 M, a 23% reduction YoY.

  • Significant cuts in amortization ($4.4 M vs $22.9 M) and restructuring costs ($0.97 M vs $6.87 M).

  • Net Loss:

  • GAAP net loss $(43.5) M, improved 49% YoY.

  • Adjusted net loss $(2.0) M, a modest improvement over the prior period.

  • Liquidity & Debt:

  • Cash & marketable securities $291.6 M (up from $252.2 M).
  • Net cash position $27.4 M versus $3.8 M at end of Q1.

  • Total debt reduced by $4.2 M; bank indebtedness down to $8.6 M.

  • Adjusted EBITDA Outlook: reaffirmed FY 2026 guidance of $62‑$72 M.

  • Management Commentary: CEO Irwin D. Simon highlighted the record quarterly revenue, strong balance sheet, and anticipation of U.S. federal cannabis rescheduling to expand medical operations.

  • Webcast: Live investor webcast scheduled for the day of release (4:30 p.m. ET).

Notable Quotes

“We achieved another record quarter with net revenue reaching $218 million… Our strong balance sheet and ample liquidity afford us flexibility for selective investment in strategic growth initiatives.” – Irwin D. Simon, Chairman & CEO

Materiality Assessment: Material – Neutral – The release contains a full set of quarterly financial results, significant changes to profitability, cash position, and forward‑looking guidance that are material to investors.

Read the original news release →

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