Tilray Brands reported QQ2 2026 results (2HQ.DE) with revenue of $217.5 million and a gross profit of $57.5 million, producing a gross margin of 26.4%. The quarter delivered a net loss of $43.5 million and an EBITDA loss of $22.3 million, with earnings per share of -$0.41. Year-over-year revenue declined 26.3% and quarter-over-quarter revenue declined 24.4%, reflecting ongoing market softness in cannabis and broader consumer headwinds. Despite the top-line pressure, operating income improved year-over-year by 62.3% but remained negative, underscoring continued structural cost burdens and the higher fixed-cost base. On the cash-flow front, operating cash flow was negative by $8.5 million, while financing activities contributed $48.1 million, leaving a net cash decrease of $18.1 million for the period and a year-end cash balance of approximately $246.7 million. Free cash flow was -$8.5 million, signaling limited liquidity runway without improvements in revenue or margin and/or additional financing.
The results emphasize Tilray’s ongoing strategic mix across Cannabis, Beverage Alcohol, Distribution, and Wellness. The company’s liquidity position provides optionality to fund near-term operations and selective investments, but the near-term trajectory hinges on revenue stabilization, gross margin expansion, and disciplined cost management. In the absence of an earnings-call transcript in the provided data, the qualitative read relies on reported figures and implied operational levers. Investors should monitor progress on cost reductions, product mix optimization, potential market expansion, and any management commentary on strategic priorities and capital allocation.