Tilray Brands Delivers Record Fiscal 2026 Revenue and Adjusted EBITDA; Demonstrating the Strength of its Diversified Global Platform Across Cannabis, Beverage, Hospitality and Wellness

• Net revenue increased 11% to $915.5 million in fiscal 2026 versus $821.3 million the prior year.
• Gross profit rose 8% to $260.4 million compared with $240.6 million.
• Adjusted gross margin3 remained unchanged at 29% (GAAP gross margin was 28%).
• Adjusted EBITDA5 reached $61.1 million, up from $55.0 million a year earlier (excluding a $2.3 million fuel‑surcharge impact, adjusted EBITDA5 would have been $63.4 million).

International Medical Cannabis Revenue Increased 34% for the Fiscal Year, Reinforcing Tilray’s Leadership Across Europe and Expanding Patient Access at Scale

• International medical cannabis revenue grew 34% year‑over‑year, underscoring the strength of Tilray’s end‑to‑end medical cannabis platform spanning cultivation, pharmaceutical distribution, clinical care and patient access.
• Through Tilray Medical, CC Pharma and Lyphe, the Company has built one of the most comprehensive medical cannabis and pharmaceutical distribution infrastructures in Europe.
• CC Pharma gross profit increased 57% in the fiscal fourth quarter, reflecting operating leverage from the distribution network.

BrewDog Acquisition Ignited the Global Expansion of Tilray’s Beverage Platform, Unlocking New Growth Through the Power of Brands, Hospitality and Consumer Experiences

• The acquisition of BrewDog created a pro‑forma global beverage platform of approximately $500 million, adding a leading craft‑beer and hospitality brand.
• In the first months of ownership, Tilray stabilized BrewDog’s performance, improved profitability and positioned the brand for future growth while leveraging its iconic pub network and experiential consumer platform (e.g., the £1 million Bar Tab campaign).
• Combined with expanded U.K./European reach and Tilray’s exclusive U.S. partnership with Carlsberg, the Company is building a scaled global beverage powerhouse.

Disciplined Capital Allocation Strengthens Balance Sheet with Approximately $235 Million in Cash, Restricted Cash and Marketable Securities1; Net Debt2 Reduced to $0.7 Million

• Cash, restricted cash and marketable securities totaled roughly $235 million.
• Net debt2 fell to $0.7 million.
• Positive cash flow from operations, excluding working capital, improved 157% to approximately $18.2 million.

Strategic Business Highlights

• European medical cannabis and pharmaceutical distribution infrastructure: International medical cannabis revenue increased 34% in fiscal 2026, demonstrating the strength of Tilray’s end-to-end medical cannabis platform across cultivation, pharmaceutical distribution, clinical care and patient access. Through Tilray Medical, CC Pharma and Lyphe, the Company has established one of the most comprehensive and strategically positioned medical cannabis and pharmaceutical distribution infrastructures in Europe, creating a differentiated platform for long‑term growth as regulated markets continue to expand. CC Pharma gross profit increased 57% in the fiscal fourth quarter, reflecting the operating leverage and value of Tilray’s pharmaceutical distribution network.
• Global beverage transformation: Tilray accelerated its beverage strategy through the acquisition of BrewDog, creating a pro‑forma global beverage platform of approximately $500 million and adding one of the world’s leading craft beer and hospitality brands. In just a few months of ownership, Tilray has stabilized the business, improved performance and positioned BrewDog for profitability, while leveraging its iconic pub network and experiential consumer platform to drive engagement through activations such as the £1 million Bar Tab campaign. Together with expanded U.K. and European reach and Tilray’s exclusive U.S. partnership with Carlsberg, the Company is building a scaled global beverage powerhouse with significant opportunities for growth and value creation.
• Balance sheet and cash flow discipline: Tilray further strengthened its financial position in fiscal 2026, ending the year with approximately $235 million in cash, restricted cash and marketable securities¹, reducing net debt² to $0.7 million, and improving positive cash flow from operations, excluding working capital, by 157% to approximately $18.2 million. These results reflect disciplined execution and provide the financial flexibility to invest in strategic growth opportunities and drive long‑term shareholder value.

Outlook and Guidance

Tilray expects over $1 billion in annual revenue entering fiscal 2027, driven by continued momentum across its diversified platforms. The Company’s guidance for fiscal year 2027 calls for adjusted EBITDA5 of $68 million to $75 million, representing double‑digit growth versus fiscal 2026.

Management’s adjusted EBITDA5 guidance is provided on a non‑GAAP basis and excludes items such as stock‑based compensation, changes in fair value of contingent consideration, purchase‑price accounting step‑ups, impairments, litigation costs, integration and restructuring expenses, transaction‑related costs and other non‑operating items.

The Company notes that reconciling the expected adjusted EBITDA5 to net income under the fiscal 2027 guidance would require unreasonable effort, as certain items impacting net income are outside Tilray’s control or cannot be reasonably predicted at this time.

Tilray continues to evaluate pathways to participate in a potential federally compliant, science‑driven medical cannabis market in the United States following recent rescheduling developments. The Company’s U.S. Tilray Medical blueprint emphasizes research, education, cannabinoid‑based medicine development, patient care and compliant medical cannabis access, leveraging its global foundation, pharmaceutical‑grade cultivation, manufacturing capabilities, regulatory expertise, clinical‑research experience and patient‑access infrastructure.

For more details on Tilray’s fiscal 2026 results, visit the original press release.

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