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Cannabis equities have struggled to translate legalization momentum into sustained price gains, and Tilray Brands (NASDAQ: TLRY) is running that playbook in real time.
The Canada-based company posted record fiscal 2026 revenue of approximately $915 million, a gain of 11% year on year, when it released quarterly financials on July 28. A modest post-earnings rally followed.
The headline numbers are, on their face, constructive. Adjusted EBITDA rose 11% to $61.1 million. Adjusted net income nearly doubled, from $6.5 million to $12.2 million.
Against those gains, adjusted earnings still came in below sell-side forecasts, and management's characterization of the period as record revenue and record adjusted EBITDA did not change the shortfall.
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