---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-25-004746"
form_type: "8-K"
ticker: "TLRY"
cik: "0001731348"
company_name: "Tilray Brands, Inc."
filed_at: "2025-07-28T23:59:59+00:00"
generated_at: "2026-05-18T00:20:11.519306+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0001171843-25-004746
- form_type: 8-K
- ticker: TLRY
- cik: 0001731348
- company_name: Tilray Brands, Inc.
- filed_at: 2025-07-28T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1731348/000117184325004746/0001171843-25-004746-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1731348/000117184325004746/f8k_072825.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-25-004746
- JSON: https://secwatch.observer/filing/0001171843-25-004746.json
- Plain text: https://secwatch.observer/filing/0001171843-25-004746.txt

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