Tilray Brands says it brought in a record $217.5 million in net revenue in its fiscal second quarter, a 3% increase from the same period a year earlier, while ending the quarter in a net cash position and reaffirming its full-year adjusted EBITDA outlook.
The company, which reported results for the quarter ended Nov. 30, 2025, said its cannabis segment generated $67.5 million in net revenue, up 3%. Tilray said the increase was driven by a 36% rise in international cannabis revenue and 6% growth in Canadian adult-use cannabis revenue, partially offset by lower Canadian wholesale activity as it shifts product toward international markets. Cannabis gross profit rose to $26.1 million, and cannabis gross margin increased to 39% from 35%.
Tilray’s distribution business, which includes Tilray Pharma, delivered its highest quarterly revenue to date at $85.3 million, up from $67.6 million. Distribution gross profit increased to $11.0 million, with gross margin at 13%.
Beverage revenue fell to $50.1 million from $63.1 million, and beverage gross margin declined to 31% from 40%. Tilray’s wellness segment was essentially flat at $14.6 million, with gross margin at 32%.
Overall gross profit was $57.5 million, down from $61.2 million, and consolidated gross margin slipped to 26% from 29%. Tilray reported a net loss of $43.5 million, an improvement from an $85.3 million loss a year earlier. Adjusted EBITDA came in at $8.4 million, compared with $9.0 million in the prior-year quarter.
Tilray said it finished the quarter with $291.6 million in cash and marketable securities and reduced total outstanding debt by $4.2 million. The company also said it moved from a net debt position to roughly $27.4 million in net cash, and reaffirmed fiscal 2026 adjusted EBITDA guidance of $62 million to $72 million.
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