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# Tilray's Beer Business Now Brings In $101.5 Million A Quarter While Cannabis Sales Fall To $56.1 Million
- URL: https://www.bullished.co/tilrays-beer-business-now-brings-in-101-5-million-a-quarter-while-cannabis-sales-fall-to-152f5b36/
- Published: 2026-10-08T11:22:54.000Z
- Updated: 2026-10-08T11:22:54.000Z
- Description: Tilray reported a $40.0 million first-quarter net loss on higher sales and reaffirmed its $68 million to $75 million adjusted EBITDA forecast.
- Author: Matteo Parrino
- Tags: Earnings, TLRY, Industry: Healthcare

Tilray Brands reported first-quarter [net revenue of $257.1 million](https://www.sec.gov/Archives/edgar/data/0001731348/000117184326006527/exh%5F991.htm?ref=bullished.co), up 23% from $209.5 million a year earlier, but the growth came from beer and distribution while cannabis shrank. The company posted a net loss of $40.0 million, or $0.32 per share, which it said was driven predominantly by non-cash charges, in an [8-K filed Thursday](https://www.sec.gov/Archives/edgar/data/0001731348/000117184326006527/f8k%5F100826.htm?ref=bullished.co).

## What the results show

Gross profit rose 35% to $77.5 million from $57.5 million, and gross margin, the share of each sales dollar left after production costs, widened to 30% from 27%, according to the company's press release.

Beverage revenue rose 82% to $101.5 million from $55.7 million, which the company tied to the BrewDog acquisition. Beverage gross margin was 41%, versus 38% a year earlier.

Cannabis revenue fell to $56.1 million from $64.5 million. Cannabis gross profit slipped to $22.0 million from $23.3 million, though its margin widened to 39% from 36%.

Distribution revenue rose 14% to $84.3 million from $74.0 million, at an unchanged 11% gross margin. Wellness revenue was $15.3 million, consistent with the prior year, and its margin narrowed to 29% from 32%.

## Profit measures and the balance sheet

Adjusted EBITDA, a profit measure that strips out items such as stock pay and restructuring, was $9.2 million versus $10.2 million a year earlier. The company said the latest figure was burdened by about $1.7 million of global fuel surcharges. Adjusted net loss was $3.0 million, or $0.02 per share.

Cash, restricted cash and marketable securities stood at $221.4 million at quarter end. The company said that gives it room to invest in growth and integration, and that it cut total debt by $42 million so far this fiscal year.

The company reaffirmed its forecast for adjusted EBITDA of $68 million to $75 million for the fiscal year ending May 31, 2027\. It said results typically lean toward the second half, strengthening significantly in the fourth quarter.

## What management said and what to watch

Chairman and CEO Irwin D. Simon said: "We are no longer dependent on a single market or regulatory catalyst." He also said Carlsberg will begin producing and selling its brands in the U.S. through Tilray starting January 1, 2027.

Tilray hosted a webcast on the results at 8:30 a.m. ET Thursday. The stock closed at $3.71 on Wednesday, down 1.72% (market data).

The January 1, 2027 start of Carlsberg's U.S. production and sales through Tilray is the next dated event the company has named.

### Sources

- [8-K Filing — Tilray Brands, Inc. (TLRY)](https://www.sec.gov/Archives/edgar/data/0001731348/000117184326006527/f8k%5F100826.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit exh\_991.htm — Tilray Brands, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001731348/000117184326006527/exh%5F991.htm?ref=bullished.co) — SEC EDGAR