UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 29, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38594 TILRAY BRANDS, INC. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of Delaware 82-4 ...

Financial Data and Key Metrics - Beverage alcohol gross profit increased to $18.9 million from $10 million, but gross margin decreased to 34% from 48% due to lower margins from craft brands [1] - Adjusted gross margin fell to 38% from 53%, primarily due to co-manufacturing agreements for brewing [1] - Net cannabis revenue increased by 14% organically, with contributions from HEXO and Truss acquisitions, offset by the elimination of $8.7 million in advisory services revenue [2] - Wellness gross profit rose to $4.1 million from $3.7 million, with gross margin holding steady at 30% [4] - Q3 total net revenue rose to $188.3 million, representing almost 30% growth year-over-year [130] - Adjusted EBITDA was $10.2 million, down from $13.3 million in the prior year quarter [137] Business Line Data and Key Metrics - Beverage alcohol revenue increased 165% to $54.7 million, driven by contributions from newly acquired craft brands [223] - Cannabis gross profit was $20.9 million, with a gross margin of 33%, compared to negative $32.8 million in the prior year quarter [140] - Wellness revenue grew 12% to $13.4 million, driven by targeted advertising campaigns and innovation efforts [141] - Distribution revenue decreased 13% to $56.8 million, impacted by infrastructure outages and weather [108] Market Data and Key Metrics - In Germany, Tilray holds the leading cannabis market share by revenue and is well-positioned to capture growth in the medical market [65] - The European medical cannabis market is projected to be a $45 billion opportunity in the long term [88] - Tilray is the fifth-largest craft brewer in the U.S., with a 4.5% market share, and aims to become a top 12 beverage company [114][123] - In Canada, Tilray maintains the number one market share in cannabis, with leading positions in key provinces and product categories [118] Company Strategy and Industry Competition - Tilray's strategy focuses on organic growth, strategic acquisitions, and cost management to drive profitability [83] - The company is leveraging its global expertise in cannabis to capitalize on regulatory changes, such as potential rescheduling in the U.S. [80] - Tilray is expanding its beverage portfolio beyond alcohol into categories like sparkling water and energy drinks [125] - The company is working to improve margins in its beverage business by moving away from co-manufacturing agreements and increasing production efficiency [96] Management Commentary on Operating Environment and Future Outlook - Management highlighted the impact of dry January on the beverage alcohol business and the challenges of integrating lower-margin craft brands [14] - The company is optimistic about the German market, where regulatory changes are expected to significantly expand the medical cannabis market [121] - Tilray is prepared to capitalize on potential U.S. regulatory changes, including rescheduling and federal legalization of medical cannabis [122] - Management expects strong growth in Q4, driven by seasonality and new product launches [5] Other Important Information - Tilray achieved $27.5 million in annualized cost savings from the HEXO integration, with $15.6 million realized in Q3 [105] - The company is working to reduce its debt, having decreased net debt to $175 million and reducing annual interest expense by $9.8 million [70] - Tilray is exploring opportunities to introduce hemp-based delta-9 beverages in the U.S. [82] Q&A Session Summary Question: Impact of excise tax changes in Canada - Management expects potential savings of $80 million annually if excise tax reforms are implemented, which would benefit Tilray and the broader industry [79][195] - The company believes that tax savings should be reinvested into the industry to drive growth and innovation [207] Question: Outlook for the German cannabis market - Tilray is well-positioned in Germany with a cultivation facility, distribution network, and strong market share [65][144] - The company expects significant growth in the German medical cannabis market due to regulatory changes [121] Question: Guidance and margin expectations - Management revised adjusted EBITDA guidance to $60-63 million, citing challenges in Q3 and expectations for a strong Q4 [170] - Margins are expected to improve in Q4 due to increased production and sales volume, particularly in the beverage alcohol business [193] Question: U.S. regulatory changes and opportunities - Tilray is prepared to enter the U.S. market if cannabis is rescheduled, leveraging its global expertise and distribution network [80][122] - The company sees significant opportunities in hemp-based delta-9 beverages and other THC-infused products [200]

EXHIBIT 99.1 Tilray Brands, Inc. Reports Q3 Fiscal 2024 Financial Results Achieved Net Revenue of $188 Million, ~ 30% Net Revenue Growth Over the Prior Year Quarter Beverage-Alcohol Net Revenue Increases 165% Over the Prior Year Quarter, 5th Largest Craft Beer Brewer in the U.S. with 4.5% Craft Beer Market Share Global Cannabis Net Revenue Increases 33% with International Cannabis Growth of 44% Over the Prior Year Quarter, #1 Market Share in Canada and #1 Market Share in Germany U.S. Cannabis Strategy in Pl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38594 TILRAY BRANDS, INC. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation ...

Tilray Brands, Inc. (NASDAQ:TLRY) Q2 2024 Earnings Conference Call January 9, 2024 8:30 AM ET Company Participants Berrin Noorata - Chief Corporate Affairs and Communications Officer Irwin Simon - Chairman and Chief Executive Officer Carl Merton - Chief Financial Officer Denise Faltischek - Chief Strategy Officer and Head of International Conference Call Participants Andrew Carter - Stifel Aaron Grey - Alliance Global Partners Tamy Chen - BMO Capital Markets Owen Bennett - Jefferies John Zamparo - CIBC Matt ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) Leamington, ON N8H 5L4 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (844) 845-7291 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission Fil ...

Tilray Brands, Inc. (NASDAQ:TLRY) Q1 2024 Earnings Conference Call October 4, 2023 8:30 AM ET Company Participants Berrin Noorata - Chief Corporate Affairs and Communications Officer Irwin Simon - Chairman and Chief Executive Officer Carl Merton - Chief Financial Officer Blair MacNeil - President, Tilray Canada Denise Faltischek - Chief Strategy Officer and Head of International Ty Gilmore - President, U.S. Beer Conference Call Participants Robin Holby - TD Cowen Andrew Carter - Stifel Aaron Grey - Alliance ...

FORM 10-K (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38594 TILRAY BRANDS, INC. (Exact name of Registrant as specified in its Charter) Delaware 82-4310622 (State or other jurisdiction of incor ...

Tilray Brands, Inc. (NASDAQ:TLRY) Q4 2023 Earnings Call Transcript July 26, 2023 8:30 AM ET Company Participants Berrin Noorata - Chief Corporate Affairs Officer Irwin Simon - Chairman and Chief Executive Officer Carl Merton - Chief Financial Officer Blair MacNeil - President, Canada Denise Faltischek - Chief Strategy Officer, Head of International Conference Call Participants Vivien Azer - TD Cowen Andrew Carter - Stifel Owen Bennett - Jefferies Aaron Grey - Alliance Global Partners Nadine Sarwat - Bernste ...

Tilray Brands, Inc. (NASDAQ:TLRY) Q3 2023 Earnings Conference Call April 10, 2023 5:00 PM ET Company Participants Berrin Noorata - Chief Corporate Affairs Officer Irwin Simon - Chairman and Chief Executive Officer Carl Merton - Chief Financial Officer Denise Faltischek - Chief Strategy Officer and Head, International Blair MacNeil - President, Tilray Canada Ty Gilmore - President, U.S. Beer Conference Call Participants Vivien Azer - TD Cowen Andrew Carter - Stifel Aaron Grey - Alliance Global Partners Tamy ...