Tilray Brands, Inc. TLRY

Healthcare SIC 2833 - Medicinal Chemicals & Botanical Products NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Medicinal and Botanical Manufacturing derived Nasdaq

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.

Last close 2.81 2026-10-23
Market cap $382.7M 2026-05-31 share count
52-week range 2.80 - 15.70

Valuation FY2025 figures against the last close

P/S0.4x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-1.09

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Emea
  • United States
  • Canada
  • Rest of World
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 Emea, FY2025: 445.7M (48.7%) 49% Emea United States, FY2025: 242.4M (26.5%) 26% United States Canada, FY2025: 215.7M (23.6%) 24% Canada Rest of World, FY2025: 11.7M (1.3%) FY2024 Emea, FY2024: 323.4M (39.4%) 39% United States, FY2024: 273.7M (33.3%) 33% Canada, FY2024: 212.9M (25.9%) 26% Rest of World, FY2024: 11.4M (1.4%) FY2023 Emea, FY2023: 296.4M (37.6%) 38% United States, FY2023: 233.1M (29.6%) 30% Canada, FY2023: 243.7M (30.9%) 31% Rest of World, FY2023: 15.6M (2.0%)
Region FY2025FY2024FY2023
Emea $445.7M $323.4M $296.4M
United States $242.4M $273.7M $233.1M
Canada $215.7M $212.9M $243.7M
Rest of World $11.7M $11.4M $15.6M

As the company reported it, from the “Note 29 - Segment Reporting - Geographic Net Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.) 111.8M89.0M74.3M618.0M481.2M269.5M216.2M203.5M——

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -3B -2B -1B 0 1B Revenue, FY2016: 12.6M Gross profit, FY2016: 2.7M Net income, FY2016: -7.9M Revenue, FY2017: 20.5M Gross profit, FY2017: 11.4M Net income, FY2017: -7.8M Revenue, FY2018: 179.3M Gross profit, FY2018: 43.5M Net income, FY2018: -25M Revenue, FY2019: 405.3M Gross profit, FY2019: 96.1M Net income, FY2019: -102.5M Revenue, FY2020: 513.1M Gross profit, FY2020: 123.2M Net income, FY2020: -367.4M Revenue, FY2021: 628.4M Gross profit, FY2021: 116.8M Net income, FY2021: -476.8M Revenue, FY2022: 627.1M Gross profit, FY2022: 147M Net income, FY2022: -1.5B Revenue, FY2023: 788.9M Gross profit, FY2023: 223.4M Net income, FY2023: -245M Revenue, FY2024: 821.3M Gross profit, FY2024: 240.6M Net income, FY2024: -2.2B Revenue, FY2025: 915.5M Gross profit, FY2025: 260.4M Net income, FY2025: -121.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $12.6M $20.5M $179.3M $405.3M $513.1M $628.4M $627.1M $788.9M $821.3M $915.5M
Gross profit $2.7M $11.4M $43.5M $96.1M $123.2M $116.8M $147.0M $223.4M $240.6M $260.4M
Net income -$7.9M -$7.8M -$25.0M -$102.5M -$367.4M -$476.8M -$1.45B -$245.0M -$2.19B -$121.4M

Recent filings and events

  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Unregistered share sale Item 3.02
  • Unregistered share sale Item 3.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Unregistered share sale Item 3.02
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 2833

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DFTX Definium Therapeutics, Inc. $4.79B — —
TRLV Trulieve Cannabis Corp. $2.01B — -0.4%
CRON Cronos Group Inc. $1.23B — 24.6%
CGC Canopy Growth Corp $285.9M — —
USNA USANA HEALTH SCIENCES INC $257.9M 24.1x 8.3%
NAGE Niagen Bioscience, Inc. $192.3M 12.2x 29.9%
FTLF FITLIFE BRANDS, INC. $78.4M 13.3x 26.4%
BTMD biote Corp. $30.6M 1.4x -2.5%