Tilray Q4/FY2025: net loss $1.27B on $2.1B impairment; guides FY2026 EBITDA $62-72M

Tilray Brands, Inc.

2025-FY EPS reported -$2.46 revenue$821,309,000

FY2025 net revenue $821.3M (+4% YoY); Q4 net revenue $224.5M (down 2% from $229.9M).
Q4 net loss $1.27B includes $1.4B non-cash goodwill impairment; adjusted net income $20.2M.
Cannabis gross margin improved to 44% in Q4 (vs 40%); international cannabis revenue up 71% Q4.
Debt reduced ~$100M; cash+marketable securities $256M; net debt/EBITDA 0.3x.
FY2026 adjusted EBITDA guidance $62M-$72M (13-31% growth vs FY2025 $55.0M).

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