# Tilray Brands, Inc. (TLRY)

> Source: Nexqual · https://nexqual.com/TLRY · data as of 2026-10-23 16:57 UTC · cite as "Nexqual, Tilray Brands, Inc. (TLRY), nexqual.com/TLRY" · informational, not investment advice.

**Price:** USD 2.84 (-3.24% today) · US market open, as of October 23, 2026 at 16:57 UTC; quotes may be delayed. Prev close 2.93 · day 2.8–2.93 · 52w 2.8–15.7 · market cap $419M · NMS

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $963M, net income -$164M (-17.1% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $233K; 1 not under a Rule 10b5-1 plan ($233K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $69K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -80.8% vs S&P 500 +14.6%; 5Y -97.3% vs S&P 500 +77.3%.
- Next earnings: 2027-01-07, EPS estimate USD 0, revenue estimate $265M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $628M | $627M | $789M | $821M | $915M | $963M |
| Gross profit | $117M | $147M | $223M | $241M | $260M | — |
| Operating income | -$610M | -$1.37B | -$175M | -$2.28B | -$63.0M | -$89.2M |
| Net income | -$477M | -$1.45B | -$245M | -$2.19B | -$121M | -$164M |
| EPS (diluted) | -$9.90 | -$23.50 | -$3.30 | -$24.56 | -$1.09 | — |
| Free cash flow | -$211M | -$12.9M | -$60.2M | -$128M | — | — |
| Gross margin | 18.6% | 23.4% | 28.3% | 29.3% | 28.4% | — |
| Operating margin | -97.1% | -218.4% | -22.1% | -277.9% | -6.9% | -9.3% |
| Net margin | -75.9% | -231.6% | -31.1% | -266.3% | -13.3% | -17.1% |
| Revenue growth | +22.5% | -0.2% | +25.8% | +4.1% | +11.5% | — |
| Cash + short-term investments | $416M | $449M | $261M | $256M | $231M | — |
| Total debt | $186M | $244M | $148M | $93.6M | $129M | — |
Fiscal years end May. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/S 0.4x · EV/Sales 0.3x · P/B 0.3x · Earnings yield -39.19% · Net cash $91.3M · EV $328M

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-04-21 | Hopkinson David G. | Director | 33,556 | $233K | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $69K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-06 | Gendel Mitchell | Global General Counsel | 2,500 | $11K | 4.43 | Too little history (no open-market trades in 2023) |
| 2026-08-04 | Merton Carl A | Chief Financial Officer | 10,000 | $46K | 4.62 | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Faltischek Denise M | Chief Strategy Officer | 2,500 | $12K | 4.78 | Too little history (no open-market trades in 2023 or 2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Canaccord Genuity | Target lowered | Hold | $4.5 → $4 |
| 2026-07-14 | TD Cowen | Target lowered | Buy | $7 → $5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -80.8% | -97.3% |
| S&P 500 (SPY) | +14.6% | +77.3% |
| Per year | -80.9% | -51.3% |
| Volatility (annualized) | 77.3% | 79.7% |
| Max drawdown | -81.0% (Oct 2025→Oct 2026) | -97.8% (Nov 2021→Oct 2026) |

## Peers (Drug Manufacturers - Specialty & Generic)
BHC (Bausch Health Companies Inc.) USD 6.34 -2.33% · HCM (HUTCHMED (China) Limited) USD 14.4 +0.84% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 27.71 -3.01% · LQDA (Liquidia Corporation) USD 41.25 +3.93% · INDV (Indivior Pharmaceuticals, Inc.) USD 34.37 -2.72% · RGC (Regencell Bioscience Holdings L) USD 8.37 -14.73%

## More
Full page: https://nexqual.com/TLRY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TLRY's own 10-K filed 2026-07-28 (https://www.sec.gov/Archives/edgar/data/1731348/000143774926024698/tlry20260531_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | CC Pharma | "CC Pharma also supports our medical cannabis business in Germany by providing packaging, order fulfillment, customer service, warehousing, and logistics services." |

## Revenue by business segment (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Beverage Alcohol Business | $101.5M | 39.5% | +82.1% |
| Distribution Business | $84.3M | 32.8% | +13.9% |
| Cannabis | $56.1M | 21.8% | -13.0% |
| Wellness Business | $15.3M | 5.9% | +0.2% |
| Total revenue | $257.1M | 100% | — |

## Revenue by product line (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Adultuse Cannabis Products | $53.6M | 20.8% | -16.4% |
| International Cannabis Products | $16.2M | 6.3% | +21.5% |
| Medical Cannabis Products | $4.7M | 1.8% | -23.3% |
| Wholesale Cannabis Products | $673,000 | 0.3% | -83.8% |
| Total revenue | $257.1M | 100% | — |
The lines above cover 29.2% of total revenue.

## Revenue by region (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| EMEA | $145.5M | 56.6% | +70.7% |
| United States | $58.3M | 22.7% | -8.8% |
| Canada | $48.4M | 18.8% | -16.7% |
| Rest Of World | $4.9M | 1.9% | +129.6% |
| Total revenue | $257.1M | 100% | — |

## Company outlook (8-K filed 2026-10-08)

- "Guidance of $68 Million to $75 Million NEW YORK and LONDON and LEAMINGTON, Ontario, Oct. 08, 2026 (GLOBE NEWSWIRE) -- Tilray Brands, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.00 | $0.00 | — | $265.0M | 1 |
| Next quarter (ends 2027-02-28) | $0.00 | $0.00 | — | $265.6M | 1 |
| Current fiscal year (ends 2027-05-31) | $-0.13 | $0.26 | -150.2% | $1.10B | 2 |
| Next fiscal year (ends 2028-05-31) | $0.14 | $0.74 | -80.8% | $1.16B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2027-01-07): ±29.9%; earnings reaction alone ±10.2%; last 8 reports averaged ±5.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 73.5% | ±9.7% |
| 2026-11-06 | 14 | 71.8% | ±12.5% |
| 2026-11-13 | 21 | 72.2% | ±15.0% |
| 2026-11-20 | 28 | 72.4% | ±17.1% |
| 2026-11-27 | 35 | 72.2% | ±18.8% |
| 2026-12-04 | 42 | 156.4% | ±43.1% |
| 2026-12-18 | 56 | 72.0% | ±23.4% |
| 2027-01-15 | 84 | 76.2% | ±29.9% |