Global cannabis and beverage leader Tilray Brands (TSX:TLRY)(NASDAQ:TLRY) reported its fourth-quarter and full-year fiscal 2026 financial results this week. And despite delivering record-breaking operational metrics across its core divisions, the company’s stock remains down more than 56% this year as broader market conditions and uncertainty around marijuana legalization in the U.S. continue to weigh heavily on investor sentiment.
For fiscal 2026, Tilray brought in a record $915.5 million in net revenue, up 11% from the year before. Gross profit climbed 8% to $260.4 million, and adjusted EBITDA hit a record $61.1 million. A big part of that growth came from international medical cannabis sales, which jumped 34% as the company continued expanding its European platform and strengthening its position in the region.
Strategic acquisitions were another major driver of the business. Tilray’s acquisition of BrewDog helped push its beverage segment onto a much larger global stage, creating what the company estimates is a $500 million platform. Alongside its craft beer brands and partnership with Carlsberg, beverage net revenue rose 6% to $254 million. The company still reported a net loss of $105.2 million, mostly because of non-cash charges, but adjusted net income rose nearly 90% to $12.2 million.
Tilray also made progress on its balance sheet. By the end of the fiscal year, it had about $235 million in cash, restricted cash, and marketable securities, while bringing net debt down to just $0.7 million. Looking ahead to fiscal 2027, management expects adjusted EBITDA to land between $68 million and $75 million, which would represent double-digit growth.
While Tilray did show progress this past fiscal year, there's still plenty of risk around the business given its lack of overall profitability and dependence on acquisitions for future growth.
