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TLRY · NASDAQ · Drug Manufacturers - Specialty & Generic

Tilray Brands

Sells cannabis, beverages, distribution and wellness products across regulated consumer markets.

$4.59

After-hours close+0.01 (+0.17%)

At close$4.58(+0.27%)

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Profile

Tilray Brands, Inc.TLRYHealth Care

Sells cannabis, beverages, distribution and wellness products through a consumer-brands platform. Its structure combines legacy Tilray with Aphria's operating history and acquisition-built beverage brands.

Operating across cannabis, beverages, pharmaceutical distribution and wellness, the group sells medical and adult-use cannabis products alongside consumer brands. Its beverage platform began with Aphria's SweetWater acquisition and later added U.S. craft brands and BrewDog operations in the UK and Ireland.

The current company emerged from Aphria's reverse acquisition of legacy Tilray while retaining TLRY's Nasdaq listing. Operations combine cannabis production, beverage brands, distribution and hemp-based wellness products.

Cannabis activity depends on regulated medical and adult-use markets, and the operating mix reflects acquisitions across Canada, the United States and Europe.

Company facts

CEOIrwin D. Simon

ListedJul 19, 2018

ExchangeNASDAQ

HeadquartersLeamington, ON

CountryCanada

Employees2,842

CIK0001731348

ISINUS88688T2096

Key statistics

Market cap$513.3M

EPS (ttm)−$1.33

P/E (ttm)−3.44

ROE-8.0%

P/B0.3180

P/S0.4442

Dividend yield—

Beta1.70vs XLV 0.28

Year to date −52.9% · Average volume (30d) 4.5M

Analysts

Price target, next 12 months$41.50+804.1%Median of 20 analysts · vs the Aug 28 close

ConsensusHold5 of 20 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $4.59

High$190.00+4,039.4%

Median$41.50+804.1%

Low$10.00+117.9%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Apr 2, 2026	Roth Capital	Upgrade	Neutral	Buy
Jan 20, 2026	Roth Capital	Reiterate		Neutral	$4	$10
Jan 9, 2026	Industrial Alliance Securities	Target			$3	$10
Dec 19, 2025	Bernstein	Target				$10

Earnings

EPS

Estimate−$0.18

ReportedDue Oct 8, 2026

Revenue

Estimate$269.4M

ReportedDue Oct 8, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Jul 28, 2026Q4 FY26	−$0.01	−$0.43	−3,471.4%	$246.3M	$281.7M	+14.4%	−0.99%
Apr 1, 2026Q3 FY26	−$0.14	−$0.24	−71.4%	$201.3M	$206.7M	+2.7%	+6.68%
Jan 8, 2026Q2 FY26	−$0.14	−$0.41	−192.9%	$210.9M	$217.5M	+3.1%	+0.55%
Oct 9, 2025Q1 FY26	−$0.27	$0.00	+98.4%	$204.5M	$287.8M	+40.7%	−18.10%

View details

Financial highlights

	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26
Revenue	$268.3M	$308.1M	$287.8M	$303.9M	$282.2M	$281.7M
Gross profit	$75.1M	$92.8M	$78.9M	$80.3M	$75.0M	$84.3M
Operating income	−$1.10B	−$1.98B	$2.9M	−$31.1M	−$27.1M	−$4.5M
Net income	−$1.14B	−$1.75B	−$442.3K	−$62.8M	−$36.3M	−$49.6M
Diluted EPS	−$12.60	−$17.80	−$0.00	−$0.57	−$0.33	−$0.43
Gross margin	28.0%	30.1%	27.4%	26.4%	26.6%	29.9%
Operating margin	-409.0%	-643.1%	1.0%	-10.2%	-9.6%	-1.6%

Fiscal years (4-quarter sums)FY22 $796.0M · FY23 $777.9M · FY24 $1.07B · FY25 $1.14B · FY26 $1.16B

Revenue by product · Q4 FY26

Beverage Alcohol Business$108.9M · 36%

Cannabis Segment$90.5M · 30%

Distribution Revenue$85.0M · 28%

Wellness Business$19.7M · 6%

Revenue by geography · Q4 FY26

EMEA$152.3M · 54%

United States$68.9M · 24%

Canada$55.1M · 20%

Rest Of World$5.4M · 2%

Balance sheet, May 31, 2026Cash & short-term investments $231.3M · Total debt $398.4M · Total assets $2.33B · Shareholders' equity $1.61B

Dividends

No dividends on record.

Ownership

Institutions 12.85%14.38M sharesInsiders 2.68%2.99M sharesOther 84.47%94.46M shares

Shares outstanding 111.83M · Float —

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Toroso Investments, LLC	2.50M	2.23%	13F	Aug 13, 2026
Irwin D. Simon · director, officer: President and CEO	1.31M	1.17%	Form 4	Aug 27, 2026
Susquehanna International Group, LLP	1.02M	0.91%	13F	Aug 14, 2026
Morgan Stanley	995.1K	0.89%	13F	Aug 13, 2026
Citadel Advisors LLC	868.1K	0.78%	13F	Aug 14, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 6, 2026	Mitchell Gendel	officer: Global General Counsel	+2,500	$4.43
Aug 3, 2026	Denise M. Faltischek	officer: Chief Strategy Officer	+2,500	$4.78
Aug 4, 2026	Carl A. Merton	officer: Chief Financial Officer	+10,000	$4.62
Apr 21, 2026	David G. Hopkinson	director	−33,556	$6.94