Tilray Brands, Inc. Revenue Disclosure
| 22. | Net revenue |
Net revenue is comprised of:
| For the year ended May 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Beverage revenue | $ | 253,181 | $ | 213,614 | $ | 100,679 | ||||||
| Beverage excise taxes | (12,586 | ) | (11,520 | ) | (5,586 | ) | ||||||
| Net beverage revenue | 240,595 | 202,094 | 95,093 | |||||||||
| Cannabis revenue | 330,609 | 370,692 | 284,314 | |||||||||
| Cannabis excise taxes | (81,608 | ) | (97,894 | ) | (63,884 | ) | ||||||
| Net cannabis revenue | 249,001 | 272,798 | 220,430 | |||||||||
| Distribution revenue | 271,228 | 258,740 | 258,770 | |||||||||
| Wellness revenue | 60,485 | 55,310 | 52,831 | |||||||||
| Total | $ | 821,309 | $ | 788,942 | $ | 627,124 | ||||||
Included in revenue from Canadian adult-use cannabis is $1,460 of advisory services revenue for the fiscal year ended May 31, 2025, compared to $1,500 and $40,377 of advisory services from the HEXO commercial transaction agreements for the fiscal year ended May 31, 2024 and May 31, 2023, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jul 29, 2025 | Showing above |
| 2024 | Jul 30, 2024 | |
| 2023 | Jul 26, 2023 | |
| 2022 | Jul 28, 2022 | |
| 2021 | Jul 28, 2021 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Mar 2, 2020 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.