revenue $915.5M, net income -$121.4M. Tilray completes BrewDog, Lyphe acquisitions; U.S. cannabis rescheduling advances; adjusted EBITDA rises

Filed July 28, 2026 · Period ending May 31, 2026 · Compared to 10-K Jul 29, 2025 · ~3 min read

Key Changes

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  BrewDog acquisition (March–April 2026) transformed beverage segment from U.S. to global platform, adding U.K./Australia brewing, 35 pubs/hotels, and international distribution for U.S. brands. Lyphe acquisition (April 2026) added U.K. medical cannabis clinic and digital pharmacy.

  Business: BrewDog & Lyphe Acquisitions verify on EDGAR →
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  U.S. DOJ rescheduled FDA-approved and state-licensed medical cannabis to Schedule III (April 2026); DEA administrative hearing ongoing with legal challenges. Tilray positioned to participate in federally compliant U.S. medical cannabis market but outcome uncertain.

  Business: U.S. Cannabis Rescheduling verify on EDGAR →
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  Adjusted EBITDA increased $6.1M to $61.1M in FY2026 from $ 915,454 in FY2025 as company executed strategic plan. Operating cash flow improved: net cash used fell from $94.6M to $69.1M; excluding working capital, operating cash flow positive $18.2M vs. cash used $32.0M prior year.

  MD&A: Adjusted EBITDA & Operating Cash Flow verify on EDGAR →