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Tilray Brands reports first quarter fiscal 2026 results, record Q1 net revenue of $210 million

Oct. 15, 2025, Leamington, Ont. — Tilray Brands, Inc., has reported a strong performance in their first quarter fiscal 2026, which ended on August 31, 2025.

“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,” said Irwin D. Simon, chairman and chief executive officer of Tilray, in a media release.

Financial highlights include:

• Net revenue increased five per cent 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 per cent in the first quarter compared to 30 per cent.
• Cannabis net revenue increased five per cent 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 per cent in the first quarter compared to 40 per cent.
• 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 per cent in the first quarter compared to 41 per cent.
• Wellness net revenue increased to $15.2 million in the first quarter compared to $14.8 million.
  • Wellness gross margin was 32 per cent 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 per cent in the first quarter compared to 12 per cent.
• 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.

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.

Their $264.8 million cash balance provides the organization with great flexibility for strategic opportunities.