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Feb 28, 2025
Tilray Q3 2025 Earnings Report
Estimated Revenue:$209M
-8.8% YoY
Estimated EPS:-$0.0296
+39.3% YoY
Key Takeaways
Tilray Brands faced a steep net loss in Q3 FY2025 driven by a $700M non-cash impairment. However, the company improved gross margins, continued cost-saving initiatives, and expanded its hemp-derived THC beverage distribution.
Posted $793.5M net loss due to $700M non-cash impairment charges.
Revenue totaled $185.8M, down slightly from the prior year.
Cannabis gross margin increased to 41%, the highest in almost two years.
Distribution of hemp-derived THC drinks expanded across 10 U.S. states.
Revenue by Segment
Forward Guidance
Tilray updated FY2025 revenue guidance downward, factoring in SKU rationalization and strategic shifts.
Positive Outlook
- Maintained strong cash position of $248M.
- Reduced total debt by $71M during the quarter.
- Net debt now less than 1x trailing twelve-month EBITDA.
- Expansion of hemp-derived THC beverage distribution across 10 U.S. states.
- Strong cannabis gross margins driven by international focus.
Challenges Ahead
- Revenue impacted by $13.2M due to SKU rationalization.
- Lower overall cannabis revenue from paused activity in margin-dilutive categories.
- Free cash flow remains negative at -$20M.
- Adjusted EBITDA down from prior year.
- Updated revenue guidance down to $850M–$900M from previous expectations.
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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