---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-25-002081"
form_type: "8-K"
ticker: "TLRY"
cik: "0001731348"
company_name: "Tilray Brands, Inc."
filed_at: "2025-04-08T23:59:59+00:00"
generated_at: "2026-05-23T19:05:27.304407+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001171843-25-002081
- form_type: 8-K
- ticker: TLRY
- cik: 0001731348
- company_name: Tilray Brands, Inc.
- filed_at: 2025-04-08T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1731348/000117184325002081/0001171843-25-002081-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1731348/000117184325002081/f8k_040825.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-25-002081
- JSON: https://secwatch.observer/filing/0001171843-25-002081.json
- Plain text: https://secwatch.observer/filing/0001171843-25-002081.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.