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Tilray Just Posted Record Quarterly Revenue of $257 Million. So Why Did Its Cannabis Sales Shrink?

Tilray Brands (TLRY) reported record first-quarter fiscal 2027 revenue of $257.1 million, up 23%, and gross profit of $77.5 million, up 35%. Net cannabis revenue, however, fell 13% to $56.1 million from $64.5 million, mainly due to weaker sales in Canada. Beverage revenue rose 82% to $101.5 million, largely from the BrewDog acquisition, and now accounts for about 39% of total revenue. Tilray posted a net loss of about $40 million, adjusted EBITDA slipped from $10.2 million to $9.2 million, and free cash flow was negative $27.4 million. The company reduced debt by $42 million during the fiscal year and reaffirmed its fiscal 2027 adjusted EBITDA guidance of $68 million to $75 million.

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