Tilray Brands Reports Q3 Fiscal 2025 Financial Results

Tilray Confirms No Current Impact of Tariffs

Generated Net Revenue of $186 Million in the Third Quarter, $193 Million in Constant Currency; Strategic Initiatives and SKU Rationalization Impacted Revenue by $13 Million

Tilray Beverage Expands U.S. Distribution of Hemp-Derived THC Drinks Across 10 States, Increases Project 420 Cost Savings Plan to $33 Million

Tilray Cannabis Increased Gross Margins by 800 bps, Remains the Leader in Canada by Sales Performance, and Generates Strong Sales Growth in Germany

Strengthens Balance Sheet with Convertible Note Reduction of $58 Million and Total Debt Reduction of $71 Million, $248 Million Available in Cash and Marketable Securities

NEW YORK and LEAMINGTON, Ontario, April 08, 2025 (GLOBE NEWSWIRE) --  Tilray Brands, Inc. ("Tilray", "our", "we" or the "Company") (NASDAQ:TLRY, TSX:TLRY), a global lifestyle and consumer packaged goods company at the forefront of beverage, cannabis and wellness industries, today reported financial results for its third quarter ended February 28, 2025. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

In response to the recently announced tariffs on international trade, Tilray conducted an analysis of the potential implications on its business. The analysis concluded that these tariffs should not impact sales. In the United States, Tilray's American beverage brands are solely manufactured and distributed within the U.S. market. In Canada, Tilray's cannabis brands are produced domestically for Canadian consumers. In Europe, Tilray manufactures medical cannabis brands and products for distribution across Europe and Australia. Regarding Tilray's wellness business, Manitoba Harvest is currently exempt from the new tariffs.

Irwin D. Simon, Chairman and Chief Executive Officer of Tilray Brands, stated, "Tilray Brands is shaping the future of consumer markets with a robust global infrastructure spanning the beverage, cannabis, and wellness industries. We are meeting the needs of today's consumers while preparing for the demands of tomorrow. In the third quarter, we prioritized sales quality and revenue, protected margins, reduced debt, and improved our capital structure. With a strong balance sheet and a clear vision for the future, Tilray is well positioned to capitalize on emerging opportunities and ensure long-term success."

Mr. Simon continued, "We see opportunities in the alcohol, cannabis, and wellness industries and believe these sectors are here to stay. Tilray is relentlessly focused on building strong brands and developing innovative products to seize growth opportunities across all our businesses. At Tilray, we are laser-focused on building a sustainable global business platform by emphasizing profitable sales growth, improving profit margins and cash flow generation, and maintaining a solid balance sheet to navigate market challenges and capitalize on strategic opportunities. In Q3, we delivered our highest cannabis gross margins in almost two years, and as of today our net debt is now less than 1x EBITDA on a trailing twelve-month basis. We will not seek sales growth merely for the sake of sales if it does not add to the bottom line and benefit our shareholders."

Strategic Growth Initiatives, Third Quarter Fiscal Year 2025

Tilray Beverage Project 420: Tilray Beverage completed $20.6 million of an expanded Project 420 cost-savings plan of $33 million. Project 420 aims to reduce costs to improve efficiency and profitability by rationalizing SKUs, geographies and distribution and is expected to be completed in the third quarter of fiscal 2026.

Hemp-Derived THC Drinks in the U.S: Tilray Brands is strategically positioned to utilize the expertise of its hemp wellness and cannabis businesses to responsibly formulate beverages infused with 5mg and 10mg of hemp-derived THC. During the fiscal year to date, Tilray generated $1.4 million in revenue from hemp-derived THC beverage sales and expanded the distribution of these drinks across over 1,000 points of distribution in 10 states including Florida, Alabama, Georgia, North Carolina, South Carolina, Tennessee, Louisiana, and New Jersey, as well as through online direct-to-consumer channels. In addition to our existing mocktail and seltzer brands Happy Flower, Fizzy Jane, and Herb & Bloom, we are pleased to introduce 420 Fizz, a low-calorie, soda beverage infused with hemp-derived THC. Tilray also leverages its established national beverage distribution network, which spans independent retailers, convenience stores, and package stores, including multi-state retailers such as Total Wine and ABC who have expressed strong interest in this category and new growth opportunity.

Tilray Cannabis Profitability Initiatives: Tilray's Cannabis segment is focused on profitability and margin protection. In the third fiscal quarter, Tilray Canada redirected inventories to international cannabis markets to capitalize on higher margins expected in these markets in the upcoming fourth fiscal quarter. Tilray's global cannabis supply chain is in Phase II of its accelerated growth plan, and the cultivation footprint is expanding to meet increasing demand in both Canadian and international markets. The Cannabis segment is concentrating on preserving gross margins and maintaining higher average selling prices in categories such as vapes and infused pre-rolls, which have experienced significant price compression and are margin dilutive. Growth in these categories is expected to resume later in the upcoming fourth fiscal quarter due to capital expenditures improving our operational efficiencies.

Debt Reduction; $248 Million Cash and Marketable Securities: As of April 8, 2025, Tilray reduced our outstanding total debt by $71 million with convertible note reduction of $58 million, strengthening the balance sheet. As a result, net debt to trailing twelve months EBITDA is less than 1.0x. Our $248 million cash balance, including marketable securities, provides Tilray with great flexibility for strategic opportunities.

AI and Cryptocurrency Business Strategy: Tilray Brands is dedicated to leveraging advanced technologies to align with our shareholder interests, the consumer of tomorrow, enhancing efficiency and driving growth. We are implementing AI across our global operations to enhance our expertise, optimize processes, achieve substantial improvements, and advance our business objectives. In the cultivation sector, we are utilizing advanced horticulture automation technology throughout our global greenhouse operations. By integrating this technology with AI-driven data insights, we can manage greenhouse conditions in real-time, leading to more efficient operations, increased output, superior quality, and reduced costs for resources such as labor, water, and energy. Additionally, Tilray plans to accept cryptocurrency as a payment method within the Company's online operations. The Company is also exploring strategic initiatives related to cryptocurrency that align with our business goals.

Financial Highlights, Third Quarter Fiscal Year 2025

Net revenue of $185.8 million in the third quarter compared to $188.3 million in the prior year quarter. On a constant currency basis, net revenue in the current third quarter, increased to ~$193 million. The prior year quarter included revenue of $6 million of now discontinued SKUs. Strategic initiatives and SKU rationalization impacted revenue by $13.2 million in the current year quarter.

Gross profit increased by 5% to $52.0 million in the third quarter compared to $49.4 million in the prior year quarter. Gross margin increased 200 bps to 28% in the third quarter compared to 26% in the prior year quarter.

Net loss was $(793.5) million in the third quarter, due to ~$700 million of non-cash impairment as a result of macroeconomic conditions and declines in market capitalization, foreign exchange loss, amortization, changes in fair value of convertible notes receivable, and stock-based compensation as well as non-recurring transaction and restructuring charges.

Adjusted net loss was $(2.9) million in the third quarter compared to an adjusted net income of $0.9 million in the prior year quarter.

Adjusted EPS remained at $0.00 in both the third quarter and the comparative period.

Adjusted EBITDA in the third quarter was $9.0 million compared to $10.2 million in the prior year quarter due to the beverage segment's SKU rationalization impact of $1.0 million and $0.6 million related to the prioritization of international cannabis markets.

Beverage alcohol net revenue increased to $55.9 million in the third quarter up from $54.7 million in the prior year quarter, despite a $6.0 million impact from the strategic SKU rationalization.

Beverage alcohol gross margin increased to 36% in the third quarter compared to 34% in the prior year quarter.

Cannabis net revenue was $54.3 million in the third quarter compared to $63.4 million in the prior year quarter. On a constant currency basis, Cannabis net revenue was $57.5 million. The strategic initiative to redirect product from Canada to international markets resulted in a timing impact on revenue of $3.2 million. Additionally, a strategic decision to pause our presence in margin dilutive categories, such as vapes and infused pre-rolls, led to a revenue decrease of $4.0 million but prevented a potential loss exceeding $3 million.

Cannabis gross margin increased to 41% in the third quarter compared to 33% in the prior year quarter resulting from our strategic prioritization of the international business and the reduction in our exposure to margin dilutive categories.

Distribution net revenue increased 8% to $61.5 million in the third quarter compared to $56.8 million in the prior year quarter. On a constant currency basis, Distribution net revenue was up 15% to $65.1 million.

Distribution gross margin was 9% in the third quarter compared to 10% in the prior year quarter.

Wellness net revenue increased 5% to $14.1 million and 8% on a constant currency basis to $14.5 million in the third quarter compared to $13.4 million in the prior year quarter.

Wellness gross margin increased to 32% in the third quarter compared to 30% in the prior year quarter.

Company's Fiscal Year 2025 Guidance

The Company revises fiscal year 2025 guidance for net revenue to $850 million to $900 million. Adjustments for constant currency and the impacts of the strategic initiatives and SKU rationalization, which total approximately $50 million, would have resulted in expected net revenue of $900 million to $950 million.

Live Conference Call and Audio Webcast

Tilray Brands will host a webcast to discuss these results today at 8:30 a.m. ET. Investors may join the live webcast available on the Investors section of the Company's website at www.tilray.com. A replay will be available and archived on the Company's website.

About Tilray Brands

Tilray Brands, Inc. ("Tilray") (NASDAQ:TLRY, TSX:TLRY), is a leading global lifestyle and consumer packaged goods company at the forefront of beverage, cannabis and wellness industries with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray's mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy, wellness and create memorable experiences. Tilray's unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

For more information on Tilray Brands, visit www.Tilray.com and follow @Tilray

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this press release constitute forward-looking information or forward-looking statements (together, "forward-looking statements") under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the "safe harbor" created by those sections and other applicable laws. Forward-looking statements can be identified by words such as "forecast," "future," "should," "could," "enable," "potential," "contemplate," "believe," "anticipate," "estimate," "plan," "expect," "intend," "may," "project," "will," "would" and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication.

Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the Company's ability to transform the CPG industry for cannabis, hemp, beverages and entertainment; the Company's ability to become a leading beverage alcohol Company; the Company's ability to achieve long term profitability; the Company's ability to achieve operational scale, market share, distribution, profitability and revenue growth in particular business lines and markets; the Company's ability to achieve its revised FY 2025 guidance; the Company's ability to successfully achieve revenue growth, margin and profitability improvements, production and supply chain efficiencies, synergies and cost savings; the Company's expected revenue growth, sales volume, profitability, synergies and accretion related to any of its acquisitions; expected commercial opportunities and regulatory developments in the U.S., including upon U.S. federal cannabis legalization or rescheduling; the Company's anticipated investments and acquisitions, including in organic and strategic growth, partnership efforts, product offerings and other initiatives; the Company's ability to commercialize new and innovative products; market opportunities and regulatory risks for Hemp-Derived Delta-9 (HDD9) beverage products, and expected sales, distribution, margin, price and revenue generation projections; consumer sentiment regarding HDD9 beverage products; Tilray's strategy and anticipated offerings within the HDD9 beverage product segment, expected impacts of U.S. tariffs, and the Company's ability to leverage AI and cryptocurrency to enhance efficiency and drive growth.

Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. Risks and uncertainties that may cause actual results to differ materially from forward-looking statements include, but are not limited to, those identified and described in our most recent Annual Report on Form 10-K as well as our other filings made from time to time with the SEC and in our Canadian securities filings. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of the Company and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of the Company made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Use of Non-U.S. GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures, including Adjusted gross margin (consolidated and for each of our reporting segments), Adjusted gross profit (consolidated and for each of our reporting segments), Adjusted EBITDA, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, adjusted free cash flow, constant currency presentations of revenue, cash and marketable securities and net debt. Management believes that the non-GAAP financial measures presented provide useful additional information to investors about current trends in the Company's operations and are useful for period-over-period comparisons of operations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read only in connection with the Company's Consolidated Statements of Operations and Cash Flows presented in accordance with GAAP.

Certain forward-looking non-GAAP financial measures included in this press release are not reconciled to the comparable forward-looking GAAP financial measures. The Company is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Such items may include litigation and related expenses, transaction costs, impairments, foreign exchange movements and other items. The unavailable information could have a significant impact on the Company's GAAP financial results.

The Company believes presenting net sales at constant currency provides useful information to investors because it provides transparency to underlying performance in the Company's consolidated net sales by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given the volatility in foreign currency exchange markets. To present this information for historical periods, current period net sales for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average monthly exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average monthly exchange rate in effect during the current period of the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. A reconciliation of prior year revenue to constant currency revenue the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release.

Adjusted EBITDA is calculated as net income (loss) before income tax benefits, net; interest expense, net; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent consideration; purchase price accounting step-up; impairments, other than temporary change in fair value of convertible notes receivable, project 420 optimization costs facility start-up and closure costs; litigation costs; restructuring costs, and transaction (income) costs, net. A reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release.

Adjusted net income (loss) is calculated as net loss attributable to stockholders of Tilray Brands, Inc., less; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent consideration; impairments, other than temporary change in fair value of convertible notes receivable, project 420 optimization costs facility start-up and closure costs; litigation costs; restructuring costs and transaction (income) costs, net. A reconciliation of Adjusted net income (loss) to net loss attributable to stockholders of Tilray Brands, Inc., the most directly comparable GAAP measure, has been included below in this press release.

Adjusted net income (loss) per share is calculated as net loss attributable to stockholders of Tilray Brands, Inc., net; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent consideration; impairments, other than temporary change in fair value of convertible notes receivable, project 420 optimization costs facility start-up and closure costs; litigation costs; restructuring costs and transaction (income) costs, divided by weighted average number of common shares outstanding. A reconciliation of Adjusted net income (loss) per share to net loss attributable to stockholders of Tilray Brands, Inc., the most directly comparable GAAP measure, has been included below in this press release. Adjusted net income (loss) per share is not calculated in accordance with GAAP and should not be considered an alternative for GAAP net income (loss) per share or as a measure of liquidity.

Adjusted gross profit (consolidated and for each of our reporting segments), is calculated as gross profit adjusted to exclude the impact of purchase price accounting valuation step-up. A reconciliation of Adjusted gross profit, excluding purchase price accounting valuation step-up, to gross profit, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release. Adjusted gross margin (consolidated and for each of our reporting segments), excluding purchase price accounting valuation step-up, is calculated as revenue less cost of sales adjusted to add back amortization of inventory step-up, divided by revenue. A reconciliation of Adjusted gross margin, excluding purchase price accounting valuation step-up, to gross margin, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release.

Free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net. A reconciliation of net cash flow provided by (used in) operating activities to free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release. Adjusted free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net, and the exclusion of growth CAPEX from investments in capital and intangible assets, net, which excludes the amount of capital expenditures that are considered to be associated with growth of future operations rather than to maintain the existing operations of the Company, and excludes our integration costs related to HEXO and the cash income taxes related to Aphria Diamond to align with management's prescribed guidance. A reconciliation of net cash flow provided by (used in) operating activities to adjusted free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release.

Cash and marketable securities are comprised of two GAAP measures, cash and cash equivalents added to marketable securities. The Company's management believes that this presentation provides useful information to management, analysts and investors regarding certain additional financial and business trends relating to its short-term liquidity position by combing these two GAAP metrics.

Net debt is comprised of GAAP measures and reduces bank indebtedness, current and non-current portions of long-term debt, the principal balance of convertible debt by cash and cash equivalents and marketable securities. The company believes this metric provides useful information to management, analysts, and investors regarding its liquidity and the Company's ability to repay all of its debt.

For further information: Media Contact: Investor Contact:

Consolidated Statements of Financial Position

 

 

 

 

 

 

 

February 28,

 

May 31,

 

(in thousands of US dollars)

 

 

2025

 

 

 

2024

 

 

Assets

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

$

199,956

 

 

$

228,340

 

 

Marketable securities

 

 

48,458

 

 

 

32,182

 

 

Accounts receivable, net

 

 

103,367

 

 

 

101,695

 

 

Inventory

 

 

263,398

 

 

 

252,087

 

 

Prepaids and other current assets

 

 

40,138

 

 

 

31,332

 

 

Assets held for sale

 

 

30,972

 

 

 

32,074

 

 

Total current assets

 

 

686,289

 

 

 

677,710

 

 

Capital assets

 

 

537,800

 

 

 

558,247

 

 

Operating lease, right-of-use assets

 

 

16,994

 

 

 

16,101

 

 

Intangible assets

 

 

847,215

 

 

 

915,469

 

 

Goodwill

 

 

1,299,781

 

 

 

2,008,884

 

 

Long-term investments

 

 

10,035

 

 

 

7,859

 

 

Convertible notes receivable

 

 

—

 

 

 

32,000

 

 

Other assets

 

 

5,032

 

 

 

5,395

 

 

Total assets

 

$

3,403,146

 

 

$

4,221,665

 

 

Liabilities

 

 

 

 

 

Current liabilities

 

 

 

 

 

Bank indebtedness

 

$

10,740

 

 

$

18,033

 

 

Accounts payable and accrued liabilities

 

 

216,567

 

 

 

241,957

 

 

Contingent consideration

 

 

15,000

 

 

 

15,000

 

 

Warrant liability

 

 

357

 

 

 

3,253

 

 

Current portion of lease liabilities

 

 

6,606

 

 

 

5,091

 

 

Current portion of long-term debt

 

 

12,904

 

 

 

15,506

 

 

Current portion of convertible debentures payable

 

 

—

 

 

 

330

 

 

Total current liabilities

 

 

262,174

 

 

 

299,170

 

 

Long - term liabilities

 

 

 

 

 

Lease liabilities

 

 

60,188

 

 

 

60,422

 

 

Long-term debt

 

 

149,401

 

 

 

158,352

 

 

Convertible debentures payable

 

 

104,071

 

 

 

129,583

 

 

Deferred tax liabilities, net

 

 

123,938

 

 

 

130,870

 

 

Other liabilities

 

 

1,271

 

 

 

90

 

 

Total liabilities

 

 

701,043

 

 

 

778,487

 

 

Stockholders' equity

 

 

 

 

 

Common stock ($0.0001 par value; 1,416,000,000 common shares authorized; 983,372,617 and 831,925,373 common shares issued and outstanding, respectively)

 

 

99

 

 

 

83

 

 

Preferred shares ($0.0001 par value; 10,000,000 preferred shares authorized; nil and nil preferred shares issued and outstanding, respectively)

 

 

—

 

 

 

—

 

 

Treasury Stock (9,619,421 and nil treasury shares issued and outstanding, respectively)

 

 

—

 

 

 

—

 

 

Additional paid-in capital

 

 

6,357,039

 

 

 

6,146,810

 

 

Accumulated other comprehensive loss

 

 

(52,935

)

 

 

(43,499

)

 

Accumulated deficit

 

 

(3,574,431

)

 

 

(2,660,488

)

 

Total Tilray Brands, Inc. stockholders' equity

 

 

2,729,772

 

 

 

3,442,906

 

 

Non-controlling interests

 

 

(27,669

)

 

 

272

 

 

Total stockholders' equity

 

 

2,702,103

 

 

 

3,443,178

 

 

Total liabilities and stockholders' equity

 

$

3,403,146

 

 

$

4,221,665

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)

 

 

For the three months ended

 

 

 

 

 

For the nine months ended

 

 

 

 

 

 

 

February 28,

 

February 29,

 

Change

 

% Change

 

February 28,

 

February 29,

 

Change

 

% Change

 

(in thousands of U.S. dollars, except for per share data)

 

 

2025

 

 

 

2024

 

 

2025 vs. 2024

 

 

2025

 

 

 

2024

 

 

2025 vs. 2024

 

Net revenue

 

$

185,780

 

 

$

188,340

 

 

$

(2,560

)

 

(1

)%

 

$

596,774

 

 

$

559,060

 

 

$

37,714

 

 

7

%

 

Cost of goods sold

 

 

133,769

 

 

 

138,944

 

 

 

(5,175

)

 

(4

)%

 

 

423,837

 

 

 

418,059

 

 

 

5,778

 

 

1

%

 

Gross profit

 

 

52,011

 

 

 

49,396

 

 

 

2,615

 

 

5

%

 

 

172,937

 

 

 

141,001

 

 

 

31,936

 

 

23

%

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

39,246

 

 

 

39,940

 

 

 

(694

)

 

(2

)%

 

 

129,356

 

 

 

123,769

 

 

 

5,587

 

 

5

%

 

Selling

 

 

13,905

 

 

 

9,995

 

 

 

3,910

 

 

39

%

 

 

41,757

 

 

 

24,437

 

 

 

17,320

 

 

71

%

 

Amortization

 

 

23,182

 

 

 

21,558

 

 

 

1,624

 

 

8

%

 

 

67,913

 

 

 

65,700

 

 

 

2,213

 

 

3

%

 

Marketing and promotion

 

 

6,793

 

 

 

11,191

 

 

 

(4,398

)

 

(39

)%

 

 

28,079

 

 

 

28,934

 

 

 

(855

)

 

(3

)%

 

Research and development

 

 

85

 

 

 

106

 

 

 

(21

)

 

(20

)%

 

 

250

 

 

 

241

 

 

 

9

 

 

4

%

 

Change in fair value of contingent consideration

 

 

—

 

 

 

(5,983

)

 

 

5,983

 

 

(100

)%

 

 

—

 

 

 

(16,790

)

 

 

16,790

 

 

(100

)%

 

Impairments

 

 

699,235

 

 

 

—

 

 

 

699,235

 

 

NM

 

 

699,235

 

 

 

—

 

 

 

699,235

 

 

NM

 

Other than temporary change in fair value of convertible notes receivable 

 

 

20,000

 

 

 

42,681

 

 

 

(22,681

)

 

(53

)%

 

 

20,000

 

 

 

42,681

 

 

 

(22,681

)

 

(53

)%

 

Litigation costs, net of recoveries

 

 

2,758

 

 

 

3,363

 

 

 

(605

)

 

(18

)%

 

 

5,254

 

 

 

8,439

 

 

 

(3,185

)

 

(38

)%

 

Restructuring costs

 

 

6,133

 

 

 

5,178

 

 

 

955

 

 

18

%

 

 

17,249

 

 

 

8,748

 

 

 

8,501

 

 

97

%

 

Transaction costs (income), net

 

 

605

 

 

 

3,465

 

 

 

(2,860

)

 

(83

)%

 

 

2,563

 

 

 

13,061

 

 

 

(10,498

)

 

(80

)%

 

Total operating expenses

 

 

811,942

 

 

 

131,494

 

 

 

680,448

 

 

517

%

 

 

1,011,656

 

 

 

299,220

 

 

 

712,436

 

 

238

%

 

Operating loss

 

 

(759,931

)

 

 

(82,098

)

 

 

(677,833

)

 

826

%

 

 

(838,719

)

 

 

(158,219

)

 

 

(680,500

)

 

430

%

 

Interest expense, net

 

 

(8,378

)

 

 

(8,517

)

 

 

139

 

 

(2

)%

 

 

(25,986

)

 

 

(26,977

)

 

 

991

 

 

(4

)%

 

Non-operating income (expense), net

 

 

(24,022

)

 

 

(17,239

)

 

 

(6,783

)

 

39

%

 

 

(44,631

)

 

 

(20,820

)

 

 

(23,811

)

 

114

%

 

Loss before income taxes

 

 

(792,331

)

 

 

(107,854

)

 

 

(684,477

)

 

635

%

 

 

(909,336

)

 

 

(206,016

)

 

 

(703,320

)

 

341

%

 

Income tax expense (recovery), net

 

 

1,203

 

 

 

(2,871

)

 

 

4,074

 

 

(142

)%

 

 

4,125

 

 

 

1,013

 

 

 

3,112

 

 

307

%

 

Net loss

 

$

(793,534

)

 

$

(104,983

)

 

$

(688,551

)

 

656

%

 

$

(913,461

)

 

$

(207,029

)

 

$

(706,432

)

 

341

%

 

Total net (loss) income attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders of Tilray Brands, Inc.

 

 

(789,436

)

 

 

(92,701

)

 

 

(696,735

)

 

752

%

 

 

(913,943

)

 

 

(213,234

)

 

 

(700,709

)

 

329

%

 

Non-controlling interests

 

 

(4,098

)

 

 

(12,282

)

 

 

8,184

 

 

(67

)%

 

 

482

 

 

 

6,205

 

 

 

(5,723

)

 

(92

)%

 

Other comprehensive gain (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

(5,389

)

 

 

(4,696

)

 

 

(693

)

 

15

%

 

 

(10,195

)

 

 

3,716

 

 

 

(13,911

)

 

(374

)%

 

Total other comprehensive gain (loss), net of tax

 

 

(5,389

)

 

 

(4,696

)

 

 

(693

)

 

15

%

 

 

(10,195

)

 

 

3,716

 

 

 

(13,911

)

 

(374

)%

 

Comprehensive loss

 

$

(798,923

)

 

$

(109,679

)

 

$

(689,244

)

 

628

%

 

$

(923,656

)

 

$

(203,313

)

 

$

(720,343

)

 

354

%

 

Total comprehensive (loss) income attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders of Tilray Brands, Inc.

 

 

(794,414

)

 

 

(97,521

)

 

 

(696,893

)

 

715

%

 

 

(923,379

)

 

 

(209,811

)

 

 

(713,568

)

 

340

%

 

Non-controlling interests

 

 

(4,509

)

 

 

(12,158

)

 

 

7,649

 

 

(63

)%