secwatch.observer — SEC 8-K summary
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Issuer:     Tilray Brands, Inc. (TLRY)
CIK:        0001731348
Form:       8-K
Filed at:   2025-04-08T23:59:59+00:00
Accession:  0001171843-25-002081
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1731348/000117184325002081/0001171843-25-002081-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1731348/000117184325002081/f8k_040825.htm
  HTML page:      https://secwatch.observer/filing/0001171843-25-002081

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