Live Updates
Updates appear automatically as they are published.
Guidance for the coming fiscal year
Tilray expects FY2026 adjusted EBITDA of $62–72 million, a 13–31% YoY increase. No revenue guidance was given, but expect ongoing international expansion, AI-driven cultivation efficiency, and beverage optimization through Project 420 completion by Q3 FY2026.
Earnings Are In
TLRY share price moving back to even and earnings are now in.
Tilray narrowly missed on revenue, dragged down by Project 420 SKU rationalization and vape category repositioning, but beat on profitability, signaling early traction on margin-focused strategy
| Metric | Reported | Estimate | Beat/Miss |
|---|---|---|---|
| Q4 Revenue | $224.5M | $233.3M |  Miss |
| Q4 Adjusted EPS | $0.02 | $0.00 |  Beat |
| Q4 Adjusted EBITDA | $27.6M | ~$25M est. | Beat |
| FY2025 Revenue | $821.3M | $830.3M | Miss |
| FY2025 Adjusted EPS | $0.01 | -$0.02 | Beat |
| FY2025 Adjusted EBITDA | $55.0M | ~$50M est. | Beat |
After-Market Shares Down 4.9%
No numbers released officially yet, but shares are dropping, down 4.9% in the past few minutes.
As of 4:20 PM EDT, No Earnings Yet
Shares are holding steady as we wait for earnings.
TLRY Closes the day up 1.8%, earnings out shortly
The market is closing and TLRY is ending the trading day up 1.96% with earnings following shortly. Conference call is expected to kick off at 4:30 PM EDT.
Stay tune for live updates once the numbers are released.
Macro catalysts
-
U.S. medical cannabis legalization and Tilray’s estimated $250M revenue opportunity if it captures 2–3% of that market.
-
Canadian excise tax reform: management noted Tilray paid ~$150M in excise taxes last year — a potential margin unlock if reduced.
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European expansion: medical cannabis momentum in Germany, Italy, Poland; new regulatory wins could drive upside surprise.
-
THC beverage distribution: could become a 10x category expansion if sold in LCBO/convenience stores vs. just dispensaries.
Tilray Brands (Nasdaq: TLRY) reports Q4 fiscal 2025 earnings after the market closes today. The cannabis and beverage company has been navigating volatile end-markets while executing a strategic shift toward higher-margin international medical cannabis and beverage consolidation. This report matters as it will test whether Tilray’s cost-cutting, global distribution scale, and diversified portfolio can return the business to profitable growth. With Germany’s medical legalization, U.S. beverage expansion, and THC innovation in play, investors will be focused on margins, cash burn, and FY26 outlook.
What Wall Street Projects
Quarterly estimates:
– Revenue: $233.29 million
– EPS (Normalized): $0.00
Full-Year 2025 Consensus Estimates:
– FY2025 Revenue: $830.32 million
– FY2025 EPS: -$0.02
This represents a slight decline in topline vs. FY2024’s $843 million (-1.5%) and a modest improvement from FY2024 EPS of -$0.16.
5 Keys to Watch Tonight
International Medical Cannabis Momentum
Management emphasized strong Q3 growth in Germany, Italy, and Poland, with German flower sales up 79% YoY post-legalization. Tilray is actively reallocating supply to Germany due to higher margins.
Project 420 Integration and Beverage Strategy
Beverage gross margins expanded to 36% in Q3, but topline was muted due to SKU rationalization. Analysts will watch for signs of stabilization and incremental growth in high-potential brands like Shock Top, SweetWater, and Montauk.
Hemp-Derived THC and Wellness Channel Growth
Tilray is now distributing hemp-derived THC drinks in 10 U.S. states and 1,000 stores. Management views this as a multimillion-dollar opportunity, with potential upside if federal regulation evolves favorably.
Cash Flow and Profitability Discipline
While adjusted EPS has hovered near breakeven, investors will scrutinize cash flow usage, which was -$5.8M in Q3, and management’s ability to reduce capex, legal settlements, and working capital drag.
Canadian Cannabis Market Share Trade-Offs
Tilray’s margin-driven decision to shift away from lower-margin vape and pre-roll SKUs has hit Canadian sales. Any update on volume trends or market share recovery will be key to modeling FY2026 growth.
How Tilray Brands Performed After Recent Quarterly Earnings Releases
While Tilray has delivered four straight EPS beats, the stock’s reaction has been inconsistent — with muted moves unless tied to strategic clarity.
| Quarter | EPS Surprise | 1-Day Move | 7-Day Move | 14-Day Move |
|---|---|---|---|---|
| Q3 FY2025 | +0.03 | -0.4% | +2.0% | +0.9% |
| Q2 FY2025 | +0.01 | -3.5% | -6.8% | -7.2% |
| Q1 FY2025 | +0.02 | -1.6% | -2.4% | -0.5% |
| Q4 FY2024 | +0.05 | +7.9% | +5.4% | +8.7% |
The post Earnings Live: Complete Tilray Brands (TLRY) 4Q Coverage appeared first on 24/7 Wall St..
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Author: Joel South
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