Tilray Brands, Inc. TLRY
Tilray Brands, Inc., a Delaware corporation (collectively, along with its subsidiaries, the "Company", "Tilray", "we", "us" and "our") is a leading global lifestyle consumer products company, which was incorporated on January 24, 2018 and is headquartered in Leamington and New York, with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray's mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and wellness, while creating memorable experiences that bring people together.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $915.5M | $821.3M | $788.9M | $627.1M | $628.4M | $513.1M | $405.3M | $179.3M | $20.5M | $12.6M |
| Cost of revenue | $655.0M | $580.7M | $565.6M | $480.2M | $511.6M | $389.9M | $309.3M | $135.8M | $9.2M | $10.0M |
| Gross profit | $260.4M | $240.6M | $223.4M | $147.0M | $116.8M | $123.2M | $96.1M | $43.5M | $11.4M | $2.7M |
| R&D | $361.0K | $284.0K | $635.0K | $682.0K | $1.5M | $830.0K | $1.9M | $1.1M | $3.2M | $1.1M |
| SG&A | $203.6M | $167.3M | $167.4M | $165.2M | $162.8M | $111.6M | $93.8M | $75.8M | $7.5M | $4.9M |
| Total operating expenses | $323.5M | $2.52B | $398.1M | $1.52B | $727.2M | $255.4M | $200.1M | $182.4M | — | — |
| Operating income | -$63.0M | -$2.28B | -$174.7M | -$1.37B | -$610.4M | -$132.2M | -$104.0M | -$138.9M | -$7.5M | -$7.0M |
| Interest expense | $29.9M | $41.3M | $49.3M | $46.6M | $39.7M | $30.9M | $25.6M | — | — | — |
| Pre-tax income | -$88.1M | -$2.30B | -$249.0M | -$1.45B | -$440.7M | -$345.0M | -$109.2M | -$38.1M | -$7.8M | -$7.9M |
| Income tax | $17.1M | $121.0M | $26.6M | $7.2M | $6.5M | $9.0M | $8.4M | $2.0M | — | — |
| Net income | -$121.4M | -$2.19B | -$245.0M | -$1.45B | -$476.8M | -$367.4M | -$102.5M | -$25.0M | -$7.8M | -$7.9M |
| EPS, basic | -1.09 | -24.56 | -3.30 | -2.35 | -0.99 | -1.36 | -0.47 | -0.18 | — | — |
| EPS, diluted | -1.09 | -24.56 | -3.30 | -2.35 | -0.99 | -1.36 | -0.47 | -0.18 | -0.10 | -0.11 |
| Shares, diluted (wtd. avg.) | $111.8M | $89.0M | $74.3M | $618.0M | $481.2M | $269.5M | $216.2M | $203.5M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $221.7M | $221.7M | $228.3M | $206.6M | $415.9M | $488.5M | $360.6M | $487.3M | $2.3M | — |
| Short-term investments | $34.7M | $34.7M | $32.2M | $241.9M | $0 | — | — | $30.3M | — | — |
| Receivables | $121.5M | $121.5M | $101.7M | $86.2M | $95.3M | $87.3M | $37.9M | $16.5M | $983.0K | — |
| Inventory | $270.9M | $270.9M | $252.1M | $200.6M | $245.5M | $256.4M | $139.8M | $16.2M | $7.4M | — |
| Total current assets | $688.6M | $688.6M | $677.7M | $773.0M | $803.5M | $883.6M | $581.6M | $554.3M | $12.4M | — |
| Property, plant and equipment | $680.2M | $568.4M | $558.2M | $429.7M | $587.5M | $650.7M | $420.7M | $365.5M | $40.0M | — |
| Goodwill | $752.4M | $752.4M | $2.01B | $2.01B | $2.64B | $2.83B | $447.3M | — | — | — |
| Other intangibles | $21.4M | $21.4M | $915.5M | $973.8M | $1.28B | $1.61B | $263.3M | $284.4M | $934.0K | — |
| Total assets | $2.07B | $2.07B | $4.22B | $4.31B | $5.45B | $6.03B | $1.74B | $656.7M | $53.9M | — |
| Accounts payable | $114.5M | $107.3M | $105.4M | $70.8M | $68.6M | $57.7M | $41.2M | $10.6M | $5.6M | — |
| Short-term debt | $7.2M | $7.2M | $18.0M | $23.4M | $18.1M | $36.6M | $6.1M | — | $9.4M | — |
| Total current liabilities | $280.3M | $280.3M | $299.2M | $433.0M | $280.3M | $401.2M | $119.9M | $25.9M | $50.2M | — |
| Long-term debt | — | — | — | — | $117.9M | $167.5M | $94.0M | — | $9.4M | — |
| Total liabilities | $584.8M | $584.8M | $778.5M | $977.3M | $1.01B | $1.56B | $463.0M | $459.0M | $58.8M | — |
| Retained earnings | -$4.85B | -$4.85B | -$2.66B | -$2.42B | -$962.9M | -$486.1M | -$113.4M | -$108.2M | -$40.5M | — |
| Total equity | $1.51B | $1.49B | $3.44B | $3.33B | $4.44B | $4.47B | $1.27B | $1.23B | $813.7M | $2.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$69.1M | -$94.6M | -$30.9M | $7.9M | -$177.3M | -$44.7M | -$100.6M | -$42.0M | -$6.0M | -$3.3M |
| Depreciation and amortisation | — | — | — | — | $154.6M | $67.8M | $35.7M | $17.2M | $1.9M | $2.0M |
| Stock-based compensation | $45.9M | $24.3M | $31.8M | $39.6M | $36.0M | $17.4M | $18.1M | $22.0M | $139.0K | $94.0K |
| Capital expenditure | — | $32.9M | $29.2M | $20.8M | $34.1M | $38.9M | $98.8M | $155.8M | $10.9M | $488.0K |
| Investing cash flow | -$55.8M | -$46.7M | $128.3M | -$285.1M | -$21.5M | $46.1M | -$69.9M | -$134.5M | -$11.8M | -$1.0M |
| Financing cash flow | $131.0M | $133.5M | -$75.2M | $70.2M | $128.2M | $124.3M | $130.6M | $547.2M | $12.2M | $10.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-024698.
Others in SIC 2833
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| DFTX | Definium Therapeutics, Inc. | $5.12B | — | — |
| TRLV | Trulieve Cannabis Corp. | $2.33B | — | -0.4% |
| CRON | Cronos Group Inc. | $1.20B | — | 24.6% |
| CGC | Canopy Growth Corp | $411.5M | — | — |
| USNA | USANA HEALTH SCIENCES INC | $276.4M | 25.8x | 8.3% |
| NAGE | Niagen Bioscience, Inc. | $250.8M | 15.8x | 29.9% |
| FTLF | FITLIFE BRANDS, INC. | $92.2M | 15.6x | 26.4% |
| BTMD | biote Corp. | $44.2M | 2.1x | -2.5% |