Key Takeaways Tilray Brands will post Q1 FY26 results on Oct. 9, with revenue estimates of $206.8M. International cannabis growth and new Italian product launches are expected to lift TLRY's top-line results. Project 420 reshapes beverages, while Wellness and Distribution units continue showing positive momentum. Tilray Brands (TLRY) is slated to report first-quarter fiscal 2026 results on Oct. 9, 2025, before the market opens.The company reported fourth-quarter fiscal 2025 adjusted earnings of 2 cents per ...

Tilray’s fiscal year 2025 earnings, released on July 28, reflect steady progress despite strategic challenges. The company achieved net revenue of $821 million, increasing 4% from $789 million the prior year. That figure rises to $834 million when adjusted for constant currency. This revenue growth was partly tempered by a $35 million impact from international permit delays and strategic priorities in Canada, including a $15 million revenue hit from deemphasizing vape products. This helped Tilray preserve h ...

Core Insights - Aurora Cannabis Inc. is investing over five years in operational upgrades at its EU-GMP manufacturing facility in Leuna, Germany, aimed at enhancing flower growth capacity, product quality, and cost efficiency [1][2][6] - The upgrades will strengthen supply chain resilience and expand domestic capabilities in EU-GMP certified manufacturing to meet the growing demand for high-quality medical cannabis in Europe [2][3] Investment Details - The investment will include commissioning additional grow rooms, new irrigation and lighting systems, and transitioning to hang dry and dry trim methods [2][3] - This initiative is part of Aurora's commitment to operational excellence and long-term growth in the European market [2] Market Position - Aurora Leuna is one of only three licensed cultivation facilities in Germany, playing a crucial role in supplying locally grown medical cannabis to an expanding patient base [3] - The expansion will allow Aurora to grow additional cultivars from its genetics library, positioning the company to serve international markets at high standards [3] Company Overview - Aurora Cannabis Inc. operates in the medical and consumer cannabis markets across Canada, Europe, Australia, and New Zealand, with a focus on high-quality products [4] - The company’s brand portfolio includes various medical and adult-use brands, and it has a controlling interest in Bevo Farms Ltd., a leading supplier of propagated agricultural plants [4]

Core Insights - Canopy Growth Corporation (NASDAQ:CGC) reported Q1 FY2026 net revenue of $72.1 million, representing a 9% year-over-year increase driven by a 13% rise in medical cannabis sales and a 43% increase in adult-use cannabis sales in Canada [1] - The company experienced a decline in consolidated gross margin from 35% to 25% due to lower high-margin sales in Poland and a shift towards higher-cost manufactured products [1] - The net loss from continuing operations decreased by 21% to $23 million, while SG&A expenses also fell by 21% as part of $17 million in annualized cost savings [1] Financial Performance - Q1 FY2026 net revenue: $72.1 million, up 9% year-over-year [1] - Medical cannabis sales increased by 13% [1] - Adult-use cannabis sales in Canada rose by 43% to $27 million [1] - International cannabis revenue increased by 5% to $8.8 million [1] - Storz & Bickel vaporizer revenue decreased by 25% to $15.1 million [1] - Consolidated gross margin declined from 35% to 25% [1] - Net loss from continuing operations fell by 21% to $23 million [1] - SG&A expenses decreased by 21% [1] - Cash and short-term investments rose to $144 million [1] Strategic Outlook - CEO Luc Mongeau highlighted significant share growth in cannabis markets with high demand [2] - Interim CFO Tom Stewart noted improving gross margins as a key target for FY2026 [2] - A new Storz & Bickel vaporizer is set to be introduced later in 2025 [2] - The company anticipates that automation and increased PRJ production will enhance margins in the second half of FY2026 [2]

Core Points - IM Cannabis Corp. has regained compliance with Nasdaq Listing Rule 5550(b)(1), maintaining stockholders' equity of at least $2,500,000, allowing its common stock to continue trading on the Nasdaq Capital Market [1] Company Overview - IM Cannabis Corp. is an international cannabis company providing premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets [2] - The company operates a transnational ecosystem powered by a data-driven approach and a globally sourced product supply chain, focusing on responsible growth and regulatory compliance [2] Operations - In Israel, IM Cannabis operates through subsidiaries that import and distribute cannabis to medical patients, utilizing proprietary data and patient insights [3] - The company runs medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel to ensure safe delivery and quality control of its products [3] - In Germany, IM Cannabis operates through Adjupharm GmbH, distributing cannabis to pharmacies for medical cannabis patients [3]

Core Insights - MediPharm Labs Corp. reported strong year-over-year revenue growth of 14% in Q2 2025, reaching $11.8 million, driven by international market expansion and a solid balance sheet [2][4][8] - The company successfully defended a proxy contest, with shareholders voting three-to-one in favor of the board's strategic direction, indicating strong shareholder engagement [2][3] - International medical cannabis revenue grew by 50% year-over-year, now accounting for 57% of total revenue, highlighting the effectiveness of the company's international strategy [4][8] Financial Performance - Q2 2025 revenue was $11.8 million, an increase of $1.5 million compared to Q2 2024, with international medical cannabis revenue at $6.7 million [4][8] - Gross profit for the quarter was $3.3 million, representing 28% of revenue, with management focusing on margin improvement through product optimization [6][8] - Adjusted EBITDA for Q2 2025 was negative $0.6 million, a decline from the previous year, but year-to-date Adjusted EBITDA improved to negative $0.4 million from negative $1.1 million in the first half of 2024 [7][8] Market Strategy - The Canadian adult-use and wellness segment generated $1.6 million in Q2 2025, reflecting a 6% year-over-year increase and 19% sequential growth from Q1 2025, supported by product portfolio expansion [5][8] - The company plans to launch metered dose inhalers in international markets, including Australia and the UK, following the expansion of its inhaler line in Canada [5][8] Balance Sheet and Operational Efficiency - MediPharm ended Q2 2025 with a cash balance of $10.4 million, up from $8.4 million in Q1 2025, aided by the divestiture of a facility for $4.5 million [11][12] - The company remains virtually debt-free and owns two production facilities valued at over $15 million, providing operational flexibility [12]

Core Insights - Aurora Cannabis reported a first-quarter fiscal 2026 loss per share of 26 cents, missing the Zacks Consensus Estimate of 18 cents per share and reversing a profit from the prior year [1][7] - The company's total net revenues reached $98 million, reflecting a year-over-year increase of 17.5% and surpassing the Zacks Consensus Estimate by 38.3% [3][7] Revenue Performance - The revenue growth was primarily driven by strong international medical cannabis sales, particularly in Australia, Germany, Poland, and the UK, alongside increased revenues in Canada [4][8] - The Global Medical Cannabis segment generated $64.8 million in revenues, up 37% year over year, making it the strongest contributor to the company's revenue [5][8] - International Medical Cannabis revenues surged 84.7% year over year to $37.1 million, while Canadian Medical Cannabis revenues increased by 2.1% to $27.7 million [8][9] Segment Analysis - Consumer cannabis revenue declined by 32% year over year to $7.9 million, as the company prioritized high-margin medical cannabis over the lower-margin consumer segment [9] - The Plant Propagation segment, primarily from the Bevo business, contributed $23.9 million, up 3.8% from the previous year [10] Financial Metrics - Gross profit decreased by 34.9% year over year to $27.9 million, but the adjusted gross margin improved by 1000 basis points to 52% [11] - Total operating expenses rose by 9.7% year over year to $48.2 million, with significant increases in general and administration expenses [11][12] Financial Position - At the end of the first quarter, Aurora Cannabis had cash and cash equivalents of $140.2 million, slightly up from $137.9 million at the end of fiscal 2025 [13] - Net cash provided by operating activities increased to $10.1 million compared to $8.3 million a year ago [13] Future Guidance - The company anticipates consolidated net revenue growth in the fiscal second quarter of 2026, with Global Medical Cannabis revenue expected to increase by 8%-12% [14] - The Plant Propagation segment is expected to align with traditional seasonal trends, with a significant portion of annual revenue typically earned in the second half of the calendar year [14][15]

Financial Data and Key Metrics Changes - Net revenue increased by 17% to $98 million, with global medical cannabis revenue rising by 37% and international revenue growing by 85% [6][18] - Adjusted gross margin improved by 1,000 basis points to 52%, benefiting from higher cannabis margins [6][17] - Adjusted EBITDA more than doubled to $11 million, with positive free cash flow of $9 million [7][22] Business Line Data and Key Metrics Changes - Medical cannabis net revenue rose by 37% to $64.8 million, comprising 66% of total net revenue [18][19] - Consumer cannabis net revenue decreased to $7.9 million, down from $11.5 million, as the focus shifted to higher-margin medical cannabis [19] - Plant propagation net revenue increased by 4% to $23.9 million, marking a record quarter for the company [20] Market Data and Key Metrics Changes - Aurora holds a leading market position in Canada, Australia, Germany, Poland, and the UK, with significant growth opportunities in these regions [7][10] - The Australian market is growing rapidly, with Aurora holding the number two market share [10] - In Germany, the descheduling in April 2024 has led to increased patient registrations and higher prescription volumes [12] Company Strategy and Development Direction - The company aims to capitalize on the global medical cannabis market, projected to exceed $5 billion, particularly in Europe and Australia [26] - Aurora has built strong competitive barriers through scientific expertise and regulatory navigation, focusing on premium product offerings [26] - The company is investing in new cultivation technology and establishing third-party partnerships to optimize production [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating potential regulatory changes in Germany, emphasizing the company's preparedness [12][52] - The company anticipates continued strong performance in Q2, with expected year-over-year revenue growth driven by the global medical cannabis segment [23][47] - Management highlighted the importance of maintaining high-quality products to succeed in competitive markets [57] Other Important Information - The company ended the quarter with $186 million in cash and cash equivalents, with no debt in its cannabis operations [22] - Adjusted SG&A expenses increased by 19% to $37.4 million, reflecting higher selling and distribution costs [21] Q&A Session Summary Question: Higher SG&A expenses and future expectations - Management explained that SG&A expenses are variable costs tied to revenue growth, with some one-time costs related to the integration of Med Relief Australia [31][33] Question: Competition in Europe and margin structure - Management acknowledged increased competition in Europe but emphasized Aurora's established market position and ability to navigate regulatory challenges [35][36] Question: Vivo liabilities and audit process - Management clarified that the movement of Vivo's liabilities to current is an accounting treatment and does not impact the audit process [43][45] Question: Q2 guidance on adjusted EBITDA - Management expects positive adjusted EBITDA in Q2, with growth compared to Q1 [47] Question: Regulatory changes in Germany - Management indicated that potential regulatory changes in Germany would likely be clearer by the end of the year, with a focus on maintaining a strong market position [51][52] Question: Market conditions in Poland - Management confirmed that demand and sales in Poland have returned to previous levels, with a focus on high-quality products [57][58] Question: Supply chain and third-party purchases - Management stated that 90% of production is GMP certified, with ongoing investments in facilities to increase yield and potency [63][64] Question: Opportunities for vertical integration - Management discussed the potential for downstream integration and partnerships with clinics and distributors, emphasizing the importance of product quality [68][70]

Company Overview - IM Cannabis Corp. (NASDAQ: IMCC) is a leading medical cannabis company operating in Israel and Germany, focusing on premium cannabis products for medical patients [2][3] - The company aims for sustainable and profitable growth in its key markets, leveraging a data-driven approach and a globally sourced product supply chain [2] Operational Highlights - The IMC ecosystem in Israel includes subsidiaries that import and distribute cannabis, operate medical cannabis retail pharmacies, and manage online platforms and distribution centers [3] - In Germany, IMC operates through Adjupharm GmbH, distributing cannabis to pharmacies for medical patients [3] Upcoming Financial Reporting - IM Cannabis Corp. will report its operational and financial results for the second quarter of 2025 on August 12, 2025, before the market opens [1]

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]