Live: Tilray Brands (TLRY) Q1 FY2026 Earnings Coverage
Jane Williams ; 2025-11-16 01:36:49
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Oct 9, 2025 7:45 AM
Tilray reiterated its FY2026 Adjusted EBITDA outlook of $62M–$72M, signaling confidence in execution despite mixed segment margins.
The company noted continued focus on operational discipline and expects margin recovery as Project 420 optimization and beverage integration synergies take hold.
| Guidance Metric | FY2026 Range | Prior Outlook | Direction |
|---|---|---|---|
| Adj. EBITDA | $62M–$72M | $62M–$72M | ⚖️ Flat |
| Cannabis Market Share | Maintain #1 Canada | Maintain | ⚖️ Flat |
| Cash Flow | Continued improvement | Prior trend intact | 📈 Improved |
Management Commentary
Oct 9, 2025 7:45 AMCEO Irwin Simon said the quarter “underscores the effectiveness of our strategic vision and disciplined execution,” highlighting record revenue, profitability, and balance sheet strength as “proof points of sustainable growth.”
He added that Tilray’s global platform is positioned to lead the evolution of the global cannabis, beverage, and wellness sectors and that U.S. rescheduling and European legalization remain pivotal tailwinds.
Quick Take: The tone was notably confident — emphasizing global positioning and fiscal discipline rather than cost-cutting. Tone Meter: Improving
Key Operating Highlights
Oct 9, 2025 7:45 AM| Segment | Revenue | YoY Change | Gross Margin | QoQ Trend | Commentary |
|---|---|---|---|---|---|
| Cannabis | $64.5M | +5% | 36% (–4pts) | Stable | Maintained #1 Canadian market share; International +10% YoY. |
| Beverage | $55.7M | Flat | 38% (–3pts) | Stabilizing | Margin compression from integration, but SKU optimization largely complete. |
| Wellness | $15.2M | +3% | 32% | Flat | Solid performance from Manitoba Harvest and hemp foods. |
| Distribution | $74.0M | +9% | 11% (–1pt) | Strong | Growth in CC Pharma and European supply chain volumes. |
| Adj. EBITDA | $10.2M | +9% | — | ↑ | Driven by cost savings and integration synergies. |
What Changed This Quarter
Oct 9, 2025 7:45 AM✅First quarterly net income in over a year— a psychological and financial milestone.
✅Operational cash use nearly eliminated, improving $34M YoY.
⚖️Gross margin dipped to 27%(vs. 30% prior) as beverage and cannabis mix remained margin-heavy.
📈Debt reduced to $4M net, leverage ratio at just0.07x EBITDA— a major balance sheet win.
📉Beverage segment still soft, with 38% margin vs. 41% YoY.
⚖️Guidance held steady, suggesting confidence without overpromising.
Tilray is demonstrating tangible progress in cash discipline and profitability while keeping its strategic bets on U.S. and EMEA cannabis optionality alive. The print confirms the company’s path toward sustainable EBITDA and free cash flow, making it a credible multi-vertical turnaround story rather than a pure cannabis speculation play.
Tilray Up Big After Earnings
Oct 9, 2025 7:43 AMTilray shares are up 14% after posted record Q1 FY2026 revenue of $209.5 million, up 5% YoY and above consensus of $205.75M
Adjusted EPS came in at $0.00, in line with expectations, while net income reached $1.5 million, marking a turnaround from a $(34.7)M loss a year ago.
Adjusted EBITDA rose 9% YoY to $10.2 million, also exceeding forecasts, with cash used in operations improving by $34 million.
| Metric | Actual | Estimate | YoY Change | Beat/Miss |
|---|---|---|---|---|
| Revenue | $209.5M | $205.75M | +5% | ✅ Beat |
| EPS (Adj.) | $0.00 | $0.00 | +$0.01 | ⚖️ In Line |
| Net Income | $1.5M | – | vs. $(34.7)M | ✅ Turnaround |
| Adj. EBITDA | $10.2M | ~$9.3M | +9% | ✅ Beat |
| Cash Flow (Ops.) | $(1.3)M | – | +$34M YoY | ✅ Improved |
Tilray Brands (NASDAQ: TLRY)reports fiscal Q1 2026 results before the market opens, following a transition year defined by consolidation and margin repair. The stock is up 275% over the past 6 months as investors look to see if the turnaround can keep momentum moving forward.
Last quarter’s print (Q4 FY2025) showed clear progress — EPS beat $0.02 vs. est. $0.00 — as international cannabis and spirits drove gross margin expansion. Yet shares finished down 5% after weaker beverage margins and cautious cash-flow trends.
This quarter’s release will test whether Tilray’s profitability narrative is sustainable amid muted cannabis volume and continued beverage rationalization.
Estimates Snapshot
| Metric | Q1 FY2026 Estimate | YoY Change | FY2026 Estimate | FY2027 Estimate |
|---|---|---|---|---|
| Revenue | $205.75 M | +2.9 % vs $200 M | $863.47 M | $901.79 M |
| EPS (Normalized) | $0.00 | +$0.01 vs –$0.01 prior year | $0.04 | –$0.07 |
| Analyst Range (FY26) | $830.5 M – $891.5 M rev / $0.03 – $0.04 EPS |
Tilray has beaten EPS estimates four consecutive quarters, but top-line momentum remains constrained as the company trims low-margin SKUs and channels.
Consensus implies low-single-digit growth early in FY26, improving into the back half as Project 420 synergies ($33 M target) and AI-driven greenhouse automation start to flow through.
Key Areas To Watch
International Medical Cannabis Expansion– Germany and Poland were standouts in Q4, with +134% YoY German growth and new self-pay market entry. Investors expect continued EMEA gains under Managing Director Rajnish Ohri, who leads Tilray’s push into the Middle East & Asia.
Beverage & Project 420 Margins– Integration of SweetWater, Montauk, and Shock Top has depressed beverage margin (38% vs 53% YoY). The focus this quarter: sequential recovery as SKU optimization winds down and holiday distribution begins.
THC & Wellness Flywheel– Hemp-derived THC beverages now reach 1,300 U.S. retail points across 13 states, while HiBall Energy and Manitoba Harvest sustain mid-single-digit growth. Watch for early regulatory commentary on interstate THC distribution.
Canadian Cannabis Share Dynamics– After reclaiming the #1 flower slot in Q4 via Redecan & Broken Coast, any volume recovery would signal a turning point in Tilray’s domestic optimization strategy.
Cash & Leverage Profile– Last quarter’s free cash flow (–$121 M) and cash balance $256 M left Tilray’s net-debt-to-EBITDA at 0.3× — a manageable base but still sensitive to integration costs. Sustained EBITDA above $25 M would confirm a credible path toward the FY26 goal of $62–72 M.
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