Tilray Brands Delivers Record Q2 Fiscal 2026 Net Revenue of $218 Million, Moves to Net Cash Position and Reaffirms Full-Year Adjusted EBITDA Guidance
- International Medical Cannabis Revenue Increases 36%; Canadian Adult-Use Cannabis Revenue Grows 6%
- Tilray Pharma Achieves Record Quarterly Revenue
- U.S. Federal Cannabis Rescheduling Expected to Unlock New Market Opportunity for Tilray Medical Expansion into the U.S.
- Strong Financial Position with $292 Million in Cash and Marketable Securities¹ and ~$30 Million Net Cash
NEW YORK and LONDON and LEAMINGTON, Ontario, Jan. 08, 2026 (GLOBE NEWSWIRE) — Tilray Brands, Inc. (“Tilray”, “our”, “we” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a global lifestyle and consumer packaged goods company at the forefront of the cannabis, beverage, and wellness industries, today reported financial results for its second fiscal quarter ended November 30, 2025. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
Irwin D. Simon, Chairman and Chief Executive Officer, commented, “We achieved another record quarter with net revenue reaching $218 million, a result of disciplined execution within our diversified portfolio spanning cannabis, beverage, wellness and distribution sectors. Our business model supports scalability, adaptability in challenging markets, and long-term value creation, as demonstrated by our ability to perform while reinforcing our core operations. The quarter concluded with a strong balance sheet and ample liquidity, highlighting our prudent financial management and affording us flexibility for selective investment in strategic growth initiatives. As we continue expanding our operations and pursuing our priorities, we remain committed to achieving sustainable profitability and enhancing long-term shareholder value.”
Mr. Simon, continued, “We believe federal rescheduling would mark an important advancement for medical cannabis in the United States, paving the way for more research, wider physician involvement, and better patient access. Tilray has invested for years in developing the infrastructure, expertise, and discipline needed to operate successfully in tightly regulated medical markets worldwide. As the U.S. regulatory landscape progresses, Tilray is prepared to leverage its experience to play a key role in building a responsible, research-oriented national medical cannabis industry. With a dedicated team and platform already in place with Tilray Medical U.S., we intend to leverage the infrastructure, expertise and know-how developed in conjunction with Tilray Medical’s expected $150 million global medical cannabis business and our $300 million Tilray Pharma medical distribution platform in order to rollout our repeatable medical model and expand upon our current research, as well as initiating new FDA trials and partnerships for product development.”
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¹Cash and marketable securities and net (debt) cash are non-GAAP financial measures. See “Use of Non-GAAP Measures” below for additional discussion regarding these non-GAAP measures and for a reconciliation of this Non-GAAP Measure to our most comparable GAAP measure.
Financial Highlights
All comparisons made to the prior year period
- Net revenue increased 3% to $217.5 million in the second quarter compared to $211.0 million.
- Gross profit was $57.5 million in the second quarter compared to $61.2 million.
- Gross margin was 26% in the second quarter compared to 29%.
- Cannabis net revenue increased 3% to $67.5 million in the second quarter compared to $65.7 million as a result of a 36% increase in international cannabis and a 6% increase in Canadian adult-use cannabis, offset by a lower presence in Canadian wholesale cannabis in anticipation of deployment in international markets.
- Cannabis gross profit increased to $26.1 million in the second quarter compared to $23.2 million.
- Cannabis gross margin increased to 39% in the second quarter compared to 35%.
- Beverage net revenue was $50.1 million in the second quarter compared to $63.1 million.
- Beverage gross profit was $15.7 million in the second quarter compared to $25.2 million.
- Beverage gross margin was 31% in the second quarter compared to 40%.
- Wellness net revenue was $14.6 million in the second quarter and was flat.
- Wellness gross profit increased to $4.6 million in the second quarter compared to $4.5 million.
- Wellness gross margin increased to 32% in the second quarter compared to 31%.
- Distribution net revenue, which includes Tilray Pharma, grew to our highest revenue quarter ever to $85.3 million in the second quarter compared to $67.6 million.
- Distribution gross profit increased to $11.0 million in the second quarter compared to $8.4 million.
- Distribution gross margin increased to 13% in the second quarter compared to 12%.
- Net loss improved $41.8 million to $(43.5) million in the second quarter compared to a net loss of $(85.3) million and net loss per share improved to $(0.41) in the second quarter from $(0.99).
- Adjusted net loss² and adjusted net loss per share2 improved to $(2.0) million and $(0.02) in the second quarter compared to adjusted net loss of $(2.2) million and $(0.03). Excluding non-cash income tax charges, adjusted net income and adjusted net income per share would be $1.6 million and $0.01.
- Adjusted EBITDA³ was $8.4 million in the second quarter compared to $9.0 million.
Cash Flow: Cash used in operations improved $32.2 million to $(8.5) million from $(40.7) million.
Balance Sheet Update: In the second quarter, we grew our cash and marketable securities balance to $291.6 million providing flexibility for strategic opportunities. Additionally, we reduced our total outstanding debt by $4.2 million, further strengthening the balance sheet.
Net (Debt) Cash Position: Our Q1 net debt position of $3.8 million improved $31.2 million sequentially to an overall net cash position of $27.4 million.4
Adjusted EBITDA Outlook for Fiscal 2026 Reaffirmed at $62 Million – $72 Million
