Tilray Brands Inc delivered QQ1 2026 revenue of USD 287.8 million, up 6.65% year over year but down 6.60% quarter over quarter. The company posted a positive EBITDA of USD 29.5 million and a narrow operating profit of USD 2.9 million, signaling early signs of operating leverage as the mix shifts toward higher-margin, non-cannabis segments. Net income remained modestly negative at USD -0.44 million, with a diluted loss per share of -0.004, reflecting ongoing non-cash and tax-driven considerations. The balance sheet remains financially solid on a liquidity basis (cash and cash equivalents of USD 264.8 million) with a net cash position of approximately USD 33.5 million, and total debt modest at USD 231.3 million, supporting working capital needs and strategic investments. However, free cash flow remained negative in the quarter, underscoring a still-evolving profitability profile amid industry headwinds in cannabis and regulatory uncertainties. Management commentary (where available) is not captured in the provided transcript data; expectations are typically weighted toward cost discipline, portfolio optimization, and strength in beverage/alcohol and wellness adjacencies to offset cannabis margin pressures.