Tilray Brands Reports Strong First Quarter Fiscal 2026 Results, Highlighting Continued Growth with Record Q1 Net Revenue of $210 Million and Net Income

• Operational Efficiencies and Focus on Profitability Drove Net Income of $1.5 Million, Adjusted EBITDA Increased 9% to $10 Million and Net Cash Used in Operations Improved by $34 Million Year-Over-Year
• Canadian Adult-Use Cannabis Gross Revenue Increased 12%, Maintaining the #1 Position in Revenue and Expanding Market Share; International Cannabis Revenue Grew 10% Year-Over-Year
• Balance Sheet Strengthened to $265 Million in Cash; Net Debt Reduced to $4 Million
• Reiterates Fiscal Year 2026 Adjusted EBITDA Outlook of $62 Million – $72 Million

NEW YORK and LONDON and LEAMINGTON, Ontario, Oct. 09, 2025 (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 first fiscal quarter ended August 31, 2025. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

Irwin D. Simon, Chairman and Chief Executive Officer, stated, “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.”

Mr. Simon continued, “Looking forward, I am confident in Tilray’s ability to seize the transformative opportunities ahead, especially as the U.S. explores cannabis rescheduling and the European cannabis landscape continues to evolve. Our global platform, proven expertise in medical and adult-use cannabis, and trusted partnerships with patients, healthcare professionals, and policymakers set us apart as the partner of choice in this dynamic industry. We are committed to expanding access, advancing innovation, and supporting responsible regulatory progress around the world. These achievements and forward trends reinforce my unwavering belief in Tilray’s trajectory and our ability to deliver long-term value to our investors.”

Financial Highlights
All comparisons made to the prior year period

• Net revenue increased 5% to $209.5 million in the first quarter compared to $200.0 million.
• Gross profit was $57.5 million in the first quarter compared to $59.7 million.
• Gross margin was 27% in the first quarter compared to 30%.
• Cannabis net revenue increased 5% to $64.5 million in the first quarter compared to $61.2 million.
  • Cannabis gross profit was $23.3 million in the first quarter compared to $24.2 million.
  • Cannabis gross margin was 36% in the first quarter compared to 40%.
• Beverage net revenue was $55.7 million in the first quarter compared to $56.0 million.
  • Beverage gross profit was $21.3 million in the first quarter compared to $22.9 million.
  • Beverage gross margin was 38% in the first quarter compared to 41%.
• Wellness net revenue increased to $15.2 million in the first quarter compared to $14.8 million.
  • Wellness gross margin was 32% in the first quarter and was unchanged.
• Distribution net revenue was $74.0 million in the first quarter compared to $68.1 million.
  • Distribution gross margin was 11% in the first quarter compared to 12%.
• Net income was $1.5 million in the first quarter compared to a net loss of $(34.7) million.
• Adjusted net income increased by $10.0 million to $3.9 million in the first quarter compared to adjusted net loss of $(6.1) million.
• Adjusted EBITDA increased 9% to $10.2 million in the first quarter compared to $9.3 million.

Cash Flow: Cash used in operations improved significantly by $34.0 million to $(1.3) million from $(35.3) million.

Balance Sheet Update: In the first quarter, Tilray reduced its total outstanding debt by $7.7 million, further strengthening the balance sheet. As a result, the ratio of net debt to trailing twelve months adjusted EBITDA was reduced to 0.07x. Our $264.8 million cash balance provides Tilray with great flexibility for strategic opportunities.

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.

Original press release

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