Tilray Brands (TLRY) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 net revenue of $218 million, up 3% year-over-year, with strong international medical cannabis (+36%) and Canadian adult-use cannabis (+6%), offsetting beverage declines.

• Net loss improved by $41.8 million to $(43.5) million, with adjusted EBITDA of $8.4 million and adjusted EPS loss of $0.02; operating loss narrowed to $22.3 million.

• Ended the quarter with $292 million in cash and marketable securities, achieving a net cash position nearly $30 million above debt.

• Maintained leadership in Canadian cannabis, expanded international and pharma operations, and continued to optimize beverage and wellness segments.

• Completed a one-for-ten reverse stock split effective December 2, 2025.

Financial highlights

• Net revenue for Q2 was $217.5 million, driven by international cannabis and pharma growth, and a 6% increase in Canadian adult-use cannabis.

• Gross profit was $57.5 million with a gross margin of 26%; cannabis gross margin rose to 39%, wellness to 32%, beverage to 31%.

• 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, slightly down from $9.0 million year-over-year.

• Cash and marketable securities totaled $291.6 million as of November 30, 2025.

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.

• Positioned to capitalize on U.S. cannabis rescheduling and global regulatory tailwinds.

• Ongoing focus on SKU rationalization, geographic and distributor optimization, and synergy realization in the beverage segment.