Tilray Brands Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.53%.
Did TLRY Beat Earnings? Q1 2026 Results
Tilray Brands delivered a beat on both lines in its fiscal first quarter of 2026, posting record Q1 net revenue of $209.50 million against a consensus estimate of $205.75 million, a 1.82% positive surprise, even as revenue fell 22.4% year-over-year on a reported basis. The most material story, however, was profitability: the company swung to net income of $1.51 million from a prior-year loss of $34.65 million, driven largely by a 42% reduction in total operating expenses to $55.38 million, including a $15.00 million favorable change in the fair value of contingent consideration. Adjusted EBITDA climbed 9% to $10.18 million, and adjusted net income turned positive at $3.94 million versus a loss of $6.08 million a year ago. The balance sheet reinforced the improving narrative, with $264.83 million in cash and net debt trimmed to just $4.00 million. Management reiterated fiscal 2026 adjusted EBITDA guidance of $62.00 million to $72.00 million, pointing to U.S. cannabis rescheduling and continued European market expansion as key forward catalysts.
- Record Q1 net revenue of $210 million, up 5% year-over-year
- Swing to net income of $1.5 million from net loss of $34.7 million
- Canadian adult-use cannabis gross revenue increased 12%, maintaining #1 market position
- International cannabis revenue grew 10% year-over-year
- Total operating expenses decreased 42% driven by lower amortization, restructuring, and favorable contingent consideration change
- Adjusted EBITDA increased 9% to $10.2 million
- Cash used in operations improved by $34 million year-over-year
“As we enter fiscal 2026, Tilray's first quarter results underscore the effectiveness of our strategic vision and disciplined execution. Achieving a record Q1 net revenue of $210 million, delivering net income, and fortifying our balance sheet are not just milestones, they are proof points of our commitment to building sustainable growth, operational excellence, and unlocking value for our shareholders. Our global platform positions Tilray Brands not just to participate in, but to lead, the evolution of the global cannabis, beverage, and wellness sectors.”
Tilray Brands CEO, on the earnings call
Forward Guidance & Outlook
Tilray reiterated its fiscal year 2026 adjusted EBITDA guidance of $62 million to $72 million. The company expressed confidence in seizing transformative opportunities as the U.S. explores cannabis rescheduling and the European cannabis landscape continues to evolve. Management highlighted the company's global platform, proven expertise in medical and adult-use cannabis, and trusted partnerships as key differentiators for long-term value creation.
TLRY YoY Financials
TLRY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.