Tilray Q3 net revenue $186M; adjusted EBITDA $9M; cannabis margin up 800bps; debt reduced $71M

Tilray Brands, Inc.

2025-Q3 EPS reported -$1.06 vs consensus -$0.23 ▼ miss (-361.9%)

Net revenue $185.8M vs $188.3M prior year; constant currency ~$193M; SKU rationalization hit $13.2M.
Net loss $(793.5)M from ~$700M non-cash impairment; adjusted net loss $(2.9)M vs adjusted net income $0.9M.
Cannabis gross margin 41% (+800 bps); segment revenue $54.3M vs $63.4M on international redirect and pause in vapes/pre-rolls.
Beverage alcohol revenue $55.9M (up $1.2M); gross margin 36% (+200 bps).
Debt reduced $71M, including $58M convertible notes; $248M cash/securities; net debt/EBITDA <1x; revises FY2025 guidance to $850-900M.

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