Core Insights - Tilray Brands, Inc. reported a record net revenue of $218 million for the second fiscal quarter ended November 30, 2025, reflecting a 3% increase compared to the previous year [3][5] - The company is well-positioned for growth in the U.S. medical cannabis market, anticipating federal rescheduling to enhance research and patient access [3][5] - Tilray's financial position remains strong with $292 million in cash and marketable securities, and a net cash position of approximately $30 million [2][4][6] Financial Performance - Net revenue increased by 3% to $217.5 million from $211.0 million year-over-year [5][28] - Cannabis net revenue rose by 3% to $67.5 million, driven by a 36% increase in international cannabis revenue and a 6% increase in Canadian adult-use cannabis [5][32] - Gross profit decreased to $57.5 million from $61.2 million, with a gross margin of 26% compared to 29% in the prior year [5][28] Segment Performance - Beverage net revenue was $50.1 million, down from $63.1 million, with a gross margin of 31% compared to 40% [5][32] - Distribution net revenue reached a record $85.3 million, up from $67.6 million, with a gross margin of 13% [5][32] - Wellness segment revenue remained flat at $14.6 million, with a slight increase in gross profit [5][32] Loss and Adjustments - The net loss improved to $(43.5) million from $(85.3) million, with net loss per share improving to $(0.41) from $(0.99) [5][28] - Adjusted EBITDA was $8.4 million, slightly down from $9.0 million [5][28] - Adjusted net loss and adjusted net loss per share improved to $(2.0) million and $(0.02), respectively [5][28] Cash Flow and Balance Sheet - Cash used in operations improved by $32.2 million to $(8.5) million from $(40.7) million [4][30] - The cash and marketable securities balance grew to $291.6 million, providing flexibility for strategic opportunities [4][6] - Total outstanding debt was reduced by $4.2 million, strengthening the balance sheet [4][6]