Revenue contracted 10.6% year-over-year to $257.1 million in 2027Q1 with gross margin compressing to 30.1% from 35.8% in 2024Q4, leaving operating margin at -6.2% and signaling structural competitive disadvantage versus peers.
Tilray Brands, Inc. (TLRY) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | May'26 | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | Jun'17 | May'16 | May'15 | May'14 | Aug'13 | Aug'12 |
|---|
| Sales/Revenue | 963.1M | 915.45M | 821.31M | 1.07B | 844.72M | 628.37M | 513.09M | 294.96M | 43.13M | 20.54M | 12.64M | 6.44M | 356.23K | 0 | 0 | 0 |
| Revenue Growth % | 15.93% | 11.46% | -23.6% | 27.26% | 34.43% | 22.47% | 73.95% | 583.88% | 110% | 62.43% | 96.34% | 1707.81% | - | - | - | - |
| Cost of Goods Sold | 688.81M | 655.01M | 580.74M | 770.66M | 646.77M | 511.56M | 389.9M | 225.06M | 100.53M | -2.38M | 1.73M | 1.45M | -157.25K | 393.74K | 231.81K | 0 |
| COGS % of Revenue | - | 71.55% | 70.71% | 71.69% | 76.57% | 81.41% | 75.99% | 76.3% | 233.09% | -11.58% | 13.66% | 22.46% | -44.14% | - | - | - |
| Gross Profit | 274.29M | 260.44M | 240.57M | 304.33M | 197.95M | 116.82M | 123.18M | 69.9M | 32.21M | 24.49M | 9.51M | 3.52M | 513.48K | -393.74K | -231.81K | 0 |
| Gross Margin % | 28.48% | 28.45% | 29.29% | 28.31% | 23.43% | 18.59% | 24.01% | 23.7% | 74.69% | 119.22% | 75.23% | 54.64% | 144.14% | - | - | - |
| Gross Profit Growth % | - | 8.26% | -20.95% | 53.74% | 69.45% | -5.17% | 76.23% | 116.99% | 31.56% | 157.41% | 170.31% | 585.34% | 230.41% | -69.85% | - | - |
| Operating Expenses | 351.5M | 323.47M | 2.52B | 542.43M | 2.04B | 350.08M | 255.35M | 145.59M | 135.07M | 31.93M | 10.28M | 4.16M | 2.71M | 937.56K | 377.03K | 99.56K |
| OpEx % of Revenue | - | 35.33% | 307.23% | 50.46% | 241.84% | 55.71% | 49.77% | 49.36% | 313.17% | 155.46% | 81.29% | 64.62% | 759.93% | - | - | - |
| Selling, General & Admin | 318.05M | 295.25M | 260.41M | 341.63M | 311.13M | 233.38M | 155.69M | 143.05M | 46.67M | 26.14M | 7.56M | 3.82M | 4.74M | 927.1K | 43.08K | 99.56K |
| SG&A % of Revenue | - | 32.25% | 31.71% | 31.78% | 36.83% | 37.14% | 30.34% | 48.5% | 108.21% | 127.27% | 59.77% | 59.29% | 1331.5% | - | - | - |
| Research & Development | 409K | 361K | 284K | 865.23K | 918.63K | 1.52M | 830K | 1.39M | 778.84K | 293.44K | 270.57K | 129.76K | 44.91K | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.04% | 0.03% | 0.08% | 0.11% | 0.24% | 0.16% | 0.47% | 1.81% | 1.43% | 2.14% | 2.01% | 12.61% | - | - | - |
| Other Operating Expenses | 3M | 27.86M | 2.26B | 199.94M | 1.73B | 115.19M | 98.83M | 1.14M | 87.62M | 5.5M | 2.45M | 212.98K | -2.08M | 10.46K | 333.96K | 0 |
| Operating Income | -77.21M | -63.03M | -2.28B | -238.1M | -1.84B | -233.27M | -132.17M | -75.69M | -36.66M | -7.5M | -7.05M | -832.8K | -2.19M | -1.33M | -608.84K | -99.56K |
| Operating Margin % | -8.02% | -6.88% | -277.94% | -22.15% | -218.41% | -37.12% | -25.76% | -25.66% | -85% | -36.51% | -55.75% | -12.93% | -615.78% | - | - | - |
| Operating Income Growth % | - | 97.24% | -858.71% | 87.09% | -690.91% | -76.49% | -74.63% | -106.45% | -388.96% | -6.37% | -746.42% | 62.03% | -64.77% | -118.66% | -511.55% | - |
| EBITDA | -6.53M | 4.57M | -2.15B | -65.17M | -1.67B | -78.67M | -64.34M | -59.84M | -33.1M | -5.64M | -5.98M | -272.23K | -1.95M | -1.32M | -608.47K | -614.94K |
| EBITDA Margin % | -0.68% | 0.5% | -261.68% | -6.06% | -197.65% | -12.52% | -12.54% | -20.29% | -76.74% | -27.49% | -47.3% | -4.23% | -546.71% | - | - | - |
| EBITDA Growth % | 99.69% | 100.21% | -3197.63% | 96.1% | -2022.18% | -22.28% | -7.52% | -80.78% | -486.36% | 5.62% | -2097.06% | 86.02% | -47.45% | -117.08% | 1.05% | - |
| D&A (Non-Cash Add-back) | 70.68M | 67.6M | 133.49M | 172.93M | 175.31M | 154.59M | 67.83M | 15.85M | 3.56M | 1.85M | 1.07M | 560.57K | 246.05K | 10.46K | 373 | 0 |
| EBIT | -89.2M | -58.15M | -2.26B | -272.18M | -1.89B | -400.99M | -314.08M | -60.79M | -23.88M | -7.5M | -7.05M | -472.18K | -4.31M | -1.33M | -608.84K | -95.35K |
| Net Interest Income | -23.45M | -23.66M | -29.95M | -49.64M | -18.3M | -27.94M | -27.98M | -14.1M | 3.89M | 3M | 400.35K | 165.72K | 84.13K | 0 | 0 | 0 |
| Interest Income | 0 | 6.25M | 11.38M | 17.48M | 44.48M | 11.74M | 2.93M | 4.56M | 8.25M | 3.81M | 613.18K | 165.72K | 84.13K | 0 | 3.18K | 2.1K |
| Interest Expense | 23.45M | 29.91M | 41.33M | 67.13M | 62.79M | 39.68M | 30.9M | 18.66M | 4.35M | 808.47K | 212.82K | 0 | 0 | 0 | 3.18K | 2.1K |
| Other Income/Expense | -48.38M | -25.03M | -19.67M | -101.2M | -108.43M | -207.41M | -212.81M | -3.77M | 0 | -311K | -834K | 221.29K | -2.03M | 0 | 0 | 2.1K |
| Pretax Income | -125.59M | -88.06M | -2.3B | -339.31M | -1.95B | -440.67M | -344.99M | -79.45M | -38.14M | -7.81M | -7.88M | -612.42K | -4.23M | -1.33M | -608.84K | -97.45K |
| Pretax Margin % | -13.04% | -9.62% | -280.33% | -31.56% | -231.24% | -70.13% | -67.24% | -26.94% | -88.43% | -38.02% | -62.35% | -9.51% | -1186.63% | - | - | - |
| Income Tax | 21.11M | 17.1M | -121.02M | -36.27M | -9.67M | -6.54M | -8.97M | -6.08M | 34K | 4.94M | 99.21K | -706.47K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -16.81% | -19.42% | 5.26% | 10.69% | 0.5% | 1.48% | 2.6% | 7.65% | -0.09% | -63.28% | -1.26% | 115.36% | 0% | 0% | 0% | 0% |
| Net Income | -164.22M | -122.57M | -2.19B | -333.8M | -1.96B | -476.8M | -367.42M | -74.62M | -67.72M | -7.81M | -7.88M | 303.87K | -4.23M | -1.33M | -39.89K | -97.45K |
| Net Margin % | -17.05% | -13.39% | -266.25% | -31.05% | -231.64% | -75.88% | -71.61% | -25.3% | -157.02% | -38.02% | -62.35% | 4.72% | -1186.63% | - | - | - |
| Net Income Growth % | 92.35% | 94.39% | -555.1% | 82.94% | -310.38% | -29.77% | -392.39% | -10.18% | -767.24% | 0.94% | -2694.18% | 107.19% | -217.52% | -3237.11% | 59.06% | - |
| Net Income (Continuing) | -146.7M | -105.16M | -2.18B | -303.04M | -1.94B | -434.13M | -336.01M | -73.38M | -67.72M | 22.71M | 3.12M | 305.12K | -4.23M | -1.33M | -1.37M | -97.45K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -16.68M | -19.46M | -30.05M | 370.62K | 19.2M | 53.65M | 6.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.23 | -1.09 | -24.56 | -4.50 | -31.70 | -9.94 | -13.61 | -3.20 | -1.23 | -0.56 | -0.86 | 0.05 | -1.15 | -0.06 | -5.71 | -0.42 |
| EPS Growth % | 93.83% | 95.56% | -445.78% | 85.8% | -218.91% | 26.97% | -325.31% | -160.16% | -119.64% | 34.88% | -1753.85% | 104.52% | -1742.95% | 98.91% | -1259.52% | - |
| EPS (Basic) | - | -1.09 | -24.56 | -4.50 | -31.70 | -9.94 | -13.61 | -3.20 | -1.23 | -0.58 | 0.30 | 0.05 | -1.15 | -0.06 | -5.71 | -0.29 |
| Diluted Shares Outstanding | 133.34M | 111.83M | 89.03M | 74.26M | 61.8M | 48.12M | 26.95M | 22.82M | 20.35M | 13.91M | 9.34M | 4.9M | 3.8M | 21.33M | 333.98K | 334.61K |
| Basic Shares Outstanding | 133.34M | 111.83M | 89.03M | 74.26M | 61.8M | 48.12M | 26.95M | 22.8M | 20.35M | 13.5M | 8.74M | 4.9M | 3.8M | 21.33M | 333.98K | 334.61K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TLRY stock.
For fiscal year 2026, Tilray Brands, Inc. (TLRY) reported total revenue of $915.5M.
Tilray Brands, Inc. (TLRY) reported a net loss of $122.6M for the fiscal year ending 2026.
Tilray Brands, Inc. (TLRY) reported an operating income of $-63.0M, resulting in an operating profit margin of -6.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Tilray Brands, Inc. (TLRY) generated $260.4M in gross profit for the year, representing a gross profit margin of 28.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Structural margin deficit versus peers
Metrics are mathematically derived from official filings.
Revenue Reversal Signals Structural Demand Erosion
According to SEC filings, TLRY's revenue contracted 10.6% year-over-year to $257.1 million in 2027Q1, a sharp reversal from the 12–26% growth rates recorded through 2025, signaling that top-line momentum has not merely stalled but turned decisively negative and appears to be accelerating downward.
Revenue peaked at $313.2 million in 2024Q4 before entering a pattern of volatility and eventual contraction, with the two most recent quarters declining to $281.7 million and then $257.1 million sequentially. The earlier growth trajectory (12.5%, 12.6%, and 26.3% year-over-year in 2025Q1 through Q4) has clearly reversed, and the accelerating pace of decline (from -8.6% to -10.6%) suggests this is not simply a seasonal fluctuation but a more structural demand problem. Investors should monitor whether this contraction stabilizes or deepens in subsequent quarters, as the trend materially weakens any argument for near-term operating leverage recovery.
Gross Margin Compression Exposes Competitive Disadvantage
As reported in TLRY's financial statements, gross margin has compressed from 35.8% in 2024Q4 to 30.1% in 2027Q1, and at that level the company trails peer Cronos Group's 41.4% and Aurora Cannabis's 42.6% by approximately 1,100–1,250 basis points, suggesting structural cost or pricing disadvantages.
The roughly 570 basis point gross margin decline over ten quarters has been driven by COGS remaining elevated even as revenue contracted — from $201.0 million in 2024Q4 to $179.6 million in 2027Q1 — implying unfavorable production-level operating leverage. The 2026Q2 trough of 26.4% followed by partial recovery to 30.1% may indicate some cost discipline actions are taking hold, but the persistent gap versus better-positioned peers suggests the company lacks the scale or product-mix advantages necessary to command premium pricing. This margin deficit appears structural rather than cyclical and is a critical drag on any path to sustainable profitability.
Overhead Burden Defeats Revenue Scale
Based on TLRY's quarterly disclosures, SG&A consumed between $71.2 million and $102.1 million per quarter over the past two years — consistently representing 25–36% of revenue — yet failed to generate positive operating income in nine of ten quarters, indicating a deeply unprofitable fixed-cost base.
Despite meaningful sequential reduction in the most recent quarter ($71.2 million versus $102.1 million in 2026Q2), the overhead base remains too large relative to the current revenue trajectory to support durable positive operating income. The single positive operating income quarter (2026Q1 at $2.9 million) coincided with both higher revenue of $287.8 million and moderate SG&A of $88.4 million, suggesting meaningful operating leverage may require revenue stabilization before it can materialize. The challenge is that revenue is currently contracting, creating a feedback loop where overhead reduction alone cannot close the gap without permanent business downsizing.
Impairment Chaos Obscures Underlying Loss Trajectory
TLRY's reported net losses of $1.1 billion and $1.7 billion in 2025Q3 and 2025Q4 respectively, as disclosed in SEC filings, appear driven by substantial non-cash impairment charges that obscure underlying operational performance, with stock-based compensation of $17.2 million in 2026Q2 further eroding per-share equity value.
These catastrophic loss figures represent multiples of quarterly revenue and cannot be explained by operating shortfalls alone, strongly suggesting large-scale goodwill or intangible asset writedowns occurred in this period. Excluding these quarters, TLRY's underlying net losses are measured in the tens of millions — persistent but not existentially sized — indicating the impairment event likely re-based balance sheet carrying values rather than signaling ongoing cash destruction at that extreme scale. The pattern of sporadic $0 SBC quarters alongside material charges in others (e.g., $17.2 million in 2026Q2, $13.7 million in 2026Q3) warrants closer examination, as inconsistent equity compensation recognition could distort period-over-period EPS comparability.
2025Q4 Write-Down Reset Without Profitability Fix
The fourth quarter of 2025 — with operating losses reaching $2.0 billion on just $308.1 million in revenue, per TLRY's disclosed figures — represents a clear inflection point likely reflecting large-scale asset writedowns, yet subsequent quarters show operating losses have re-emerged rather than resolved.
The dramatic return to near-breakeven operating income in 2026Q1 ($2.9 million) suggests the impairment was indeed non-cash and non-recurring, and that the underlying business was capable of generating marginal operating profitability under favorable conditions. However, the fact that operating losses have re-materialized in every subsequent quarter (-$31.1 million, -$27.1 million, -$4.5 million, and -$16.0 million respectively) indicates the impairment event did not resolve the core profitability challenge — it merely reset the balance sheet. The lasting impact appears to be a damaged goodwill carrying value and a weakened investor perception of capital allocation discipline.
Bear Case Centers on Structural Competitive Erosion
As reported across TLRY's recent quarterly filings, the combination of contracting revenue at -10.6%, gross margins roughly 1,100 basis points below best-in-class peers, and recurring operating losses even excluding impairment charges presents a bear case where the business model may lack a viable path to sustainable profitability.
A short-seller would emphasize that TLRY is losing revenue share in a market where peer Cronos Group grew 26.8% year-over-year and Aurora posted 42.6% gross margins, suggesting TLRY's competitive positioning is deteriorating rather than improving. Even stripping out the massive 2025 impairment charges, operating losses have persisted in nearly every quarter with SG&A structurally consuming 25%+ of revenue, implying the company may be running an overhead footprint appropriate for a much larger revenue base. The bear thesis would focus on whether management can execute meaningful cost restructuring fast enough to offset declining revenue before the cash cost of persistent operating losses compounds balance sheet weakness further.