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Tilray Brands (TLRY) investor relations material
Tilray Brands Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary9 Oct, 2025
Executive summary
Achieved record Q1 net revenue of $210 million, up 5% year-over-year, with net income of $1.5 million and EPS of zero, marking a return to profitability from a prior year net loss of $34.7 million.
Adjusted EBITDA rose 9% year-over-year to $10.2 million, supported by organic growth, cost-saving initiatives, and Project 420, which delivered $25.1 million in cumulative savings.
Revenue growth was driven by strong performance in Canadian adult-use and international cannabis, as well as distribution and wellness, while beverage revenue remained flat due to SKU optimization.
Strengthened balance sheet by reducing outstanding debt by $7.7 million, ending the quarter with $265 million in cash and a net debt-to-EBITDA ratio of 0.07x.
Maintained leadership in Canadian cannabis, expanded international presence, and continued innovation in beverage and wellness segments.
Financial highlights
Net revenue reached $210 million, a 5% increase year-over-year.
Cannabis revenue grew 5% to $64.5 million, with 12% growth in adult-use and 10% in international cannabis.
Distribution revenue increased 9% to $74 million, while wellness revenue rose 3% to $15.2 million.
Gross profit was $57.5 million (gross margin 27%), down from $59.7 million (30%) last year, due to lower margins in beverage and cannabis.
Adjusted EBITDA improved to $10.2 million from $9.3 million last year.
Outlook and guidance
Reaffirmed fiscal 2026 guidance for adjusted EBITDA between $62 and $72 million.
Expects continued growth in international cannabis as permit backlogs clear and regulatory reforms progress.
Anticipates further margin improvements and operational efficiencies in beverage and cannabis segments.
Management remains confident in long-term growth, citing opportunities in U.S. cannabis rescheduling and European market evolution.
Further realization of Project 420 synergies and ongoing investments in marketing and infrastructure for acquired brands expected.
Detail U.S. cannabis rescheduling pathways.
How will German distribution triple via CC Pharma?
Beverage gross margin: next steps for improvement?
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Next Tilray Brands earnings date
Q2 20268 Jan, 2026
Next Tilray Brands earnings date
Q2 20268 Jan, 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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