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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Tilray Brands
Tilray Brands (TLRY) investor relations material
Tilray Brands Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary8 Jan, 2026
Executive summary
Achieved record Q2 net revenue of $218 million, up 3% year-over-year, driven by strong international medical cannabis (+36%), Canadian adult-use cannabis (+6%), and distribution growth, while beverage revenue declined due to market headwinds.
Net loss improved by $41.8 million to $(43.5) million, with adjusted EBITDA of $8.4 million and adjusted net loss per share of $(0.02); excluding non-cash tax charges, adjusted net income per share was $0.01.
Ended the quarter with $292 million in cash and marketable securities, a net cash position of ~$30 million, and reduced debt by $4.2 million.
Reaffirmed full-year fiscal 2026 adjusted EBITDA guidance of $62–$72 million.
Completed a one-for-ten reverse stock split effective December 2, 2025.
Financial highlights
Net revenue for Q2 was $217.5 million, with gross profit of $57.5 million and a gross margin of 26% (down from 29%); cannabis gross margin rose to 39%, beverage to 31%, distribution to 13%, and wellness to 32%.
Net loss for the quarter was $43.5 million, a significant improvement from $85.3 million in the prior year; adjusted EBITDA was $8.4 million.
Cash and marketable securities totaled $291.6 million as of November 30, 2025, with working capital at $470 million.
Cash used in operations improved to $(8.5) million from $(40.7) million year-over-year.
Free cash flow for the quarter was $(9.6) million, a significant improvement year-over-year.
Outlook and guidance
Reaffirmed full-year 2026 adjusted EBITDA guidance of $62–$72 million.
Management expects continued growth in international cannabis and pharma, with operational improvements expected to benefit beverage margins in Q4.
U.S. federal cannabis rescheduling and global regulatory changes are anticipated to unlock new market opportunities, especially for medical expansion.
Ongoing focus on SKU rationalization, geographic and distributor optimization, and synergy realization in the beverage segment.
Detail Tilray's US medical cannabis expansion plan
Explain the decline in beverage segment revenue
What factors improved the net cash position?
Detail Tilray's U.S. medical cannabis entry strategy
Beverage segment turnaround plan beyond Q4 resets
Impact of Canadian supply shift to international
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Next Tilray Brands earnings date
Q3 20267 Apr, 2026
Tilray Brands
Next Tilray Brands earnings date
Q3 20267 Apr, 2026
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Frequently asked questions
Tilray Brands Inc. engages in the research, cultivation, production, marketing, and distribution of medical cannabis products. It offers sativa, indica, and hybrid medical marijuana grown and sold under the Tilray brand; cannabis oils; capsules; and accessories for administration of medical cannabis including oral syringes and syringe applicators. The company also provides Tetrahydrocannabinol, Cannabidiol, Sativa, Indica, Hybrid, CBD Energy Shot; Live Resin Vape Pen Cartridges; and Cannabis oil. Tilray Brands Inc. was incorporated in 2018 and is headquartered in New York, New York.
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