Core Viewpoint - Tilray Brands, Inc. reported quarterly earnings of $0.02 per share, surpassing the Zacks Consensus Estimate of a loss of $0.03 per share, marking an earnings surprise of +166.67% [1] - The company posted revenues of $224.54 million for the quarter ended May 2025, which was 6.46% below the Zacks Consensus Estimate and a decrease from $229.88 million year-over-year [2] Financial Performance - The earnings report indicates a significant improvement from a loss of $0.04 per share a year ago [1] - Over the last four quarters, Tilray Brands has exceeded consensus EPS estimates twice, but has not beaten revenue estimates during the same period [2] Stock Performance - Tilray Brands shares have declined approximately 48.2% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The current Zacks Rank for Tilray Brands is 3 (Hold), suggesting that the stock is expected to perform in line with the market in the near future [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is -$0.06 on revenues of $209.71 million, and for the current fiscal year, it is -$0.17 on revenues of $885.29 million [7] - The outlook for the Medical - Products industry, to which Tilray Brands belongs, is currently in the bottom 30% of Zacks industries, which may negatively impact stock performance [8]

Financial Data and Key Metrics Changes - Tilray achieved record annual revenue of $821 million, a 4% increase year over year on a constant currency basis, and $834 million, a 6% increase year over year [7][36] - The company reported a gross profit of $241 million, an 8% increase year over year, and the highest gross margin at 29%, up from 28% in the prior year [8][42] - A net loss for fiscal year 2025 increased to $2.2 billion, or $2.46 per share, compared to a loss of approximately $220 million in the prior year [43][44] Business Line Data and Key Metrics Changes - International cannabis revenue reached $22.4 million in Q4, up 71% year over year, with a full year growth of approximately 20% [7][13] - The Canadian cannabis revenue totaled $186 million, with a market share of 9.3% in the adult recreational segment [18][19] - Beverage revenue increased by 19% year over year, but was impacted by SKU rationalization, resulting in a revenue reduction of $20 million [25][40] Market Data and Key Metrics Changes - The international cannabis business saw significant growth, particularly in Germany, where revenue grew 134% year over year in Q4 [14][17] - The Canadian market is stabilizing, with more retail stores opening and consumers shifting from the illicit market [66][67] - The wellness segment reported net revenue of over $60 million, representing a 9% growth year over year [31][32] Company Strategy and Development Direction - The company is focused on solidifying its global leadership in cannabis and expanding its beverage and wellness business through innovation and strategic acquisitions [6][11] - Tilray aims to strengthen its balance sheet through further strategic debt restructuring in fiscal year 2026 [8][48] - The company is well-positioned to expand its market share across Europe, supported by vertically integrated operations and EU GMP cultivation facilities [14][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, despite the non-cash impairment charges, emphasizing confidence in the intrinsic value of assets and long-term strategy [10][45] - The company anticipates continued growth in international markets and is focused on addressing regulatory challenges to capitalize on opportunities [73][76] - Management highlighted the potential for regulatory reforms in Canada that could enhance market conditions and reduce excise taxes [67][68] Other Important Information - The company has reduced its debt by approximately $100 million and improved its net debt to EBITDA ratio to 0.3 times from 1.7 last year [8][48] - The beverage segment is undergoing a transition with the integration of craft brands and a focus on operational optimization [24][27] Q&A Session Summary Question: What is the current status of import rights and delays? - Management indicated that issues with legal permits in Portugal are being resolved, and they expect to see a pickup in shipments within the first and second quarters [61][62] Question: How is the Canadian market evolving? - Management noted that the Canadian market is stabilizing with more retail stores opening and consumers increasingly purchasing from legal sources rather than the illicit market [65][66] Question: What are the growth expectations for international markets next year? - Management highlighted that there are significant opportunities in Europe and other international markets, with plans for substantial growth built into their strategy [75][76]

Financial Data and Key Metrics Changes - Tilray achieved record annual revenue of $821 million, a 4% increase year over year on a constant currency basis, and $834 million, a 6% increase year over year [7][34] - The company reported a gross profit of $241 million, an 8% increase year over year, and the highest gross margin at 29%, up from 28% in the prior year [8][40] - A net loss for fiscal year 2025 increased to $2.2 billion, or $2.46 per share, compared to a loss of approximately $220 million in the prior year [41][50] Business Line Data and Key Metrics Changes - International cannabis revenue reached $22.4 million in Q4, up 71% year over year, with a full year growth of approximately 20% [7][14] - The beverage segment reported net revenue of $65.6 million in Q4, a 19% year-over-year increase, although impacted by SKU rationalization initiatives [24][38] - Wellness revenue grew by 9% to over $60 million, driven by the expansion of the Manitoba Harvest brand and new product innovations [29][30] Market Data and Key Metrics Changes - In Canada, Tilray maintained a 9.3% market share in the adult recreational segment, with a total cannabis revenue of $186 million for the fiscal year [18][12] - The international cannabis business showed significant growth, particularly in Germany, where revenue grew by 134% year over year in Q4 [15][12] - The U.S. beverage division generated approximately $240 million in sales, with a focus on expanding market share in the non-alcoholic beverage sector [13][28] Company Strategy and Development Direction - The company is focused on solidifying its global leadership in cannabis and expanding its beverage and wellness business through innovation and strategic acquisitions [6][12] - Tilray aims to strengthen its balance sheet through strategic debt restructuring and has reduced its net debt to EBITDA ratio to 0.3 times from 1.7 last year [9][41] - The company is optimistic about future growth opportunities in international markets, particularly in Europe and emerging markets [17][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strategy despite recent non-cash impairment charges, emphasizing the intrinsic value of tangible assets and brand equity [11][43] - The Canadian cannabis market is stabilizing, with expectations of regulatory reforms that could enhance market conditions [17][65] - Management anticipates continued growth in international cannabis markets, particularly in Germany, Poland, and the UK, with significant plans for expansion [70][72] Other Important Information - The company implemented strategic initiatives that impacted revenue by approximately $35 million due to decisions aimed at enhancing margins and profitability [7][35] - The beverage business faced challenges due to softer consumer demand and unexpected distribution headwinds, but corrective actions are being taken to improve performance [24][26] - Tilray's wellness segment is expected to expand further in fiscal year 2026, focusing on better-for-you functional foods and beverages [31][30] Q&A Session Summary Question: What is the current status of importing rights and delays? - Management indicated that legal issues in Portugal are being resolved, and they expect to start shipping products soon, with an estimated $8 million in sales impacted by trapped shipments [60][61] Question: Can you elaborate on the Canadian market's equilibrium and price pressures? - Management noted that the Canadian market is stabilizing with more retail stores opening, leading to increased consumer preference for legal cannabis over illicit products, and potential regulatory changes could further enhance market conditions [63][65] Question: How should growth in international markets be viewed for next year? - Management expressed optimism about international growth, particularly in Germany and other European markets, with significant plans for expansion and a focus on medical cannabis [70][72]

EXHIBIT 99.1 Tilray Brands Reports Fourth Quarter and Fiscal 2025 Financial Results Fiscal Year Net Revenue of $821 Million, $834 Million in Constant Currency, Strategic Decisions Impacted Revenue by $35 Million Q4 Consolidated Adjusted EBITDA is the 2 Highest in the Company's History International Cannabis Revenue Increased 71% in Q4 and 19% for the Fiscal Year; Canadian Cannabis Remained #1 by Revenue in the Fiscal Year; Global Cannabis Gross Margin Increased by ~700 Basis Points in the Fiscal Year 19% Re ...

Core Insights - Tilray Brands, Inc. reported a fiscal year net revenue of $821 million, with a constant currency revenue of $834 million, impacted by strategic decisions that affected revenue by $35 million [1][12] - The company achieved its second-highest consolidated adjusted EBITDA in history during Q4 [1] - International cannabis revenue surged by 71% in Q4 and 19% for the fiscal year, with Canadian cannabis maintaining the top revenue position [1][4] - Tilray Beverages and Tilray Wellness experienced revenue growth of 19% and 9%, respectively, for the fiscal year [1][11] Financial Performance - Fiscal year 2025 net revenue increased by 4% to $821.3 million compared to $788.9 million in the prior fiscal year [13] - Gross profit for the fiscal year rose by 8% to $240.6 million, with a gross margin of 29% [13] - Cannabis net revenue for fiscal 2025 was $249 million, down from $272.8 million in the previous year, primarily due to strategic margin preservation efforts [13][11] - Adjusted EBITDA for fiscal 2025 was $55 million, compared to $60.5 million in the prior fiscal year [13] Strategic Initiatives - The company is focusing on international growth, with a 19% increase in international cannabis revenue and a 112% growth in European cannabis revenue when excluding Australia [4][5] - Tilray has made strategic acquisitions in the beverage sector, acquiring four craft brands from Molson Coors to enhance its market presence [6] - The introduction of hemp-derived Delta-9 THC drinks in the U.S. is part of Tilray's strategy to innovate at the intersection of cannabis, beverages, and wellness [7] Balance Sheet and Liquidity - Tilray reported a strong balance sheet with $256 million in cash and marketable securities, and total debt repayments of approximately $100 million to date [2][8] - The net debt to trailing twelve months adjusted EBITDA ratio stands at 0.3x, indicating strong financial health [8] Future Outlook - For fiscal year 2026, the company expects adjusted EBITDA to be between $62 million and $72 million, representing growth of 13% to 31% compared to fiscal year 2025 [12][11] - The company anticipates significant growth opportunities in cannabis, beverage, and wellness sectors, particularly in Europe and emerging markets [3][4]

Core Insights - Breckenridge Distillery has launched Casa Breck Tequila, marking its entry into the tequila market, inspired by the traditions of Jalisco and the spirit of the Rockies [1][8] - The new tequila line includes Casa Breck Blanco and Casa Breck Reposado, crafted with hand-harvested blue agave and traditional Mexican techniques [2][8] Product Details - Casa Breck Blanco features flavors of cooked agave, vanilla, honey, and lemongrass, while Casa Breck Reposado offers notes of cooked agave, vanilla, caramel, oak, and black pepper spice [4] - The suggested retail prices are $32.99–$34.99 for Blanco and $37.99–$39.99 for Reposado, with each bottle being 750ml [5] Production and Heritage - The Reposado, Añejo, and Extra Añejo tequilas are aged in Breckenridge Bourbon Whiskey barrels located in Mexico, infusing the tequila with unique character [3] - Casa Breck aims to honor traditional tequila-making while exploring innovative flavors, blending the essence of the Rocky Mountains with the heritage of Jalisco [4][8] Company Background - Breckenridge Distillery, founded in 2008, is known for its award-winning spirits and is recognized as the "World's Highest Distillery" [9][10] - The distillery has received numerous accolades, including multiple awards at the World Whiskies Awards and the San Francisco World Spirits Competition [10]

In its upcoming report, Tilray Brands, Inc. (TLRY) is predicted by Wall Street analysts to post quarterly loss of -$0.03 per share, reflecting an increase of 25% compared to the same period last year. Revenues are forecasted to be $240.05 million, representing a year-over-year increase of 4.4%. Over the past month, Tilray Brands shares have recorded returns of +105.8% versus the Zacks S&P 500 composite's +5.9% change. Based on its Zacks Rank #3 (Hold), TLRY will likely exhibit a performance that aligns with ...

Group 1 - Alliance Global Partners has cut its price target for Tilray Brands (TLRY) stock by 25%, from $1 to $0.75 per share, citing softness in international cannabis and alcohol sales [1][3] - Despite the price target cut, Tilray's stock price increased by 15.8% as of 2:05 p.m. ET on Tuesday, indicating an unexpected investor reaction [1][3] - Tilray generates 25% of its revenue and 40% of its gross profit from alcoholic beverages, which is significant for its overall financial performance [3] Group 2 - Tilray has not reported a profit since 2018 and has never generated positive free cash flow (FCF) [4][5] - Analysts do not expect Tilray to become profitable before 2029, although there are forecasts for positive FCF in 2026 [5] - Given the company's historical performance, there is skepticism regarding its ability to achieve positive FCF in the near future, leading to a recommendation to sell the stock [5]

Industry Overview - The Canadian cannabis market is gaining investor attention as the U.S. cannabis industry continues to grow rapidly, with legal cannabis sales projected to reach nearly $39 billion in 2024 and potentially exceed $44 billion in 2025 [1] - Despite the growth, federal legalization in the U.S. remains stalled, but several states are advancing their own reform efforts, which is attracting interest in Canadian companies with U.S. exposure [1] Company Highlights - **Tilray Brands Inc. (TLRY)**: - Tilray has expanded significantly in the U.S., owning over 150 dispensaries in key markets like California and Michigan, and has diversified into the wellness and THC-infused beverage sectors [4][7] - The company reported a 13% increase in net revenue to $200 million, with its cannabis segment generating $61 million at a 40% gross margin, and a 132% year-over-year growth in the beverage segment [7] - Although Tilray posted a net loss, it narrowed that loss and achieved an adjusted EBITDA of $9 million, indicating improving fundamentals [7] - **Canopy Growth Corporation (CGC)**: - Canopy operates approximately 120 dispensaries in the U.S. and owns the vaporizer company Storz & Bickel, focusing on both recreational and medical markets [8][10] - The latest quarterly report showed net revenue of around C$66 million, a slight decrease from the previous year, but gross profit rose over 65% to achieve a 35% gross margin [10] - Canopy has cut its total debt by nearly 50% over the fiscal year, reflecting a strong focus on long-term sustainability and operational efficiency [10] - **Cronos Group Inc. (CRON)**: - Cronos has a growing presence in the U.S. with distribution deals supplying products to around 80 dispensaries, focusing on cannabinoid innovation [11][13] - The company reported net revenue of over $32 million, reflecting year-over-year growth, and gross profit rose to $13.7 million due to better cost management [13] - Cronos is investing in research and development to position itself for long-term success in the competitive U.S. market [13] Strategic Insights - The three Canadian cannabis companies—Tilray, Canopy Growth, and Cronos—are strategically expanding their U.S. footprint and improving financial health, making them key players to watch as U.S. legalization discussions continue [14]

Core Insights - Breckenridge Distillery has launched Mock One, a new line of non-alcoholic spirits crafted to deliver the complexity and depth of traditional spirits without alcohol [1][4][7] - Mock One is designed for health-conscious consumers and mindful drinkers, offering sophisticated options for crafted cocktails [3][4][7] Product Details - Mock One includes expressions inspired by whiskey, gin, tequila, and rum, featuring bold and nuanced flavor profiles [7] - The tasting notes for Mock One products include: - Mock One Whiskey: oak, cinnamon, vanilla bean, honey [6] - Mock One Gin: juniper, Meyer lemon, kaffir lime, lavender [6] - Mock One Tequila: agave, vanilla bean, honey capsaicin [6] - Mock One Rum: vanilla bean, brown sugar, cola nut, oak [6] Market Availability - Mock One is currently available in Colorado retailers and online nationwide, with plans for broader retail distribution this fall [4][7] Company Background - Breckenridge Distillery, founded in 2008, is known for its award-winning blended bourbon whiskey and has received numerous accolades, including nine Icons of Whisky awards [1][10][12]