The earnings call highlights Tilray's record revenue and improved margins, demonstrating success in international markets and strong financial management. However, significant challenges include a large noncash impairment charge, issues in the beverage segment, and a decline in cannabis revenue. Overall, while there are notable achievements, they are balanced by substantial challenges.

Company Guidance -

Q1 2026

In the fourth quarter of fiscal year 2025, Tilray Brands reported significant growth metrics, including a record revenue of $22.4 million in the international cannabis business, marking a 71% year-over-year increase. The total cannabis gross margin rose by 400 basis points to 44%, and for the fiscal year, it increased by 700 basis points. Additionally, Tilray achieved its second highest quarterly consolidated adjusted EBITDA of nearly $28 million. The company's full-year revenue reached $821 million, a 4% year-over-year increase on a constant currency basis, and $834 million, a 6% increase when accounting for currency fluctuations. Despite strategic initiatives impacting revenue by $35 million, the company delivered its highest gross profit to date at $241 million, an 8% increase year-over-year. Tilray also maintained a robust balance sheet with approximately $256 million in cash and improved its net debt-to-EBITDA ratio to 0.3x from 1.7x the previous year.

Record Revenue in International Cannabis Business

Tilray reached a record revenue of $22.4 million in the international cannabis business in Q4, up 71% year-over-year.

Improved Gross Margin

Total cannabis gross margin increased by 400 basis points to 44% in Q4, with a 700 basis point increase for the fiscal year.

Strong Balance Sheet

Tilray maintained a strong balance sheet with approximately $256 million in cash, reducing debt by approximately $100 million and improving the net debt-to-EBITDA ratio to 0.3x from 1.7x last year.

Record Annual Revenue

Tilray achieved record annual revenue of $821 million, a 4% increase year-over-year on a constant currency basis.

Growth in German Market

In Germany, Tilray achieved revenue growth of 134% over the prior year quarter and 54% revenue growth in fiscal year 2025.

Tilray (TSE:TLRY) Earnings, Revenues Date & History

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TSE:TLRY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 02, 2025	2026 (Q1)	-0.04 / -	-0.055	―	―	―
Jul 28, 2025	2025 (Q4)	-0.03 / -1.80	-0.055	-3150.00% (-1.75)	―
Apr 08, 2025	2025 (Q3)	-0.05 / -1.21	-0.166	-625.00% (-1.04)	―
Jan 10, 2025	2025 (Q2)	-0.05 / -0.14	-0.097	-42.86% (-0.04)	―
Oct 10, 2024	2025 (Q1)	-0.05 / -0.06	-0.139	60.00% (+0.08)	―
Jul 29, 2024	2024 (Q4)	-0.03 / -0.06	-0.208	73.33% (+0.15)	―
Apr 09, 2024	2024 (Q3)	-0.07 / -0.17	-2.633	93.68% (+2.47)	―
Jan 09, 2024	2024 (Q2)	-0.07 / -0.10	-0.152	36.36% (+0.06)	―
Oct 04, 2023	2024 (Q1)	-0.07 / -0.14	-0.18	23.08% (+0.04)	―
Jul 26, 2023	2023 (Q4)	-0.06 / -0.21	-1.247	83.33% (+1.04)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TSE:TLRY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 28, 2025	C$0.95	C$0.79	-16.84%
Apr 08, 2025	C$0.81	C$0.64	-20.99%
Jan 10, 2025	C$1.99	C$1.75	-12.06%
Oct 10, 2024	C$2.25	C$2.19	-2.67%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.