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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 $210M, up 5% year-over-year, with net income of $1.5M, marking a return to profitability from a prior year net loss of $34.7M.
Adjusted EBITDA rose 9% year-over-year to $10.2M, supported by organic growth and cost-saving initiatives.
Operational efficiencies and Project 420 cost optimization led to $25.1M in cumulative savings and a $34M year-over-year improvement in net cash used in operations.
Revenue growth was driven by strong performance in Canadian adult-use and international cannabis, as well as distribution, while beverage revenue remained flat due to SKU optimization.
Strengthened balance sheet by reducing outstanding debt by $7.7M and ending the quarter with $265M in cash and $1M in digital assets.
Financial highlights
Net revenue increased 5% year-over-year to $210M, a Q1 record.
Net income was $1.5M, compared to a net loss of $34.7M in the prior year.
Adjusted EBITDA rose to $10.2M from $9.3M last year.
Gross margin declined to 27% from 30% last year, mainly due to lower margins in beverage and cannabis segments.
Cash and marketable securities totaled $265M at quarter-end.
Outlook and guidance
Reaffirmed FY2026 adjusted EBITDA guidance of $62M–$72M.
Expects continued growth in international cannabis as permit backlogs clear and regulatory reforms progress in key markets.
Management anticipates further benefits from portfolio optimization, cost savings, and innovation in core markets.
Detail U.S. cannabis rescheduling pathways.
How will German distribution triple via CC Pharma?
Beverage gross margin: next steps for improvement?
US rescheduling: Tilray's specific pathways?
Project 420: Remaining steps for margin improvement?
International cannabis: Mitigating supply chain risks?
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Next Tilray Brands earnings date
Q2 20269 Jan, 2026
Next Tilray Brands earnings date
Q2 20269 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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