Tilray Brands, Inc. (Nasdaq: TLRY) reported net revenue of $257.1 million for its first fiscal quarter ended August 31, 2026, a 23% increase from $209.5 million in the same period a year earlier, according to a company press release.

Gross profit rose 35% year-over-year to $77.5 million, with gross margin expanding to 30% from 27%. The beverage segment was the largest contributor to revenue growth, with net revenue rising 82% to $101.5 million, reflecting the acquisition of BrewDog. Beverage gross margin widened to 41% from 38%.

Distribution revenue increased 14% to $84.3 million, while cannabis revenue declined to $56.1 million from $64.5 million in the prior-year period. Cannabis gross margin improved to 39% from 36%. Wellness revenue was roughly flat at $15.3 million.

The company posted a net loss of $40.0 million, or $0.32 per share, driven predominantly by non-cash charges. On an adjusted basis, the net loss was $3.0 million, or $0.02 per share. Adjusted EBITDA was $9.2 million, compared with $10.2 million a year earlier, with the company citing approximately $1.7 million in global fuel surcharges as a burden during the quarter.

Tilray reduced total outstanding debt by $42 million fiscal year-to-date and ended the quarter with cash, restricted cash, and marketable securities of $221.4 million. The company said it ended the quarter in a net cash position.

For the fiscal year ending May 31, 2027, Tilray reaffirmed its adjusted EBITDA guidance of $68 million to $75 million, which it said would represent double-digit growth compared to fiscal 2026. The company noted that results are typically weighted toward the second half of the fiscal year.