Tilray Brands (TLRY) Q4 2026 earnings summary

Executive summary

• Achieved record revenue of $915.5 million in fiscal 2026, up 11% year-over-year, with all four business segments contributing to growth and a diversified global platform across cannabis, beverage, hospitality, and wellness.

• Adjusted EBITDA reached $61.1 million, or $63.4 million excluding fuel surcharges, an 11% increase year-over-year.

• International medical cannabis revenue grew 34%, reinforcing leadership in Europe and expanding patient access.

• BrewDog acquisition accelerated global beverage expansion, adding over $200 million in annualized revenue and stabilizing performance.

• Fiscal 2027 guidance targets adjusted EBITDA of $68–$75 million, reflecting double-digit growth expectations.

Financial highlights

• Net revenue increased 11% to $915.5 million from $821.3 million year-over-year.

• Gross profit rose 8% to $260.4 million; gross margin was 28%, with adjusted gross margin steady at 29%.

• Adjusted net income improved 87% to $12.2 million, or $0.11 per share.

• Net loss narrowed to $105.2 million from $2.2 billion last year, mainly due to the absence of a prior non-cash impairment; net loss per share was $1.09.

• Cash, restricted cash, and marketable securities totaled $235 million at year-end; net debt reduced to $0.7 million.

Outlook and guidance

• Fiscal 2027 guidance: adjusted EBITDA between $68 million and $75 million, a double-digit increase.

• Revenue run rate expected at $1.2 billion, with international business projected to contribute $700 million (60% of total).

• Management expects over $1 billion in annual revenue for fiscal 2027, driven by continued momentum across all segments.

• Priorities include profitable growth, margin expansion, integration, and disciplined capital allocation.