Tilray Q3 Revenue Hits Record as International Cannabis Sales Surge 73%

By Javier Hasse, Co-Founder & Editorial Advisor

Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY) reported record third-quarter fiscal 2026 net revenue of $206.7 million, up 11% year-over-year, as strong international cannabis growth and gains in distribution helped offset weaker beverage sales.

Gross profit rose 6% to a record $55 million, while adjusted EBITDA increased 19% to $10.7 million. Net loss improved sharply to $25.2 million from $793.5 million a year earlier, when results were weighed down by large impairment charges. Adjusted net income came in at $2.4 million, compared with an adjusted net loss of $2.9 million in the prior-year period.

Cannabis revenue increased 19% to $64.8 million in the quarter, driven in large part by international cannabis revenue growth of 73% year-over-year. Tilray said cannabis flower sales volume in international markets doubled from a year ago, underscoring the company’s continued push into regulated markets outside North America. Canadian adult-use and medical cannabis revenue combined also rose 8% from the prior-year quarter.

The company’s distribution segment also posted strong growth, with net revenue rising to a quarterly record $83 million from $61.5 million a year earlier. Wellness revenue increased 16% to $16.4 million. Beverage revenue, however, fell to $42.6 million from $55.9 million, reflecting continued softness in that segment even as Tilray highlighted efforts to strengthen its global beverage platform.

Tilray ended the quarter with $264.8 million in cash, restricted cash and marketable securities and reported a net cash position of $3.5 million, an improvement from a net debt position of $36.6 million a year earlier. The company also said it further reduced outstanding debt during the quarter.

Management reaffirmed its fiscal 2026 adjusted EBITDA guidance of $62 million to $72 million, while noting that escalating hostilities in the Middle East could affect energy, fuel, logistics and supply chain costs.

Tilray also pointed to recent strategic moves beyond cannabis, including its BrewDog acquisition and a partnership with Carlsberg set to begin in 2027, as part of its effort to build a broader global consumer packaged goods platform spanning cannabis, beverage, wellness and distribution.