October 9, 2025 | Sarah Clark
Tilray Brands, Inc. brought in US$209.5 million in net revenue in the three months ended August 31, 2025 (Q1 2026), $57.5 million in gross profit, and net income of $1.5 million (all figures in US dollars).
Net revenue increased 5% compared to $200 million in Q1 2025, gross profit was down 3.7% year over year, and net income increased 104.4% compared to a $34.7 million loss in Q1 2025. The company reported a net loss of $1.27 billion in the previous quarter. This most recent quarter is the first net revenue for the company since Q2 2023.
Tilray’s beverage business accounted for $55.7 million in revenue, or 27% of the total revenue. Its cannabis business accounted for another $64.5 million (31%), while its distribution business brought in $74 million (35%), and its wellness business brought in $15.2 million (7%).
Of the $64.5 million in revenue from Tilray’s cannabis operations, $64.1 million came from adult-use non-medical sales in Canada, while another $6.1 million came from medical cannabis sales in Canada. Another $4.2 million came from revenue from the company’s wholesale cannabis business, and another $13.4 million came from international cannabis sales. This was offset by $23.2 million in excise taxes.
As excise taxes do not apply to wholesale or international sales, this amounts to a 33% excise rate on Tilray’s Canadian cannabis sales.
Revenue from Canadian adult-use cannabis was up 11.9% from Q1 2025, and revenue from international cannabis was up 9.6%. Revenue from Canadian medical cannabis was down 1.8% over the same period, while revenue from wholesale cannabis was down 24.6%.
The Aphria RX GmbH in Neumünster, Germany.
Tilray, through its wholly owned subsidiary, Aphria RX, is one of only three licensed producers of medical cannabis in Germany. Tilray also supplies medical cannabis markets in Poland, the UK, Ireland, Australia, and Italy. Germany is currently the largest medical cannabis market in Europe.
“As we enter fiscal 2026, Tilray’s first quarter results underscore the effectiveness of our strategic vision and disciplined execution,” said Irwin D. Simon, Chairman and Chief Executive Officer. “Achieving a record Q1 net revenue of $210 million, delivering net income, and fortifying our balance sheet are not just milestones, they are proof points of our commitment to building sustainable growth, operational excellence, and unlocking value for our shareholders. Our global platform positions Tilray Brands not just to participate in, but to lead, the evolution of the global cannabis, beverage, and wellness sectors.
“Looking forward, I am confident in Tilray’s ability to seize the transformative opportunities ahead, especially as the US explores cannabis rescheduling and the European cannabis landscape continues to evolve. Our global platform, proven expertise in medical and adult-use cannabis, and trusted partnerships with patients, healthcare professionals, and policymakers set us apart as the partner of choice in this dynamic industry. We are committed to expanding access, advancing innovation, and supporting responsible regulatory progress around the world. These achievements and forward trends reinforce my unwavering belief in Tilray’s trajectory and our ability to deliver long-term value to our investors.”
In the first quarter 2026 earnings call, Simon said the majority of products Tilray sells in the German medical cannabis market come from the company’s Germany facility. The cannabis that is exported from Canada into the German market goes through Portugal.
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