Tilray Brands

Q1 FY2027 EarningsQ1 FY27 results missed revenue expectations while beating on adjusted profitability and gross margin. Net revenue was $257.1M (up 23% YoY) vs. the $266.8M consensus, primarily due to a 13% decline in Cannabis revenue. However, gross margin of 30% surpassed the 29.3% consensus, driven by a significant 82% surge in Beverage revenue following the BrewDog acquisition. Adjusted EPS of -$0.02 significantly outperformed the -$0.14 expectation, supported by tight expense management and record gross profits. The company reaffirmed its FY27 Adjusted EBITDA guidance of $68M-$75M, consistent with market views.