Tilray Brands Inc

TLRY: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tilray Earnings: Cannabis Margins Recover, but Canadian Market Remains Extremely Challenging

Kristoffer Inton

Apr 8, 2025

Tilray reported fiscal third-quarter 2025 earnings, with net revenue declining 1% year over year to $186 million. However, excluding the effect of currency, net revenue would have grown 2%. Adjusted EBITDA margins declined about 60 basis points to 4.8%.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Tilray Brands Inc

Tilray Earnings: Cannabis Margins Recover, but Canadian Market Remains Extremely Challenging

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