Tilray Brands, Inc.

What they do

Tilray operates in Canada, the US, Europe, Australia, and Latin America, producing and selling medical and adult-use cannabis, craft beer and beverages, hemp-based foods, and wellness products. Its portfolio includes brands like SweetWater, Montauk, BrewDog, Redecan, and Manitoba Harvest. It is the 4th largest craft brewer in the US and leads Canadian cannabis revenue.

Revenue drivers

• Cannabis — Canadian adult-use and medical cannabis, plus international medical cannabis; international medical revenue grew 34% in fiscal 2026.
• Beverage — Includes US craft beer (SweetWater, Montauk, Shock Top, 10 Barrel) and global BrewDog acquisition; pro forma beverage platform approximately $500 million.
• Wellness and other — Manhattan Harvest hemp-based foods, Hi-Ball beverages, and other consumer products; contributes to overall revenue diversification.

Recent performance

Fiscal 2026 revenue was $915.5 million, up from $821.3 million in 2025, with net loss narrowing to $121.4 million from $2.19 billion. Q4 revenue jumped to $281.7 million from $206.7 million in Q3. Operating cash flow was negative $69.1 million for the year. Cash and equivalents were $226.0 million as of May 31, 2026.

Strategy

Management focuses on building global brands, developing innovative cannabis products, expanding the beverage platform internationally, and disciplined cost and cash management. They aim to leverage data analytics and consumer insights to drive category leadership. They are also expanding European medical cannabis infrastructure and leveraging the BrewDog acquisition for global beverage growth.

Risks

• Regulatory dependence — Canadian cannabis operations rely on Health Canada licenses for cultivation, sale, and export; renewals are not guaranteed.
• EU-GMP compliance — Facilities in Portugal and Germany must maintain EU-GMP certification; Quebec facility is still seeking certification, and failures could disrupt exports.
• Integration risk — BrewDog acquisition introduces integration and profitability challenges; management is working to stabilize the business.
• Ongoing losses — Despite revenue growth, the company has reported net losses for five consecutive years and negative operating cash flow in most years.

Outlook

Management guides fiscal 2027 adjusted EBITDA of $68 million to $75 million, implying double-digit growth. They expect over $1 billion in annual revenue in fiscal 2027. They highlight continued momentum from European medical cannabis and beverage expansion, with a focus on profitability and cash flow generation.