Tilray Reports Record Quarterly Revenue of $207 Million as Cannabis Sales Jump 19%
- Tilray Brands reported record Q3 fiscal 2026 net revenue of $206.7 million (up 11% YoY) and gross profit of $55 million (up 6%), driven mainly by strong marijuana business growth despite weakened beverage sales.
- Marijuana revenue rose 19% to $64.8 million, fueled by a 73% increase in international sales and an 8% rise in Canadian adult-use and medical marijuana revenue, maintaining Tilray’s top revenue position in Canada.
- Beverage revenue declined from $55.9 million to $42.6 million, while distribution and wellness segments showed growth, with distribution revenue reaching a record $83 million and wellness revenue up 16% to $16.4 million.
- Tilray posted a $25.2 million net loss (much improved from $793.5 million loss last year), boosted adjusted EBITDA by 19% to $10.7 million, ended the quarter with strong cash reserves, and highlighted its recent BrewDog acquisition and future Carlsberg partnership to expand its global beverage presence.
Tilray Brands says it posted record net revenue and gross profit for the third quarter of fiscal 2026, with strong gains in its marijuana business helping offset weakness in beverage sales.
According to the company, net revenue for the quarter ended February 28 rose 11% from a year earlier to $206.7 million, while gross profit increased 6% to $55 million. Gross margin slipped slightly from 28% to 27%, but Tilray said its overall results were driven by continued growth across cannabis, distribution and wellness.
Tilray’s marijuana business brought in $64.8 million in quarterly net revenue, up 19% from the same period last year. The company said that increase was fueled largely by a 73% jump in international marijuana revenue, as well as an 8% increase in combined Canadian adult-use and medical marijuana revenue. Cannabis gross profit rose 18% to $26 million, with gross margin edging down from 41% to 40%.
The company also said its Canadian adult-use and medical marijuana operations kept Tilray in the top spot in Canada by revenue. International marijuana revenue reached $24.1 million for the quarter, up from $13.9 million a year earlier.
Outside of marijuana, Tilray’s beverage business declined notably. Beverage net revenue fell from $55.9 million to $42.6 million, while beverage gross profit dropped from $19.9 million to $13.6 million. Distribution, which includes Tilray Pharma, climbed to a record $83 million in quarterly revenue, up from $61.5 million, while wellness revenue increased 16% to $16.4 million.
Tilray also reported a net loss of $25.2 million for the quarter, a major improvement from the $793.5 million loss it posted in the same quarter last year. Adjusted EBITDA rose 19% to $10.7 million, and the company said it ended the quarter with $264.8 million in cash, restricted cash and marketable securities, along with a net cash position of roughly $3.5 million.
The company also pointed to its recently completed BrewDog acquisition, which closed after the quarter ended, as a key part of its broader global beverage expansion strategy. Tilray said the deal, along with its announced Carlsberg partnership set to begin in 2027, will help expand its beverage footprint across Europe, the Middle East, Australia, Asia-Pacific and the United States.
For the full fiscal year ending May 31, Tilray said it is reaffirming its guidance for adjusted EBITDA between $62 million and $72 million.