Watch for the next quarter's revenue trajectory, particularly whether the cannabis segment can stabilize and whether the beverage segment's margin expansion sustains. The reaffirmed EBITDA guidance provides a floor, but the stock will likely trade on the earnings and cash flow deterioration.
Price Chart
Executive Summary
Tilray Brands reported Q1 FY2027 revenue of $257.1M, up 23% YoY and a record. GAAP net loss was $40.0M ($-0.32 EPS), driven by non-cash charges and elevated operating expenses. The company reaffirmed its FY2027 adjusted EBITDA guidance of $68M-$75M, and negative free cash flow of -$27.4M overshadow the topline growth.
Key Financial Metrics
Key Facts
- GAAP net loss of $40.0M and EPS of -$0.32.
- Adjusted EBITDA fell 10% YoY to $9.2M from $10.2M, burdened by $1.7M in fuel surcharges.
- Beverage segment revenue surged 82% to $101.5M, driven by the BrewDog acquisition; cannabis revenue declined 13% to $56.1M.
- Gross margin expanded ~300 bps to 30% from 27%, but operating expenses rose 83% YoY, leading to an operating loss of $24.1M.
- Free cash flow was -$27.4M, worsening from -$10.6M in the prior year period.
- Debt reduced by $42M fiscal year-to-date; ended Q1 with $221.4M in cash, restricted cash, and marketable securities.
- FY2027 adjusted EBITDA guidance reaffirmed at $68M-$75M, implying double-digit growth.
Financial Impact
Risk Factors
- Cannabis revenue declining 13% YoY, with Canadian adult-use and wholesale revenue falling.
- Operating expenses growing 83% YoY, outpacing revenue growth and pressuring margins.
- Negative free cash flow of -$27.4M, a 160% YoY decline, raising liquidity concerns despite $221.4M in cash.
- Adjusted EBITDA declining 10% YoY despite record revenue, indicating cost control challenges.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-006527 |
| Document: f8k_100826.htm | 0001171843-26-006527 |
| Document: 0001171843-26-006527-index-headers.html | 0001171843-26-006527 |
| Document: 0001171843-26-006527-index.html | 0001171843-26-006527 |
| Document: 0001171843-26-006527.txt | 0001171843-26-006527 |
| 8-K Data (Synthetic) | 0001171843-26-006527 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 8-K | $3.59 $3.54 | ▲ +1.39% | ▲ +1.99% | $2.72 (+24.23%) |
Sep 25, 2026 4w ago | Press Release | $4.13 | awaiting T+1 | — | $2.72 (−34.14%) |
Aug 10, 2026 11w ago | 8-K | $4.78 $4.68 | ▼ −2.09% | ▼ −2.34% | $2.72 (−43.10%) |
Jul 13, 2026 15w ago | Press Release | $4.38 | awaiting T+1 | — | $2.72 (−37.90%) |
Jun 30, 2026 16w ago | 8-K | $4.43 $4.62 | ▲ +4.29% | ▲ +4.42% | $2.72 (−38.60%) |
Jun 29, 2026 17w ago | Press Release | $4.49 $4.43 | ▼ −1.34% | ▼ −1.20% | $2.72 (−39.42%) |
Apr 15, 2026 27w ago | 424B5 | $6.95 $6.79 | ▲ +2.30% | ▲ +2.56% | $2.72 (+60.86%) |
Apr 15, 2026 27w ago | 8-K | $6.95 $6.79 | ▼ −2.30% | ▼ −2.56% | $2.72 (−60.86%) |
Apr 15, 2026 27w ago | Press Release | $6.95 $6.79 | ▼ −2.30% | ▼ −2.56% | $2.72 (−60.86%) |
Apr 1, 2026 29w ago | 8-K | $6.14 $6.55 | ▲ +6.68% | ▲ +6.60% | $2.72 (−55.70%) |
US Market Status
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