Tilray Brands Delivers Record Q3 Fiscal 2026 Results; Net Revenue Increases to $207 Million with 11% Organic Growth and Gross Profit Expands to $55 Million, Increasing 6% Year-Over-Year
Rhea-AI Summary
Tilray Brands (Nasdaq: TLRY) reported record Q3 fiscal 2026 results for quarter ended Feb 28, 2026: net revenue $206.7M (+11% YoY) and gross profit $55.0M (+6% YoY). Cannabis net revenue rose to $64.8M (+19%), led by international cannabis +73%. Distribution net revenue reached a record $83.0M. Adjusted EBITDA was $10.7M (+19%). Cash, restricted cash and marketable securities totaled $264.8M and net cash improved to $3.5M versus prior-year net debt. BrewDog acquisition (~£40M) closed after quarter end and is not reflected in results. Management reaffirmed fiscal 2026 adjusted EBITDA guidance of $62M–$72M while noting geopolitical risks could affect outlook.
Positive
- Net revenue $206.7M (+11% YoY)
- Gross profit $55.0M (+6% YoY)
- Cannabis net revenue $64.8M (+19% YoY) with international cannabis +73%
- Distribution net revenue record $83.0M
- Adjusted EBITDA $10.7M (+19% YoY)
- Cash and marketable securities $264.8M; net cash $3.5M (improved $40.2M)
Negative
- Beverage net revenue fell to $42.6M from $55.9M (~24% decline)
- Beverage gross profit declined to $13.6M from $19.9M
- Company reported a net loss of $25.2M for the quarter
- Guidance exposed to geopolitical risks; Middle East hostilities may affect adjusted EBITDA
News Market Reaction – TLRY
In the Apr 1 session, TLRY declined 5.10%, reflecting a notable negative market reaction. Argus tracked a peak move of +2.4% during that session. Argus tracked a trough of -10.9% from its starting point during tracking. Our momentum scanner triggered 22 alerts that day, indicating elevated trading interest and price volatility. Trading volume was above average at 1.9x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | Product launch | Positive | +8.0% | Launch of Shock Top High Voltage high-ABV beer targeting craft trend. |
| Mar 26 | Brand partnership | Positive | -5.8% | Licensing deal for Popsicle-branded adult beverages across major U.S. retailers. |
| Mar 25 | Earnings date | Neutral | +4.2% | Announcement of timing for Q3 FY26 earnings release and conference call. |
| Mar 19 | Medical expansion | Positive | -1.0% | Largest expansion of Tilray Medical cannabis portfolio in Australia to broaden access. |
| Mar 18 | Distribution deal | Positive | -3.2% | Breckenridge Distillery partnership with Cheba Hut to feature bourbon and specialty whiskey. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent beverage and partnership headlines often saw muted or negative reactions, while some product launches and event notices drew positive interest, showing mixed follow-through on generally positive news.
Over the past weeks, Tilray focused on expanding its beverage and cannabis platforms. On Mar 18 and Mar 19, it announced a Breckenridge–Cheba Hut partnership and a major Australian medical cannabis portfolio expansion, both followed by modest share declines. A Popsicle adult-beverage licensing deal on Mar 26 also saw a negative reaction. In contrast, the Shock Top High Voltage launch on Mar 31 coincided with an 8.01% gain. Today’s record Q3 revenue and profit update builds on this expansion narrative with stronger financial metrics.
Key Terms
adjusted EBITDA financial
non-GAAP financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
International Cannabis Accelerates with
Canadian Adult-Use and Medical Cannabis Net Revenue Combined Increased
BrewDog Acquisition1 for ~
Strong Balance Sheet Supports Growth with
NEW YORK and LONDON and LEAMINGTON, Ontario, April 01, 2026 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray”, “our”, “we” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a global lifestyle and consumer packaged goods company at the forefront of the cannabis, beverage, and wellness industries, today reported financial results for its third fiscal quarter ended February 28, 2026, highlighting record net revenue, record gross profit, record international cannabis revenue and continued successful execution of its global expansion strategy. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
Irwin D. Simon, Chairman and Chief Executive Officer, Tilray Brands, stated, “Our third quarter results demonstrated the strength of our global strategy in action, delivering our strongest Q3 net revenue and gross profit to date. Our international cannabis business delivered its best quarterly net revenue in Company history, with over
Mr. Simon, continued, “With the acquisition of BrewDog, the UK’s leading craft beer brand, and our recently announced partnership with Carlsberg beginning in 2027, we are accelerating the buildout of a scaled global beverage platform. These initiatives broaden our infrastructure, strengthen our brand portfolio, and enhance our distribution capabilities, positioning Tilray to capture growth across key markets in the U.S., Europe, the Middle East, Australia, and Asia-Pacific. Supported by our diversified platform across cannabis, beverage, pharmaceutical distribution, and wellness, we are well-equipped to navigate industry headwinds while leveraging emerging opportunities driven by global consumer trends and regulatory changes. We remain focused on building a leading global consumer platform designed to drive sustained growth, expand profitability, and deliver long-term shareholder value.”
_________________________
1 BrewDog acquisition is not reflected in the Company’s third quarter results or balance sheet, as the transaction closed and completed subsequent to quarter end.
2 Cash, restricted cash and Marketable Securities is a Non-GAAP financial measure. See “Use of Non-GAAP Measures” below for additional discussion regarding these non-GAAP measures and for a reconciliation of such Non-GAAP Measures to our most comparable GAAP measure.
Financial Highlights
All comparisons made to the prior year period
- Net revenue increased
11% to a record$206.7 million in the third quarter compared to$185.8 million . - Gross profit increased
6% to a record$55.0 million in the third quarter compared to$52.0 million . - Gross margin was
27% in the third quarter compared to28% . - Cannabis net revenue increased
19% to$64.8 million in the third quarter compared to$54.3 million as a result of a73% increase in international cannabis revenue and an8% increase in Canadian adult-use and medical cannabis net revenue combined.- Cannabis gross profit increased
18% to$26.0 million in the third quarter compared to$22.0 million . - Cannabis gross margin was
40% in the third quarter compared to41% .
- Cannabis gross profit increased
- Beverage net revenue was
$42.6 million in the third quarter compared to$55.9 million .- Beverage gross profit was
$13.6 million in the third quarter compared to$19.9 million . - Beverage gross margin was
32% in the third quarter compared to36% .
- Beverage gross profit was
- Wellness net revenue increased
16% to$16.4 million in the third quarter compared to$14.1 million .- Wellness gross profit increased
19% to$5.4 million in the third quarter compared to$4.5 million . - Wellness gross margin increased to
33% in the third quarter compared to32% .
- Wellness gross profit increased
- Distribution net revenue, which includes Tilray Pharma, grew to a third quarter record net revenue of
$83.0 million compared to$61.5 million .- Distribution gross profit increased to
$10.0 million in the third quarter compared to$5.6 million . - Distribution gross margin increased to
12% in the third quarter compared to9% .
- Distribution gross profit increased to
- Net loss improved
97% to$25.2 million in the third quarter compared to a net loss of$793.5 million , and net loss per share improved to$(0.24) in the third quarter from$(8.69) . - Adjusted net income (loss)3 and adjusted net income (loss) per share3 improved to
$2.4 million and$0.02 in the third quarter compared to adjusted net loss of$2.9 million and$(0.03) . - Adjusted cash operating income4 improved to
$4.0 million in the third quarter compared to an adjusted cash operating loss of$3.1 million . - Adjusted EBITDA5 increased
19% to$10.7 million in the third quarter compared to$9.0 million .
_________________________
3 Adjusted net income (loss) and adjusted net income (loss) per share are Non-GAAP financial measures. See “Use of Non-GAAP Measures” below for a discussion of these Non-GAAP measures and for a reconciliation of this Non-GAAP Measure to our most comparable GAAP measure.
4 Adjusted cash operating income (loss) is a Non-GAAP financial measure. See “Use of Non-GAAP Measures” below for a discussion of these Non-GAAP measures and for a reconciliation of this Non-GAAP Measure to our most comparable GAAP measure.
5 Adjusted EBITDA is a Non-GAAP financial measure. See “Use of Non-GAAP Measures” below for a discussion of these Non-GAAP measures and for a reconciliation of this Non-GAAP Measure to our most comparable GAAP measure.
Balance Sheet Update: Our balance sheet remains strong, supported by cash, restricted cash, and marketable securities balance of
Net (Debt) Cash Position: Our net cash position of
Project 420 Update: In the quarter, we completed the previously-announced Project 420 synergy program, delivering approximately
Fiscal Year 2026 Guidance
For its fiscal year ended May 31, 2026, the Company reconfirms its guidance to achieve; adjusted EBITDA of
Management’s guidance for adjusted EBITDA is provided on a non-GAAP basis and excludes stock-based compensation; change in fair value of contingent consideration; purchase price accounting step-up; impairments of intangible assets and goodwill; Other than temporary change in fair value of convertible notes receivable; litigation costs; restructuring costs, transaction (income) costs and other non-operating income (expenses) and other non-recurring items that may be incurred during the Company's fiscal year 2026, which the Company will continue to identify as it reports its future financial results. Given the escalation of hostilities in the Middle East, including Iran, we are monitoring various factors that may directly and indirectly impact operating expenses and, therefore, our adjusted EBITDA expectations, including energy, fuel, logistics, and supply chain disruption.
The Company cannot reconcile its expected adjusted EBITDA to net income “Fiscal Year 2026 Guidance” without unreasonable effort because of certain items that impact net income, and other reconciling metrics are out of the Company’s control and/or cannot be reasonably predicted at this time.
Live Audio Webcast
Tilray Brands will host a webcast to discuss these results today at 8:30 a.m. Eastern Time. Investors may join the live webcast available on the Events & Presentations section of Tilray’s Investor Relations website. A replay will be available and archived on the Company’s website.
About Tilray Brands
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.
For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “position,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication.
Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the Company’s ability to become a leading lifestyle consumer packaged goods company; the Company’s ability to become a leading beverage alcohol Company; the Company’s ability to achieve long term profitability; the Company’s ability to achieve operational scale, market share, distribution, profitability and revenue growth in particular business lines and markets; the Company’s ability to successfully achieve revenue growth, margin and profitability improvements, production and supply chain efficiencies, synergies and cost savings; the Company’s ability to achieve fiscal year 2026 financial guidance, including expected Adjusted EBITDA of
Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of the Company and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of the Company made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Use of Non-U.S. GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures, including Adjusted gross margin (consolidated and for each of our reporting segments), Adjusted gross profit (consolidated and for each of our reporting segments), Adjusted EBITDA, Adjusted cash operating income (loss), Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, adjusted free cash flow, constant currency presentations of revenue, cash, restricted cash and marketable securities, and net (debt) cash. Management believes that the non-GAAP financial measures presented provide useful additional information to investors about current trends in the Company's operations and are useful for period-over-period comparisons of operations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures, nor should adjusted net income (loss) per share be used as a measure of liquidity. In addition, these non-GAAP measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read only in connection with the Company's Consolidated Statements of Operations and Cash Flows presented in accordance with GAAP.
Certain forward-looking non-GAAP financial measures included in this press release are not reconciled to the comparable forward-looking GAAP financial measures. The Company is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Such items may include litigation and related expenses, transaction costs, impairments of intangible assets and goodwill, foreign exchange movements and other items. The unavailable information could have a significant impact on the Company's GAAP financial results.
The Company believes presenting net sales at constant currency provides useful information to investors because it provides transparency to underlying performance in the Company's consolidated net sales by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given the volatility in foreign currency exchange markets. To present this information for historical periods, current period net sales for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average monthly exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average monthly exchange rate in effect during the current period of the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. A reconciliation of prior year revenue to constant currency revenue as the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release.
Adjusted EBITDA is calculated as net income (loss) before income tax expense (recovery), net; interest expense, net; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent consideration; purchase price accounting step-up; project 420 optimization costs; other than temporary change in fair value of convertible notes receivable; impairments; litigation costs; restructuring costs, and transaction (income) costs, net. A reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release.
Adjusted cash operating income (loss) is calculated as operating loss, less; amortization; stock-based compensation; other than temporary change in fair value of convertible notes receivable; impairments; and change in fair value of contingent consideration. A reconciliation of adjusted cash operating income (loss) to operating loss, the most directly comparable GAAP measure, has been included below in this press release. Adjusted cash operating income (loss) is not calculated in accordance with GAAP and should not be considered an alternative for GAAP operating income or as a measure of liquidity.
Adjusted net income (loss) is calculated as net loss attributable to stockholders of Tilray Brands, Inc., less; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent consideration; project 420 optimization costs; other than temporary change in fair value of convertible notes receivable; impairments; litigation costs; restructuring costs and transaction (income) costs, net. A reconciliation of Adjusted net income (loss) to net loss attributable to stockholders of Tilray Brands, Inc., the most directly comparable GAAP measure, has been included below in this press release.
Adjusted net income (loss) per share is calculated as net loss attributable to stockholders of Tilray Brands, Inc., net; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent consideration; project 420 optimization costs; other than temporary change in fair value of convertible notes receivable; impairments; litigation costs; restructuring costs and transaction (income) costs, divided by weighted average number of common shares outstanding. A reconciliation of Adjusted net income (loss) per share to net loss attributable to stockholders of Tilray Brands, Inc., the most directly comparable GAAP measure, has been included below in this press release. Adjusted net income (loss) per share is not calculated in accordance with GAAP and should not be considered an alternative for GAAP net income (loss) per share or as a measure of liquidity.
Adjusted gross profit (consolidated and for each of our reporting segments), is calculated as gross profit adjusted to exclude the impact of purchase price accounting valuation step-up. A reconciliation of Adjusted gross profit, excluding purchase price accounting valuation step-up, to gross profit, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release. Adjusted gross margin (consolidated and for each of our reporting segments), excluding purchase price accounting valuation step-up, is calculated as revenue less cost of sales adjusted to add back amortization of inventory step-up, divided by revenue. A reconciliation of Adjusted gross margin, excluding purchase price accounting valuation step-up, to gross margin, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release.
Free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net. A reconciliation of net cash flow provided by (used in) operating activities to free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release. Adjusted free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net, and the exclusion of growth CAPEX from investments in capital and intangible assets, net, which excludes the amount of capital expenditures that are considered to be associated with growth of future operations rather than to maintain the existing operations of the Company, and excludes cash paid for litigation settlements. A reconciliation of net cash flow provided by (used in) operating activities to adjusted free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release.
Cash, restricted cash and marketable securities are comprised of three GAAP measures, cash and cash equivalents and restricted cash both added to marketable securities. The Company’s management believes that this presentation provides useful information to management, analysts and investors regarding certain additional financial and business trends relating to its short-term liquidity position by combing these three GAAP metrics.
Net (debt) cash is comprised of GAAP measures and reduces bank indebtedness, current and non-current portions of long-term debt, the principal balance of convertible debt by cash and cash equivalents, restricted cash and marketable securities. The company believes this metric provides useful information to management, analysts, and investors regarding its liquidity and the Company’s ability to repay all of its debt.
Contacts:
Investor Relations
investors@tilray.com
Pro-TLRY@prosek.com
Media
News@tilray.com
| Consolidated Statements of Financial Position | |||||||||
| February 28, | May 31, | ||||||||
| (in thousands of US dollars) | 2026 | 2025 | |||||||
| Assets | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 204,620 | $ | 221,666 | |||||
| Restricted cash | 44,885 | — | |||||||
| Marketable securities | 15,312 | 34,697 | |||||||
| Accounts receivable, net | 118,372 | 121,489 | |||||||
| Inventory | 292,303 | 270,882 | |||||||
| Prepaids and other current assets | 40,819 | 34,092 | |||||||
| Assets held for sale | 2,449 | 5,800 | |||||||
| Total current assets | 718,760 | 688,626 | |||||||
| Capital assets | 543,008 | 568,433 | |||||||
| Operating lease, right-of-use assets | 17,939 | 22,279 | |||||||
| Digital assets | 614 | — | |||||||
| Intangible assets | 23,343 | 21,423 | |||||||
| Goodwill | 752,350 | 752,350 | |||||||
| Long-term investments | 7,634 | 10,132 | |||||||
| Other assets | 11,074 | 11,084 | |||||||
| Total assets | $ | 2,074,722 | $ | 2,074,327 | |||||
| Liabilities | |||||||||
| Current liabilities | |||||||||
| Bank indebtedness | $ | 8,834 | $ | 7,181 | |||||
| Accounts payable and accrued liabilities | 223,996 | 235,322 | |||||||
| Contingent consideration | — | 15,000 | |||||||
| Warrant liability | — | 1,092 | |||||||
| Current portion of lease liabilities | 7,259 | 6,941 | |||||||
| Current portion of long-term debt | 17,453 | 14,767 | |||||||
| Total current liabilities | 257,542 | 280,303 | |||||||
| Long - term liabilities | |||||||||
| Lease liabilities | 60,282 | 64,925 | |||||||
| Long-term debt | 134,982 | 148,493 | |||||||
| Convertible debentures payable | 88,268 | 86,428 | |||||||
| Deferred tax liabilities, net | 7,877 | 3,748 | |||||||
| Other liabilities | 164 | 855 | |||||||
| Total liabilities | 549,115 | 584,752 | |||||||
| Stockholders' equity | |||||||||
| Common stock ( | 116 | 106 | |||||||
| Treasury Stock (321,391 and 200,422 treasury shares issued and outstanding, respectively)1 | — | — | |||||||
| Preferred shares ( | — | — | |||||||
| Additional paid-in capital | 6,520,501 | 6,401,657 | |||||||
| Accumulated other comprehensive loss | (44,198 | ) | (43,063 | ) | |||||
| Accumulated deficit | (4,919,051 | ) | (4,847,226 | ) | |||||
| Total Tilray Brands, Inc. stockholders' equity | 1,557,368 | 1,511,474 | |||||||
| Non-controlling interests | (31,761 | ) | (21,899 | ) | |||||
| Total stockholders' equity | 1,525,607 | 1,489,575 | |||||||
| Total liabilities and stockholders' equity | $ | 2,074,722 | $ | 2,074,327 | |||||
| 1Current and prior year share amounts have been retrospectively adjusted to reflect the Reverse Stock Split (as defined below), which became effective on December 2, 2025. See Note 1 (Basis of presentation and summary of significant accounting policies). | |||||||||
| Condensed Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||
| For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||||
| (in thousands of U.S. dollars, except for per share data) | February 28, | February 28, | Change | % Change | February 28, | February 28, | Change | % Change | |||||||||||||||||||||||
| 2026 | 2025 | 2026 vs. 2025 | 2026 | 2025 | 2026 vs. 2025 | ||||||||||||||||||||||||||
| Net revenue | $ | 206,732 | $ | 185,780 | $ | 20,952 | 11 | % | $ | 633,740 | $ | 596,774 | $ | 36,966 | 6 | % | |||||||||||||||
| Cost of goods sold | 151,778 | 133,769 | 18,009 | 13 | % | 463,820 | 423,837 | 39,983 | 9 | % | |||||||||||||||||||||
| Gross profit | 54,954 | 52,011 | 2,943 | 6 | % | 169,920 | 172,937 | (3,017 | ) | (2 | )% | ||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||||
| General and administrative | 50,228 | 39,246 | 10,982 | 28 | % | 142,456 | 129,356 | 13,100 | 10 | % | |||||||||||||||||||||
| Selling | 10,617 | 13,905 | (3,288 | ) | (24 | )% | 35,321 | 41,757 | (6,436 | ) | (15 | )% | |||||||||||||||||||
| Amortization | 5,106 | 23,182 | (18,076 | ) | (78 | )% | 13,393 | 67,913 | (54,520 | ) | (80 | )% | |||||||||||||||||||
| Marketing and promotion | 8,692 | 6,793 | 1,899 | 28 | % | 28,828 | 28,079 | 749 | 3 | % | |||||||||||||||||||||
| Research and development | 62 | 85 | (23 | ) | (27 | )% | 181 | 250 | (69 | ) | (28 | )% | |||||||||||||||||||
| Change in fair value of contingent consideration | — | — | — | NM | (15,000 | ) | — | (15,000 | ) | NM | |||||||||||||||||||||
| Impairment of intangible assets and goodwill | — | 699,235 | (699,235 | ) | (100 | )% | — | 699,235 | (699,235 | ) | (100 | )% | |||||||||||||||||||
| Other than temporary change in fair value of convertible notes receivable | — | 20,000 | (20,000 | ) | (100 | )% | — | 20,000 | (20,000 | ) | (100 | )% | |||||||||||||||||||
| Litigation costs, net of recoveries | 621 | 2,758 | (2,137 | ) | (77 | )% | 2,497 | 5,254 | (2,757 | ) | (52 | )% | |||||||||||||||||||
| Restructuring costs | 4,087 | 6,133 | (2,046 | ) | (33 | )% | 5,921 | 17,249 | (11,328 | ) | (66 | )% | |||||||||||||||||||
| Transaction costs (income), net | 1,927 | 605 | 1,322 | 219 | % | 2,896 | 2,563 | 333 | 13 | % | |||||||||||||||||||||
| Total operating expenses | 81,340 | 811,942 | (730,602 | ) | (90 | )% | 216,493 | 1,011,656 | (795,163 | ) | (79 | )% | |||||||||||||||||||
| Operating loss | (26,386 | ) | (759,931 | ) | 733,545 | (97 | )% | (46,573 | ) | (838,719 | ) | 792,146 | (94 | )% | |||||||||||||||||
| Interest expense, net | (4,965 | ) | (8,378 | ) | 3,413 | (41 | )% | (17,035 | ) | (25,986 | ) | 8,951 | (34 | )% | |||||||||||||||||
| Non-operating income (expense), net | 8,092 | (24,022 | ) | 32,114 | (134 | )% | (386 | ) | (44,631 | ) | 44,245 | (99 | )% | ||||||||||||||||||
| Loss before income taxes | (23,259 | ) | (792,331 | ) | 769,072 | (97 | )% | (63,994 | ) | (909,336 | ) | 845,342 | (93 | )% | |||||||||||||||||
| Income tax expense (recovery), net | 1,974 | 1,203 | 771 | 64 | % | 3,235 | 4,125 | (890 | ) | (22 | )% | ||||||||||||||||||||
| Net loss | $ | (25,233 | ) | $ | (793,534 | ) | $ | 768,301 | (97 | )% | $ | (67,229 | ) | $ | (913,461 | ) | $ | 846,232 | (93 | )% | |||||||||||
| Total net income (loss) attributable to: | |||||||||||||||||||||||||||||||
| Stockholders of Tilray Brands, Inc. | (26,572 | ) | (789,436 | ) | 762,864 | (97 | )% | (71,825 | ) | (913,943 | ) | 842,118 | (92 | )% | |||||||||||||||||
| Non-controlling interests | 1,339 | (4,098 | ) | 5,437 | (133 | )% | 4,596 | 482 | 4,114 | 854 | % | ||||||||||||||||||||
| Other comprehensive gain (loss), net of tax | |||||||||||||||||||||||||||||||
| Foreign currency translation gain (loss) | (4,687 | ) | (5,389 | ) | 702 | (13 | )% | (411 | ) | (10,195 | ) | 9,784 | (96 | )% | |||||||||||||||||
| Comprehensive loss | $ | (29,920 | ) | $ | (798,923 | ) | $ | 769,003 | (96 | )% | $ | (67,640 | ) | $ | (923,656 | ) | $ | 856,016 | (93 | )% | |||||||||||
| Total comprehensive income (loss) attributable to: | |||||||||||||||||||||||||||||||
| Stockholders of Tilray Brands, Inc. | (31,477 | ) | (794,414 | ) | 762,937 | (96 | )% | (72,960 | ) | (923,379 | ) | 850,419 | (92 | )% | |||||||||||||||||
| Non-controlling interests | 1,557 | (4,509 | ) | 6,066 | (135 | )% | 5,320 | (277 | ) | 5,597 | (2021 | )% | |||||||||||||||||||
| Weighted average number of common shares - basic1 | 112,675,734 | 90,834,279 | 21,841,455 | 24 | % | 109,657,744 | 86,079,372 | 23,578,372 | 27 | % | |||||||||||||||||||||
| Weighted average number of common shares - diluted1 | 112,675,734 | 90,834,279 | 21,841,455 | 24 | % | 109,657,744 | 86,079,372 | 23,578,372 | 27 | % | |||||||||||||||||||||
| Net loss per share - basic1 | $ | (0.24 | ) | $ | (8.69 | ) | $ | 8.46 | (97 | )% | $ | (0.65 | ) | $ | (10.62 | ) | $ | 9.96 | (94 | )% | |||||||||||
| Net loss per share - diluted1 | $ | (0.24 | ) | $ | (8.69 | ) | $ | 8.46 | (97 | )% | $ | (0.65 | ) | $ | (10.62 | ) | $ | 9.96 | (94 | )% | |||||||||||
| 1Current and prior year share amounts have been retrospectively adjusted to reflect the Reverse Stock Split (as defined below), which became effective on December 2, 2025. See Note 1 (Basis of presentation and summary of significant accounting policies). | |||||||||||||||||||||||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||||||||
| For the nine months ended | ||||||||||||||||
| February 28, | February 28, | Change | % Change | |||||||||||||
| (in thousands of US dollars) | 2026 | 2025 | 2026 vs. 2025 | |||||||||||||
| Cash provided by (used in) operating activities: | ||||||||||||||||
| Net loss | $ | (67,229 | ) | $ | (913,461 | ) | $ | 846,232 | (93 | )% | ||||||
| Adjustments for: | ||||||||||||||||
| Deferred income tax (recovery) expense, net | 3,235 | 2,686 | 549 | 20 | % | |||||||||||
| Unrealized foreign exchange (gain) loss | (5,886 | ) | 30,725 | (36,611 | ) | (119 | )% | |||||||||
| Amortization | 48,260 | 99,410 | (51,150 | ) | (51 | )% | ||||||||||
| Accretion of convertible debt discount | 5,977 | 8,751 | (2,774 | ) | (32 | )% | ||||||||||
| Impairments | — | 699,235 | (699,235 | ) | (100 | )% | ||||||||||
| Other than temporary change in fair value of convertible notes receivable | — | 20,000 | (20,000 | ) | (100 | )% | ||||||||||
| Unrealized loss on digital assets | 386 | — | 386 | NM | ||||||||||||
| Other non-cash items | 2,402 | 1,503 | 899 | 60 | % | |||||||||||
| Stock-based compensation | 31,060 | 18,189 | 12,871 | 71 | % | |||||||||||
| Loss on long-term investments | 4,449 | 5,540 | (1,091 | ) | (20 | )% | ||||||||||
| Loss (gain) on derivative instruments | 3,495 | (2,896 | ) | 6,391 | (221 | )% | ||||||||||
| Change in fair value of contingent consideration | (15,000 | ) | — | (15,000 | ) | NM | ||||||||||
| Change in non-cash working capital: | ||||||||||||||||
| Accounts receivable | 3,117 | 321 | 2,796 | 871 | % | |||||||||||
| Prepaids and other current assets | (3,717 | ) | (8,258 | ) | 4,541 | (55 | )% | |||||||||
| Inventory | (21,421 | ) | (5,577 | ) | (15,844 | ) | 284 | % | ||||||||
| Accounts payable and accrued liabilities | (20,948 | ) | (37,960 | ) | 17,012 | (45 | )% | |||||||||
| Net cash used in operating activities | (31,820 | ) | (81,792 | ) | 49,972 | (61 | )% | |||||||||
| Cash provided by (used in) investing activities: | ||||||||||||||||
| Investment in capital and intangible assets | (22,838 | ) | (26,586 | ) | 3,748 | (14 | )% | |||||||||
| Proceeds from disposal of capital and intangible assets | 1,798 | 833 | 965 | 116 | % | |||||||||||
| Investment in digital assets | (1,000 | ) | — | (1,000 | ) | NM | ||||||||||
| Sale (purchase) of marketable securities, net | 19,385 | (16,276 | ) | 35,661 | (219 | )% | ||||||||||
| Investment in long-term investments | (3,595 | ) | — | (3,595 | ) | NM | ||||||||||
| Proceeds from long-term investments | 1,629 | — | 1,629 | NM | ||||||||||||
| Business acquisitions, net of cash acquired | — | (18,210 | ) | 18,210 | (100 | )% | ||||||||||
| Net cash used in investing activities | (4,621 | ) | (60,239 | ) | 55,618 | (92 | )% | |||||||||
| Cash provided by (used in) financing activities: | ||||||||||||||||
| Share capital issued, net of cash issuance costs | 73,058 | 139,738 | (66,680 | ) | (48 | )% | ||||||||||
| Cash paid in lieu fractional shares | (159 | ) | — | (159 | ) | NM | ||||||||||
| Proceeds from warrants exercised | 2,367 | — | 2,367 | NM | ||||||||||||
| Proceeds from long-term debt | — | 3,450 | (3,450 | ) | (100 | )% | ||||||||||
| Repayment of long-term debt | (11,108 | ) | (16,115 | ) | 5,007 | (31 | )% | |||||||||
| Repayment of convertible debt | — | (330 | ) | 330 | (100 | )% | ||||||||||
| Repayment of lease liabilities | (2,991 | ) | (2,586 | ) | (405 | ) | 16 | % | ||||||||
| Net decrease in bank indebtedness | 1,653 | (7,293 | ) | 8,946 | (123 | )% | ||||||||||
| Net cash provided by financing activities | 62,820 | 116,864 | (54,044 | ) | (46 | )% | ||||||||||
| Effect of foreign exchange on cash and cash equivalents | 1,460 | (3,217 | ) | 4,677 | (145 | )% | ||||||||||
| Net increase (decrease) in cash and cash equivalents | 27,839 | (28,384 | ) | 56,223 | (198 | )% | ||||||||||
| Cash and cash equivalents, beginning of period | 221,666 | 228,340 | (6,674 | ) | (3 | )% | ||||||||||
| Cash and cash equivalents and restricted cash, end of period | $ | 249,505 | $ | 199,956 | $ | 49,549 | 25 | % | ||||||||
| Within the consolidated statements of cash flows, cash and cash equivalents includes | ||||||||||||||||
| Net Revenue by Operating Segment | |||||||||||||||||||||||||||||
| For the three months ended | For the three months ended | For the nine months ended | For the nine months ended | ||||||||||||||||||||||||||
| (In thousands of U.S. dollars) | February 28, 2026 | % of Total Revenue | February 28, 2025 | % of Total Revenue | February 28, 2026 | % of Total Revenue | February 28, 2025 | % of Total Revenue | |||||||||||||||||||||
| Beverage business | $ | 42,558 | 21 | % | $ | 55,921 | 30 | % | $ | 148,380 | 24 | % | $ | 174,974 | 29 | % | |||||||||||||
| Cannabis business | 64,828 | 31 | % | 54,274 | 29 | % | 196,871 | 31 | % | 181,175 | 31 | % | |||||||||||||||||
| Distribution business | 82,963 | 40 | % | 61,493 | 33 | % | 242,286 | 38 | % | 197,175 | 33 | % | |||||||||||||||||
| Wellness business | 16,383 | 8 | % | 14,092 | 8 | % | 46,203 | 7 | % | 43,450 | 7 | % | |||||||||||||||||
| Total net revenue | $ | 206,732 | 100 | % | $ | 185,780 | 100 | % | $ | 633,740 | 100 | % | $ | 596,774 | 100 | % | |||||||||||||
| Net Revenue by Operating Segment in Constant Currency | |||||||||||||||||||||||||||||
| For the three months ended | For the three months ended | For the nine months ended | For the nine months ended | ||||||||||||||||||||||||||
| February 28, 2026 | February 28, 2025 | February 28, 2026 | February 28, 2025 | ||||||||||||||||||||||||||
| (In thousands of U.S. dollars) | as reported in constant currency | % of Total Revenue | as reported in constant currency | % of Total Revenue | as reported in constant currency | % of Total Revenue | as reported in constant currency | % of Total Revenue | |||||||||||||||||||||
| Beverage business | $ | 42,558 | 22 | % | $ | 55,921 | 30 | % | $ | 148,380 | 24 | % | $ | 174,974 | 29 | % | |||||||||||||
| Cannabis business | 60,257 | 31 | % | 54,274 | 29 | % | 191,792 | 31 | % | 181,175 | 31 | % | |||||||||||||||||
| Distribution business | 73,969 | 39 | % | 61,493 | 33 | % | 223,636 | 37 | % | 197,175 | 33 | % | |||||||||||||||||
| Wellness business | 16,051 | 8 | % | 14,092 | 8 | % | 46,066 | 8 | % | 43,450 | 7 | % | |||||||||||||||||
| Total net revenue | $ | 192,835 | 100 | % | $ | 185,780 | 100 | % | $ | 609,874 | 100 | % | $ | 596,774 | 100 | % | |||||||||||||
| Net Cannabis Revenue by Market Channel | |||||||||||||||||||||||||||||
| For the three months ended | For the three months ended | For the nine months ended | For the nine months ended | ||||||||||||||||||||||||||
| (In thousands of U.S. dollars) | February 28, 2026 | % of Total Revenue | February 28, 2025 | % of Total Revenue | February 28, 2026 | % of Total Revenue | February 28, 2025 | % of Total Revenue | |||||||||||||||||||||
| Revenue from Canadian medical cannabis | $ | 5,979 | 9 | % | $ | 5,839 | 11 | % | $ | 18,359 | 9 | % | $ | 18,773 | 10 | % | |||||||||||||
| Revenue from Canadian adult-use cannabis | 52,570 | 81 | % | 49,315 | 91 | % | 179,085 | 91 | % | 165,627 | 91 | % | |||||||||||||||||
| Revenue from wholesale cannabis | 1,165 | 2 | % | 3,893 | 7 | % | 6,666 | 4 | % | 15,993 | 9 | % | |||||||||||||||||
| Revenue from international cannabis | 24,121 | 37 | % | 13,935 | 26 | % | 57,668 | 29 | % | 40,991 | 23 | % | |||||||||||||||||
| Less excise taxes | (19,007 | ) | (29 | )% | (18,708 | ) | (35 | )% | (64,907 | ) | (33 | )% | (60,209 | ) | (33 | )% | |||||||||||||
| Total | $ | 64,828 | 100 | % | $ | 54,274 | 100 | % | $ | 196,871 | 100 | % | $ | 181,175 | 100 | % | |||||||||||||
| Net Cannabis Revenue by Market Channel in Constant Currency | |||||||||||||||||||||||||||||
| For the three months ended | For the three months ended | For the nine months ended | For the nine months ended | ||||||||||||||||||||||||||
| February 28, 2026 | February 28, 2025 | February 28, 2026 | February 28, 2025 | ||||||||||||||||||||||||||
| (In thousands of U.S. dollars) | as reported in constant currency | % of Total Revenue | as reported in constant currency | % of Total Revenue | as reported in constant currency | % of Total Revenue | as reported in constant currency | % of Total Revenue | |||||||||||||||||||||
| Revenue from Canadian medical cannabis | $ | 5,706 | 9 | % | $ | 5,839 | 11 | % | $ | 18,260 | 10 | % | $ | 18,773 | 10 | % | |||||||||||||
| Revenue from Canadian adult-use cannabis | 50,170 | 83 | % | 49,315 | 91 | % | 178,406 | 93 | % | 165,627 | 91 | % | |||||||||||||||||
| Revenue from wholesale cannabis | 1,112 | 2 | % | 3,893 | 7 | % | 6,658 | 3 | % | 15,993 | 9 | % | |||||||||||||||||
| Revenue from international cannabis | 21,410 | 36 | % | 13,935 | 26 | % | 53,137 | 28 | % | 40,991 | 23 | % | |||||||||||||||||
| Less excise taxes | (18,141 | ) | (30 | )% | (18,708 | ) | (35 | )% | (64,669 | ) | (34 | )% | (60,209 | ) | (33 | )% | |||||||||||||
| Total | $ | 60,257 | 100 | % | $ | 54,274 | 100 | % | $ | 191,792 | 100 | % | $ | 181,175 | 100 | % | |||||||||||||
| Other Financial Information: Key Operating Metrics | ||||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||||
| February 28, | February 28, | February 28, | February 28, | |||||||||||||
| (in thousands of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net beverage revenue | $ | 42,558 | $ | 55,921 | $ | 148,380 | $ | 174,974 | ||||||||
| Net cannabis revenue | 64,828 | 54,274 | 196,871 | 181,175 | ||||||||||||
| Distribution revenue | 82,963 | 61,493 | 242,286 | 197,175 | ||||||||||||
| Wellness revenue | 16,383 | 14,092 | 46,203 | 43,450 | ||||||||||||
| Beverage costs | 28,977 | 35,986 | 97,741 | 106,961 | ||||||||||||
| Cannabis costs | 38,858 | 32,275 | 121,497 | 111,804 | ||||||||||||
| Distribution costs | 72,951 | 55,936 | 213,293 | 175,281 | ||||||||||||
| Wellness costs | 10,992 | 9,572 | 31,289 | 29,791 | ||||||||||||
| Adjusted gross profit (excluding PPA step-up) (1) | 54,954 | 52,070 | 169,920 | 174,547 | ||||||||||||
| Beverage adjusted gross margin (excluding PPA step-up) (1) | 32 | % | 36 | % | 34 | % | 40 | % | ||||||||
| Cannabis adjusted gross margin (excluding PPA step-up) (1) | 40 | % | 41 | % | 38 | % | 38 | % | ||||||||
| Distribution gross margin | 12 | % | 9 | % | 12 | % | 11 | % | ||||||||
| Wellness gross margin | 33 | % | 32 | % | 32 | % | 31 | % | ||||||||
| Adjusted EBITDA (1) | $ | 10,715 | $ | 9,040 | $ | 29,261 | $ | 27,391 | ||||||||
| Cash, restricted cash and marketable securities (1) as at the period ended: | 264,817 | 248,414 | 264,817 | 248,414 | ||||||||||||
| Working capital as at the period ended: | $ | 461,218 | $ | 424,115 | $ | 461,218 | $ | 424,115 | ||||||||
| (1)Adjusted EBITDA, adjusted gross profit (excluding PPA step-up) and adjusted gross margin (excluding PPA step-up) for each of our segments, and cash, restricted cash and marketable securities are non-GAAP financial measures. See “Use of Non-GAAP Measures” above for a discussion of these Non-GAAP measures and “Reconciliation of Non-GAAP Financial Measures to GAAP Measures” below for a reconciliation of these Non-GAAP Measures to our most comparable GAAP measure. | ||||||||||||||||
| Other Financial Information: Gross Margin and Adjusted Gross Margin | |||||||||||||||||||||
| For the three months ended February 28, 2026 | |||||||||||||||||||||
| (In thousands of U.S. dollars) | Beverage | Cannabis | Distribution | Wellness | Total | ||||||||||||||||
| Net revenue | $ | 42,558 | $ | 64,828 | $ | 82,963 | $ | 16,383 | $ | 206,732 | |||||||||||
| Cost of goods sold | 28,977 | 38,858 | 72,951 | 10,992 | 151,778 | ||||||||||||||||
| Gross profit | 13,581 | 25,970 | 10,012 | 5,391 | 54,954 | ||||||||||||||||
| Gross margin | 32 | % | 40 | % | 12 | % | 33 | % | 27 | % | |||||||||||
| For the three months ended February 28, 2025 | |||||||||||||||||||||
| (In thousands of U.S. dollars) | Beverage | Cannabis | Distribution | Wellness | Total | ||||||||||||||||
| Net revenue | $ | 55,921 | $ | 54,274 | $ | 61,493 | $ | 14,092 | $ | 185,780 | |||||||||||
| Cost of goods sold | 35,986 | 32,275 | 55,936 | 9,572 | 133,769 | ||||||||||||||||
| Gross profit | 19,935 | 21,999 | 5,557 | 4,520 | 52,011 | ||||||||||||||||
| Gross margin | 36 | % | 41 | % | 9 | % | 32 | % | 28 | % | |||||||||||
| Adjustments: | |||||||||||||||||||||
| Purchase price accounting step-up | 59 | — | — | — | 59 | ||||||||||||||||
| Adjusted gross profit | 19,994 | 21,999 | 5,557 | 4,520 | 52,070 | ||||||||||||||||
| Adjusted gross margin | 36 | % | 41 | % | 9 | % | 32 | % | 28 | % | |||||||||||
| For the nine months ended February 28, 2026 | |||||||||||||||||||||
| (In thousands of U.S. dollars) | Beverage | Cannabis | Distribution | Wellness | Total | ||||||||||||||||
| Net revenue | $ | 148,380 | $ | 196,871 | $ | 242,286 | $ | 46,203 | $ | 633,740 | |||||||||||
| Cost of goods sold | 97,741 | 121,497 | 213,293 | 31,289 | 463,820 | ||||||||||||||||
| Gross profit | 50,639 | 75,374 | 28,993 | 14,914 | 169,920 | ||||||||||||||||
| Gross margin | 34 | % | 38 | % | 12 | % | 32 | % | 27 | % | |||||||||||
| For the nine months ended February 28, 2025 | |||||||||||||||||||||
| (In thousands of U.S. dollars) | Beverage | Cannabis | Distribution | Wellness | Total | ||||||||||||||||
| Net revenue | $ | 174,974 | $ | 181,175 | $ | 197,175 | $ | 43,450 | $ | 596,774 | |||||||||||
| Cost of goods sold | 106,961 | 111,804 | 175,281 | 29,791 | 423,837 | ||||||||||||||||
| Gross profit | 68,013 | 69,371 | 21,894 | 13,659 | 172,937 | ||||||||||||||||
| Gross margin | 39 | % | 38 | % | 11 | % | 31 | % | 29 | % | |||||||||||
| Adjustments: | |||||||||||||||||||||
| Purchase price accounting step-up | 1,610 | — | — | — | 1,610 | ||||||||||||||||
| Adjusted gross profit | 69,623 | 69,371 | 21,894 | 13,659 | 174,547 | ||||||||||||||||
| Adjusted gross margin | 40 | % | 38 | % | 11 | % | 31 | % | 29 | % | |||||||||||
| Other Financial Information: Adjusted Earnings Before Interest, Taxes and Amortization | ||||||||||||||||||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||||||||||||||||||
| February 28, | February 28, | Change | % Change | February 28, | February 28, | Change | % Change | |||||||||||||||||||||||
| (In thousands of U.S. dollars) | 2026 | 2025 | 2026 vs. 2025 | 2026 | 2025 | 2026 vs. 2025 | ||||||||||||||||||||||||
| Net loss | $ | (25,233 | ) | $ | (793,534 | ) | $ | 768,301 | (97 | )% | $ | (67,229 | ) | $ | (913,461 | ) | $ | 846,232 | (93 | )% | ||||||||||
| Income tax expense (recovery), net | 1,974 | 1,203 | 771 | 64 | % | 3,235 | 4,125 | (890 | ) | (22 | )% | |||||||||||||||||||
| Interest expense, net | 4,965 | 8,378 | (3,413 | ) | (41 | )% | 17,035 | 25,986 | (8,951 | ) | (34 | )% | ||||||||||||||||||
| Non-operating income (expense), net | (8,092 | ) | 24,022 | (32,114 | ) | (134 | )% | 386 | 44,631 | (44,245 | ) | (99 | )% | |||||||||||||||||
| Amortization | 16,741 | 33,546 | (16,805 | ) | (50 | )% | 48,260 | 99,410 | (51,150 | ) | (51 | )% | ||||||||||||||||||
| Stock-based compensation | 13,725 | 4,035 | 9,690 | 240 | % | 31,060 | 18,189 | 12,871 | 71 | % | ||||||||||||||||||||
| Change in fair value of contingent consideration | — | — | — | NM | (15,000 | ) | — | (15,000 | ) | NM | ||||||||||||||||||||
| Impairment of intangible assets and goodwill | — | 699,235 | (699,235 | ) | (100 | )% | — | 699,235 | (699,235 | ) | (100 | )% | ||||||||||||||||||
| Other than temporary change in fair value of convertible notes receivable | — | 20,000 | (20,000 | ) | (100 | )% | — | 20,000 | (20,000 | ) | (100 | )% | ||||||||||||||||||
| Project 420 business optimization | — | 2,600 | (2,600 | ) | (100 | )% | 200 | 2,600 | (2,400 | ) | (92 | )% | ||||||||||||||||||
| Purchase price accounting step-up | — | 59 | (59 | ) | (100 | )% | — | 1,610 | (1,610 | ) | (100 | )% | ||||||||||||||||||
| Litigation costs, net of recoveries | 621 | 2,758 | (2,137 | ) | (77 | )% | 2,497 | 5,254 | (2,757 | ) | (52 | )% | ||||||||||||||||||
| Restructuring costs | 4,087 | 6,133 | (2,046 | ) | (33 | )% | 5,921 | 17,249 | (11,328 | ) | (66 | )% | ||||||||||||||||||
| Transaction costs (income), net | 1,927 | 605 | 1,322 | 219 | % | 2,896 | 2,563 | 333 | 13 | % | ||||||||||||||||||||
| Adjusted EBITDA | $ | 10,715 | $ | 9,040 | $ | 1,675 | 19 | % | $ | 29,261 | $ | 27,391 | $ | 1,870 | 7 | % | ||||||||||||||
| Other Financial Information: Adjusted net income (loss) and Adjusted net income (loss) per share | ||||||||||||||||||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||||||||||||||||||
| February 28, | February 28, | Change | % Change | February 28, | February 28, | Change | % Change | |||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | 2026 vs. 2025 | |||||||||||||||||||||||||
| Net loss attributable to stockholders of Tilray Brands, Inc. | $ | (26,572 | ) | $ | (789,436 | ) | $ | 762,864 | (97 | )% | $ | (71,825 | ) | $ | (913,943 | ) | $ | 842,118 | (92 | )% | ||||||||||
| Non-operating income (expense), net | (8,092 | ) | 24,022 | (32,114 | ) | (134 | )% | 386 | 44,631 | (44,245 | ) | (99 | )% | |||||||||||||||||
| Amortization | 16,741 | 33,546 | (16,805 | ) | (50 | )% | 48,260 | 99,410 | (51,150 | ) | (51 | )% | ||||||||||||||||||
| Stock-based compensation | 13,725 | 4,035 | 9,690 | 240 | % | 31,060 | 18,189 | 12,871 | 71 | % | ||||||||||||||||||||
| Change in fair value of contingent consideration | — | — | — | NM | (15,000 | ) | — | (15,000 | ) | NM | ||||||||||||||||||||
| Impairment of intangible assets and goodwill | — | 699,235 | (699,235 | ) | (100 | )% | — | 699,235 | (699,235 | ) | (100 | )% | ||||||||||||||||||
| Other than temporary change in fair value of convertible notes receivable, attributable to stockholders of Tilray Brands, Inc. | — | 13,600 | (13,600 | ) | (100 | )% | — | 13,600 | (13,600 | ) | (100 | )% | ||||||||||||||||||
| Project 420 business optimization | — | 2,600 | (2,600 | ) | (100 | )% | 200 | 2,600 | (2,400 | ) | (92 | )% | ||||||||||||||||||
| Litigation costs, net of recoveries | 621 | 2,758 | (2,137 | ) | (77 | )% | 2,497 | 5,254 | (2,757 | ) | (52 | )% | ||||||||||||||||||
| Restructuring costs | 4,087 | 6,133 | (2,046 | ) | (33 | )% | 5,921 | 17,249 | (11,328 | ) | (66 | )% | ||||||||||||||||||
| Transaction costs (income) | 1,927 | 605 | 1,322 | 219 | % | 2,896 | 2,563 | 333 | 13 | % | ||||||||||||||||||||
| Adjusted net income (loss) | $ | 2,437 | $ | (2,902 | ) | $ | 5,339 | (184 | )% | $ | 4,395 | $ | (11,212 | ) | $ | 15,607 | (139 | )% | ||||||||||||
| Adjusted net income (loss) per share - basic and diluted | $ | 0.02 | $ | (0.03 | ) | $ | 0.05 | (167 | )% | $ | 0.04 | $ | (0.13 | ) | $ | 0.17 | (131 | )% | ||||||||||||
| Other Financial Information: Free Cash Flow | ||||||||||||||||||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||||||||||||||||||
| February 28, | February 28, | Change | % Change | February 28, | February 28, | Change | % Change | |||||||||||||||||||||||
| (In thousands of U.S. dollars) | 2026 | 2025 | 2026 vs. 2025 | 2026 | 2025 | 2026 vs. 2025 | ||||||||||||||||||||||||
| Net cash used in operating activities | $ | (21,942 | ) | $ | (5,761 | ) | $ | (16,181 | ) | 281 | % | $ | (31,820 | ) | $ | (81,792 | ) | $ | 49,972 | (61 | )% | |||||||||
| Less: investments in capital and intangible assets, net | (2,248 | ) | (14,212 | ) | 11,964 | (84 | )% | (21,040 | ) | (25,753 | ) | 4,713 | (18 | )% | ||||||||||||||||
| Free cash flow | $ | (24,190 | ) | $ | (19,973 | ) | $ | (4,217 | ) | 21 | % | $ | (52,860 | ) | $ | (107,545 | ) | $ | 54,685 | (51 | )% | |||||||||
| Add: growth CAPEX | 1,782 | 1,808 | (26 | ) | (1 | )% | 7,413 | 6,318 | 1,095 | 17 | % | |||||||||||||||||||
| Add: cash paid for litigation settlements | — | — | — | NM | 2,804 | — | 2,804 | NM | ||||||||||||||||||||||
| Adjusted free cash flow | $ | (22,408 | ) | $ | (18,165 | ) | $ | (4,243 | ) | 23 | % | $ | (42,643 | ) | $ | (101,227 | ) | $ | 58,584 | (58 | )% | |||||||||
| Other Financial Information: Adjusted cash operating income (loss) | ||||||||||||||||||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||||||||||||||||||
| February 28, | February 28, | Change | % Change | February 28, | February 28, | Change | % Change | |||||||||||||||||||||||
| 2026 | 2025 | 2026 vs. 2025 | 2026 | 2025 | 2026 vs. 2025 | |||||||||||||||||||||||||
| Operating loss | $ | (26,386 | ) | $ | (759,931 | ) | $ | 733,545 | (97 | )% | $ | (46,573 | ) | $ | (838,719 | ) | $ | 792,146 | (94 | )% | ||||||||||
| Change in fair value of contingent consideration | — | — | — | 0 | % | (15,000 | ) | — | (15,000 | ) | 0 | % | ||||||||||||||||||
| Impairments | — | 699,235 | (699,235 | ) | (100 | )% | — | 699,235 | (699,235 | ) | (100 | )% | ||||||||||||||||||
| Other than temporary change in fair value of convertible notes receivable, attributable to stockholders of Tilray Brands, Inc. | — | 20,000 | (20,000 | ) | (100 | )% | — | 20,000 | (20,000 | ) | (100 | )% | ||||||||||||||||||
| Amortization | 16,741 | 33,546 | (16,805 | ) | (50 | )% | 48,260 | 99,410 | (51,150 | ) | (51 | )% | ||||||||||||||||||
| Stock-based compensation | 13,725 | 4,035 | 9,690 | 240 | % | 31,060 | 18,189 | 12,871 | 71 | % | ||||||||||||||||||||
| Adjusted cash operating income (loss) | $ | 4,080 | $ | (3,115 | ) | $ | 7,195 | (231 | )% | $ | 17,747 | $ | (1,885 | ) | $ | 19,632 | (1,041 | )% | ||||||||||||
