Tilray Brands Reports Third Quarter Fiscal 2025 Financial Results

LOS ANGELES–Tilray Brands, Inc. reported net revenue of $185.8 million for the third quarter of fiscal year 2025, ending February 28. This represents a 1.4% decrease from the $188.3 million reported in the same quarter of the previous year. On a constant currency basis, net revenue was approximately $193 million.

The company reported a net loss of $793.5 million for the quarter, attributed primarily to non-cash impairment charges of approximately $700 million. These charges were due to macroeconomic conditions and declines in market capitalization. ​

In the cannabis segment, net revenue was $54.3 million, down from $63.4 million in the prior year quarter. The decrease was partly due to a strategic decision to pause participation in margin-dilutive categories, such as vapes and infused pre-rolls, resulting in a revenue decrease of $4.0 million but preventing a potential loss exceeding $3 million. Despite the revenue decline, cannabis gross margin improved to 41% from 33% in the same quarter last year. ​

The beverage alcohol segment reported net revenue of $55.9 million, slightly up from $54.7 million in the prior year quarter. This increase occurred despite a $6.0 million impact from strategic SKU rationalization. The gross margin for this segment increased to 36% from 34% in the same quarter last year.

Tilray expanded the distribution of its hemp-derived THC beverages across 10 U.S. states, generating $1.4 million in revenue fiscal year-to-date. The company also increased its Project 420 cost savings plan to $33 million, with $20.6 million completed to date. ​

The company reduced total debt by $71 million, including a $58 million reduction in convertible notes, resulting in net debt to trailing twelve months EBITDA of less than 1.0x. Tilray reported $248 million in cash and marketable securities as of the end of the quarter. ​