Tilray (TLRY) first-quarter revenue rose 23% on BrewDog while cannabis sales fell 13%, October 8, 2026

Tilray Brands stock closed at $3.59 on Thursday, October 8, 2026, down 3.36%, after the company reported fiscal first-quarter revenue of $257.1 million. That was 23% more than the $209.5 million of a year earlier and about $9.65 million below the average analyst forecast. Cannabis revenue, the business Tilray is best known for, fell 13% to $56.1 million, while beverage revenue rose 82% to $101.5 million on the BrewDog acquisition.

The results reached the MoveSurge news feed at 07:02:20 ET. In thin premarket trading the stock went from $3.67 to $3.65 in the first minute, a 0.54% dip, and stood at $3.73, up 1.63%, thirteen minutes later; 11,843 shares traded in the first fifteen minutes. The regular session ended lower.

Where the 23% growth came from

Revenue rose $47.6 million, and beverage supplied about $45.7 million of the increase. Tilray attributed the beverage growth largely to BrewDog, which in the fourth quarter of fiscal 2026 alone had contributed $51.1 million. The other three segments together brought in about $155.7 million, roughly $2 million more than a year earlier, with growth at the CC Pharma distribution business offsetting the drop in cannabis. Year-ago figures for beverage and distribution in the table are derived from the growth rates Tilray reported.

Why cannabis revenue fell

On the earnings call Tilray said Canadian adult-use sales were held back by planned strain rotations and temporary supply constraints. It also chose to send about 1 metric ton of inventory to international markets, which it said reduced potential Canadian revenue by about $1.1 million. International cannabis sales rose 21% in the quarter. With $56.1 million of sales, cannabis is now Tilray's third-largest segment by revenue, behind beverage and distribution.

Profit, cash and the reaffirmed outlook

Gross profit rose 35% to $77.5 million and the gross margin widened by about 3 percentage points to 30%. Adjusted EBITDA still fell, to $9.2 million from $10.2 million, and the GAAP net loss was $40 million, or $0.32 a share. Free cash flow was an outflow of $27.4 million, against $10.6 million a year earlier, and cash, restricted cash and marketable securities stood at $221.4 million.

Tilray reaffirmed its fiscal 2027 adjusted EBITDA outlook of $68 million to $75 million. After the first quarter's $9.2 million, the remaining three quarters need $58.8 million to $65.8 million between them, or about $19.6 million to $21.9 million a quarter, more than twice the first-quarter figure. In fiscal 2026 the fourth quarter alone produced $31.9 million of adjusted EBITDA on revenue of $281.7 million.