Tilray Brands (NASDAQ:TLRY) Releases Quarterly Earnings Results, Misses Expectations By $0.27 EPS

Tilray Brands (NASDAQ:TLRY) issued its earnings results on Thursday. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.27), Zacks reports. The company had revenue of $217.51 million during the quarter, compared to analyst estimates of $211.15 million. Tilray Brands had a negative return on equity of 6.79% and a negative net margin of 258.54%.During the same quarter in the previous year, the firm earned ($0.03) earnings per share.

Here are the key takeaways from Tilray Brands’ conference call:

• Tilray reported a record Q2 net revenue of $217.5–$218M, adjusted EBITDA of $8.4M, improved net loss to $43.5M, and ended the quarter with ~$292M in cash and marketable securities, allowing a net cash position of roughly $30M and reaffirming FY26 adjusted EBITDA guidance of $62–$72M.
• International cannabis was a clear growth driver—global cannabis revenue rose to $67.5–$68M with 36% YoY and 51% sequential growth in international cannabis—and management says Tilray Medical is on a ~$150M annual run-rate while Tilray Pharma plans to significantly expand pharmacy distribution in Europe.
• The beverage/craft beer segment underperformed (Q2 beverage revenue ~$50M) and weighed on gross margin, with management acknowledging continued category headwinds and saying turnaround relies on Project 420 cost savings (target $33M annualized) and upcoming spring retailer resets.
• Management emphasized strategic readiness for U.S. cannabis rescheduling to Schedule III, positioning Tilray to pursue a federally compliant medical pathway, leverage clinical research and genetics, and scale U.S. medical operations if regulatory change occurs.

Tilray Brands Trading Up 1.6%

Shares of NASDAQ TLRY opened at $9.13 on Friday. Tilray Brands has a one year low of $3.51 and a one year high of $23.20. The firm has a market capitalization of $1.03 billion, a PE ratio of -0.40 and a beta of 1.77. The company has a current ratio of 2.62, a quick ratio of 1.56 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $10.19 and a two-hundred day moving average price of $10.50.

Key Headlines Impacting Tilray Brands

Here are the key news stories impacting Tilray Brands this week:

• Positive Sentiment: Record revenue and improved balance sheet — Tilray reported record Q2 net revenue of about $218 million and said it has moved to a net cash position (roughly $292M in cash & marketable securities and ~ $30M net cash). This strengthens liquidity and reduces financial risk. Tilray Brands Delivers Record Q2 Fiscal 2026 Net Revenue of $218 Million, Moves to Net Cash Position and Reaffirms Full-Year Adjusted EBITDA Guidance
• Positive Sentiment: Earnings beat on both EPS and revenue — Q2 EPS came in at ($0.02) versus consensus ($0.17) and revenue of $217.5M topped the $211.2M estimate, showing upside to analyst expectations. View Press Release
• Positive Sentiment: Management reaffirmed full-year adjusted EBITDA guidance — management reiterated guidance for the fiscal year, which supports the outlook and may underpin investor confidence. Tilray Brands Delivers Record Q2 Fiscal 2026 Net Revenue …
• Neutral Sentiment: Earnings call transcript provides color on operations and U.S. opportunity — the call offers management commentary (e.g., international medical growth, U.S. rescheduling tailwinds) that investors can parse for execution details. Tilray Brands, Inc. (TLRY) Q2 2026 Earnings Call Transcript
• Neutral Sentiment: Analyst expectations were adjusted ahead of the print — coverage noted Wall Street revisions into the quarter; check analyst notes for any forward estimate changes. Top Wall Street Forecasters Revamp Tilray Brands Expectations Ahead Of Q2 Earnings
• Neutral Sentiment: Macro data (weekly jobless claims) published today may modestly influence market sentiment but contains no company-specific info. Weekly Jobless Claims Come in Muted
• Negative Sentiment: Profitability remains poor — despite revenue growth, Tilray reported a very negative net margin (~-258.5%) and negative ROE (~-6.8%), indicating losses and dilution of shareholder returns still persist. View Press Release

Institutional Trading of Tilray Brands

Hedge funds have recently made changes to their positions in the stock. Cerity Partners LLC grew its position in Tilray Brands by 98.5% during the second quarter. Cerity Partners LLC now owns 92,560 shares of the company’s stock valued at $38,000 after purchasing an additional 45,929 shares in the last quarter. Marex Group plc acquired a new stake in shares of Tilray Brands during the 2nd quarter valued at $40,000. Hilton Capital Management LLC acquired a new stake in shares of Tilray Brands during the 2nd quarter valued at $41,000. Integrated Wealth Concepts LLC grew its holdings in shares of Tilray Brands by 33.8% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 36,977 shares of the company’s stock valued at $64,000 after acquiring an additional 9,341 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in shares of Tilray Brands by 334.5% in the third quarter. National Bank of Canada FI now owns 43,445 shares of the company’s stock worth $75,000 after acquiring an additional 33,446 shares during the last quarter. 9.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Wall Street Zen raised Tilray Brands from a “strong sell” rating to a “hold” rating in a research note on Saturday, October 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Tilray Brands in a research report on Wednesday, October 8th. Finally, Atb Cap Markets upgraded shares of Tilray Brands from a “strong sell” rating to a “hold” rating in a research report on Wednesday, December 10th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Tilray Brands currently has an average rating of “Hold” and a consensus price target of $20.00.

About Tilray Brands

Tilray Brands, Inc is a global cannabis-lifestyle and consumer packaged goods company engaged in the cultivation, production, distribution and sale of cannabis and cannabinoid-based products. The company develops and markets a diverse portfolio of branded products spanning medical cannabis, adult-use recreational products and wellness offerings. Through state-of-the-art cultivation facilities, research and development efforts, and quality control systems, Tilray Brands aims to deliver consistent, scalable products for a range of patient and consumer needs.

Tilray’s product lineup includes cannabis flower, pre-rolls, oils and tinctures, vapes, edibles and topicals, as well as hemp-derived cannabidiol (CBD) products.