Tilray Brands Earnings Call Transcripts
Fiscal Year 2026
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Record Q3 revenue and strong international cannabis growth offset beverage softness, with integration of BrewDog and Carlsberg partnerships expected to drive future scale and profitability. Fiscal 2026 adjusted EBITDA guidance reaffirmed.
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The acquisition of BrewDog for GBP 33 million adds a leading global craft beer brand and scalable brewing infrastructure, accelerating international expansion and enabling the introduction of U.S. brands into Europe. The deal is expected to be accretive to EBITDA and cash flow positive by fiscal 2027.
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Record Q2 revenue of $218M was driven by strong international cannabis and distribution growth, with improved profitability and a net cash position of $30M. The company reaffirmed its 2026 adjusted EBITDA guidance and is well-positioned for regulatory changes and global expansion.
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Record Q1 revenue of $210M marked a 5% year-over-year increase, with net income of $1.5M and improved adjusted EBITDA. Growth was driven by Canadian and international cannabis, distribution, and wellness, while beverage revenue was flat due to SKU optimization.
Fiscal Year 2025
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Record annual revenue and gross profit were achieved, driven by strong international cannabis and wellness growth, while beverage performance was mixed due to industry softness and strategic SKU rationalization. A $2 billion non-cash impairment led to a net loss, but adjusted net income and EBITDA improved. Fiscal 2026 guidance anticipates further EBITDA growth and margin expansion.
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Diversification into beverages, wellness, and distribution has driven growth amid regulatory constraints, with a balanced sales mix and ongoing innovation in craft and non-alcoholic beverages. Regulatory and market challenges persist, but investments in brand building and operational efficiency continue, supported by positive cash flow and cost reductions.
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Q3 net revenue reached $185.8M, with margin-focused strategies driving a 5% gross profit increase and 200 bps margin expansion. Adjusted net revenue would have been $206M, up 10% YoY, and cannabis gross margin hit 41%. Net loss was $793.5M, mainly due to a $700M non-cash impairment.
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Q2 net revenue grew 9% year-over-year to $211 million, with strong gains in beverage and international cannabis segments. Gross margin improved over 500 basis points, and adjusted net loss narrowed to $2.2 million. Fiscal 2025 guidance is reaffirmed at $950 million to $1 billion.
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Record Q1 net revenue of $200M (+13% YoY) driven by beverage and wellness growth, with gross margin up 500+ bps. Fiscal 2025 guidance remains $950M–$1B, as integration of new brands and European expansion are expected to fuel further gains.
Fiscal Year 2024
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Record FY 2024 results driven by 26% revenue growth, major acquisitions, and operational efficiencies. Guidance for FY 2025 targets up to $1 billion in revenue, with double-digit growth in cannabis and beverages, and ongoing focus on margin improvement and debt reduction.