Key Highlights

  • Third-quarter net revenue reached an all-time high of $206.7M, marking an 11% increase year-over-year and surpassing the analyst consensus of $201.35M
  • The company delivered a surprise adjusted profit of $0.02 per share, significantly outperforming Wall Street’s projected loss of -$0.14
  • The cannabis division expanded 19% to reach $64.8M, propelled by a 73% increase in international cannabis sales
  • Adjusted EBITDA increased 19% to $10.7M; management maintains fiscal 2026 outlook at $62M–$72M
  • The company completed its BrewDog acquisition for approximately £40M and secured a strategic Carlsberg partnership launching in 2027

Tilray Brands delivered record-setting performance during the third quarter of fiscal 2026, achieving net revenue of $206.7 million. This figure represents an 11% increase compared to the $185.8 million generated during the corresponding period last year, exceeding analyst projections.

The most significant development came from the earnings per share figure. Wall Street had anticipated a loss of 14 cents per share. Instead, Tilray delivered an adjusted profit of $0.02 per share. This substantial beat triggered an immediate market response, with TLRY shares climbing 8.01%.

The company reported a net loss of $25.2 million for the quarter, representing a substantial improvement from the $793.5 million loss recorded in the same quarter of the previous year.


TLRY Stock Card
Tilray Brands, Inc., TLRY

Gross profit reached $55.0 million, reflecting a 6% year-over-year increase, while the consolidated gross margin stood at 27%.

The cannabis division demonstrated particularly strong momentum. Overall cannabis revenue expanded 19% to $64.8 million. International cannabis net revenue posted a remarkable 73% surge, while cannabis flower sales volume doubled compared to the prior year.

Canadian adult-use and medical cannabis net revenue increased 8%, solidifying Tilray’s position as the leading cannabis revenue generator in Canada.

The distribution segment also delivered impressive results. Net revenue for this division reached a third-quarter record of $83.0 million, with distribution gross profit climbing to $10.0 million and margin expansion to 12%.

Tilray successfully completed its Project 420 synergy program during the quarter. This initiative generated approximately $33 million in annualized cost reductions.

BrewDog Acquisition and Carlsberg Collaboration

Following the quarter’s conclusion, Tilray finalized its purchase of BrewDog, the prominent UK craft beer brand, for approximately £40 million in cash. CEO Irwin Simon indicated the acquisition enables the company to construct a “scaled global beverage platform.”

Tilray simultaneously announced a collaborative agreement with Carlsberg, scheduled to commence in 2027. Management states this combination extends the company’s presence across Europe, the Middle East, Australia, Asia-Pacific, and the United States.

Adjusted EBITDA for the third quarter totaled $10.7 million, representing a 19% increase from the $9.0 million recorded in the prior-year period.

Fiscal 2026 Outlook Maintained

Management confirmed its fiscal 2026 adjusted EBITDA guidance, maintaining the range of $62 million to $72 million. This outlook represents anticipated growth of 13% to 31% compared to fiscal year 2025.

Analyst sentiment on TLRY currently stands at Hold, reflecting one Buy rating and five Hold ratings issued over the past three months. The average price target of $8.97 suggests potential upside of approximately 38.64% from current trading levels.

Despite the strong third-quarter performance, TLRY shares remain down 28.35% year-to-date and have declined 0.68% over the trailing twelve-month period.