Tilray Brands Earnings Call Transcripts
Fiscal Year 2026
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Record revenue and adjusted EBITDA were achieved, driven by growth across all segments and the BrewDog acquisition. The company strengthened its balance sheet, improved margins, and set guidance for further EBITDA growth in fiscal 2027, with international operations expected to contribute 60% of revenue.
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Record Q3 revenue and gross profit were driven by strong international cannabis growth and the BrewDog acquisition, with continued cost discipline and operational improvements. The company reaffirmed its fiscal 2026 adjusted EBITDA guidance and expects further growth from integration and new partnerships.
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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 expected to be accretive to EBITDA by fiscal 2027. Integration will focus on operational improvements, cost savings, and leveraging synergies for global growth.
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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 results showed stable revenue with a focus on margin expansion, cost control, and strategic product allocation, leading to improved gross margins and a strong balance sheet. A $700 million non-cash impairment drove a large net loss, but adjusted results were near break-even.
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Q2 net revenue rose 9% year-over-year to $211 million, with gross profit up 29% and strong margin expansion. Beverage and international cannabis segments drove growth, while cost synergies and SKU rationalization improved profitability. Fiscal 2025 guidance was reaffirmed.
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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 FY2024 results with 26% revenue growth, strong gains in cannabis and beverage segments, and $35M in cost synergies. FY2025 guidance targets up to $1B in revenue, with double-digit growth in core segments and continued margin expansion.