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Nov 30, 2025
Tilray Q2 2026 Earnings Report
Tilray reported Q2 2026 results with record revenue of $217.5 million but remained unprofitable with a net loss of $43.5 million.
Key Takeaways
Tilray Brands delivered record net revenue in Q2 2026, driven by strong performance in international medical cannabis and pharmaceutical distribution. Despite an improved net loss, profitability remains a challenge. The company moved into a net cash position and reaffirmed its full-year adjusted EBITDA outlook.
Net revenue reached a record $217,507,000 in Q2 2026.
Tilray posted a net loss of $43,509,000, a significant improvement from the prior year.
The company moved to a net cash position of $27,400,000.
Adjusted EBITDA came in at $8,365,000 and full-year guidance was reaffirmed.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Tilray reaffirmed its fiscal 2026 adjusted EBITDA guidance of $62 million to $72 million, citing confidence in strategic growth and market expansion.
Positive Outlook
- Adjusted EBITDA guidance for FY26 reaffirmed at $62M–$72M.
- Company moved to a net cash position of $27.4M.
- International medical cannabis revenue grew 36%.
- Record revenue in distribution segment (Tilray Pharma).
- Strong cash and marketable securities balance of $291.6M.
Challenges Ahead
- Still operating at a net loss of $43.5M in the quarter.
- Beverage segment revenue declined year-over-year.
- Gross margin compressed to 26% from 29%.
- Free cash flow remained negative at -$18.1M.
- Operating income remained negative at -$22.3M.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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