Tilray Brands, Inc. reported net revenue of $185.8 million in the three months ended February 28, 2025 (Q3 2025) and gross profit of $52 million, but a comprehensive loss of $799 million. (All figures in US dollars).

While net revenue was down 1% compared to Q3 2024, gross profits increased by 5%, and comprehensive loss increased by 628%.

Tilray’s cannabis business accounted for 29% of its net revenue ($54.3 million), while its beverage business accounted for 30%, its distribution business accounted for 33%, and its wellness business brought in 8%. 

Revenue from its cannabis business was down from $63.4 million in the same quarter in the previous year, which was 34% of that quarter’s net revenue. This is also down from $65.7 million from its cannabis business in the previous quarter (Q2 2025). 

Within its cannabis sales, Tilray’s revenue from Canadian medical cannabis was $5.8 million (11%), revenue from Canadian adult-use cannabis was $49.3 million (91%), revenue from wholesale cannabis sales was $3.9 million (7%), and revenue from international cannabis sales was $13.9 million (26%).

The company incurred $18.7 million in federal excise tax on Canadian cannabis sales, about 35% of total revenue. 

Tilray’s revenue from Canadian cannabis sales declined somewhat from Q3 2024, while international and wholesale sales increased.

The company says it recently decided on a “strategic decision” to pause its “presence in margin dilutive categories, such as vapes and infused pre-rolls,” which led to a revenue decrease of $4 million but “prevented a potential loss exceeding $3 million.” 

“Tilray Brands is shaping the future of consumer markets with a robust global infrastructure spanning the beverage, cannabis, and wellness industries,” said Irwin D. Simon, Chairman and Chief Executive Officer of Tilray Brands. “We are meeting the needs of today’s consumers while preparing for the demands of tomorrow. In the third quarter, we prioritized sales quality and revenue, protected margins, reduced debt, and improved our capital structure. With a strong balance sheet and a clear vision for the future, Tilray is well positioned to capitalize on emerging opportunities and ensure long-term success.”

“We see opportunities in the alcohol, cannabis, and wellness industries and believe these sectors are here to stay,” he added. “Tilray is relentlessly focused on building strong brands and developing innovative products to seize growth opportunities across all our businesses. At Tilray, we are laser-focused on building a sustainable global business platform by emphasizing profitable sales growth, improving profit margins and cash flow generation, and maintaining a solid balance sheet to navigate market challenges and capitalize on strategic opportunities. In Q3, we delivered our highest cannabis gross margins in almost two years, and as of today our net debt is now less than 1x EBITDA on a trailing twelve-month basis. We will not seek sales growth merely for the sake of sales if it does not add to the bottom line and benefit our shareholders.”

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