Tilray Brands reported record fiscal 2026 revenue of about $915 million, up 11% year over year, yet its stock has not sustained a rally. Adjusted EBITDA rose 11% to $61.1 million and adjusted net income nearly doubled to $12.2 million, but adjusted earnings missed sell-side forecasts and GAAP net losses attributable to shareholders totaled $49.6 million, or negative 43 cents per share. For fiscal 2027, management guided adjusted EBITDA of $68 million to $75 million, though it is unclear whether this will translate into positive GAAP earnings. The company has reduced debt to effectively zero through dilutive debt-for-equity swaps, and cannabis now accounts for just 29% of overall sales amid diversification into alcoholic beverages and pharmaceutical distribution. Investors remain hesitant despite ongoing U.S. federal marijuana rescheduling efforts, with limited exposure to that catalyst.
Tilray IncAdjusted earnings missed forecasts and GAAP losses persist despite record revenue.
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