Tilray Brands, Inc.

Listed Company

TLRYCIK 0001731348NasdaqLarge AcceleratedMedicinal Chemicals & Botanical ProductsCAFY ends May 31

Period

FY 2025

Revenue

$821.31M

Net Income

$-2.19B

Total Assets

$2.07B

Equity

$1.51B

Shares Out

116.55M

Op. Cash Flow

$-94.60M

Business

Tilray Brands, Inc. is a global lifestyle consumer products company operating at the nexus of cannabis, beverage, wellness and entertainment. It produces and markets a wide portfolio of products including craft beers, spirits, medical and adult-use cannabis (flower, pre-rolls, vapes, edibles, beverages, topicals), hemp-based foods and distribution services. The company reports four primary business segments: Beverage, Cannabis, Distribution and Wellness. Tilray sells through provincial and private retail channels in Canada, three-tier alcohol distribution and on-/off-premises retail in the U.S., and through international distributors, pharmacies and wholesalers across Europe, Australia, Latin America and beyond.

Summary from filing dated 2025-07-29

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Net revenue	821	789	627	628	513
Cost of goods sold	581	566	480	512	390
Gross profit	241	223	147	117	123
General and administrative	167	167	165	163	112
Selling	56	37	35	35	27
Amortization	89	85	93	115	35
Marketing and promotion	37	42	31	31	18
Research and development	284,000	635,000	682,000	2	830,000
Change in fair value of contingent consideration	0	−16	855,000	−45	0
Asset Impairment Charges	2,096	0	934	378	0
Other than temporary change in fair value of convertible notes receivable	22	43	246	0	0
Litigation costs, net of recoveries	17	8	−505,000	17	3
Restructuring costs	34	16	9	795,000	0
Transaction costs (income), net	5	15	2	31	—
Total operating expenses	2,523	398	1,517	727	255
Operating loss	−2,283	−175	−1,370	−610	−132
Interest expense, net	−30	−36	−14	−28	−28
Non-operating income (expense), net	10	−38	−67	198	−185
Loss before income taxes	−2,302	−249	−1,450	−441	−345
Income tax (recovery) expense	−121	−27	−7	−7	−9
Net loss	−2,181	−222	−1,443	−434	−336
Stockholders of Tilray Brands, Inc.	−2,187	−245	−1,453	−477	−367
Non-controlling interests	5	23	10	43	31
Foreign currency translation gain (loss)	430,000	3	−84	−125	157
Unrealized gain (loss) on convertible notes receivable	0	0	75	−71	−4
Total other comprehensive gain (loss), net of tax	430,000	3	−8	−197	153
Comprehensive loss	−2,181	−219	−1,451	−631	−183
Stockholders of Tilray Brands, Inc.	−2,186	−242	−1,479	−650	−215
Non-controlling interests	5	23	27	19	31
Weighted average number of common shares - basic (in shares)	890	743	618	481	270
Weighted average number of common shares - diluted (in shares)	890	743	618	481	270
Net loss per share - basic (in dollars per share)	−2.46	−0.33	−2.35	−0.99	−1.36
Net loss per share - diluted (in dollars per share)	−2.46	−0.33	−2.35	−0.99	−1.36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Cash and cash equivalents	222	228	207	416	488
Marketable securities	35	32	242	0	—
Accounts receivable, net	121	102	86	95	87
Inventory	271	252	201	246	256
Prepaids and other current assets	34	31	38	47	49
Assets held for sale	6	32	0	—	—
Total current assets	689	678	773	804	884
Capital assets	568	558	430	587	—
Operating lease, right-of-use assets	22	16	6	13	18
Intangible assets	21	915	974	1,278	1,606
Goodwill	752	2,009	2,009	2,641	2,833
Long-term investments	10	8	8	10	—
Convertible notes receivable	0	32	103	111	—
Other assets	11	5	222,000	314,000	8
Total assets	2,074	4,222	4,307	5,450	6,025
Bank indebtedness	7	18	23	18	9
Accounts payable and accrued liabilities	235	242	191	157	213
Contingent consideration	15	15	16	16	61
Warrant liability	1	3	2	14	—
Operating and Finance Lease Liability, Current	7	5	2	7	4
Current portion of long-term debt	15	16	24	68	—
Deduct - current portion	0	330,000	174	0	—
Total current liabilities	280	299	433	280	401
Operating and Finance Lease Liability, Noncurrent	65	60	8	11	54
Long-term debt	148	158	137	118	—
Convertible debentures payable	86	130	221	402	—
Deferred tax liabilities, net	4	131	167	197	266
Other liabilities	855,000	90,000	215,000	191,000	4
Total liabilities	585	778	977	1,008	1,560
Commitments and contingencies (refer to Note 28)	—	—	—	—	—
Common stock ($0.0001 par value; 1,416,000,000 common shares authorized; 1,060,678,745 and 831,925,373 common shares issued and outstanding, respectively)	106,000	83,000	66,000	53,000	46,000
Treasury Stock (2,004,218 and nil treasury shares issued and outstanding, respectively)	0	0	—	—	—
Preferred shares ($0.0001 par value; 10,000,000 preferred shares authorized; nil and nil preferred shares issued and outstanding, respectively)	0	0	0	—	—
Additional paid-in capital	6,402	6,147	5,778	5,382	4,792
Accumulated other comprehensive loss	−43	−43	−47	−21	153
Accumulated Deficit	−4,847	−2,660	−2,416	−963	−486
Total Tilray Brands, Inc. stockholders' equity	1,511	3,443	3,316	4,399	4,459
Non-controlling interests	−22	272,000	14	43	6
Total stockholders' equity	1,490	3,443	3,330	4,441	4,465
Total liabilities and stockholders' equity	2,074	4,222	4,307	5,450	6,025

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Deferred income tax recovery	−121	−39	−32	−28	−25
Unrealized foreign exchange (gain) loss	−18	4	18	18	49
Amortization	133	127	130	155	68
Loss (gain) on sale of capital assets	928,000	−4	−48,000	−682,000	0
Accretion of convertible debt discount	11	14	4	5	—
Inventory valuation write down	0	0	55	67	20
Other non-cash items	−2	14	11	−10	2
Stock-based compensation	24	32	40	36	17
Loss on long-term investments & equity investments	6	5	2	5	2
(Gain) loss on derivative instruments	−2	21	27	−233	170
Accounts receivable	−18	−7	4	−6	−24
Prepaids and other current assets	−8	13	3	4	−7
Inventory	−14	−16	−13	−46	−55
Accounts payable and accrued liabilities	−23	212,000	20	−45	15
Net cash provided by (used in) operating activities	−95	−31	8	−177	−45
Investment in capital and intangible assets	−33	−29	−21	−34	−39
Proceeds from disposal of capital and intangible assets	7	9	4	12	7
Disposal (purchase) of marketable securities, net	−3	210	−242	0	—
Business acquisitions, net of cash acquired	−18	−61	−27	326,000	67
Net cash provided by (used in) investing activities	−47	128	−285	−22	46
Share capital issued, net of cash issuance costs	161	9	130	263	103
Shares effectively repurchased for employee withholding tax	0	0	−1	−9	0
Proceeds from long-term debt	3	33	1	0	—
Repayment of long-term debt	−16	−22	−21	−40	—
Proceeds from convertible debt	0	22	145	—	—
Repayment of convertible debt	−330,000	−107	−187	−88	0
Repayment of lease liabilities	−3	−3	−1	−5	−1
Net increase (decrease) in bank indebtedness	−11	−5	5	9	8
Dividend paid to NCI	−2	0	0	−7	−24
Net cash provided by (used in) financing activities	134	−75	70	128	124
Effect of foreign exchange on cash and cash equivalents	1	−549,000	−2	−2	2
Net decrease in cash and cash equivalents	−7	22	−209	−73	128

Filings

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