On this page of StockholderLetter.com we present the latest annual shareholder letter from Tilray Brands, Inc. — ticker symbol TLRY. Reading current and past TLRY letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report Fiscal Year ended May 31, 2025
To My Fellow Stockholders, I am honored to have this opportunity to reflect on Tilray Brands remarkable progress and achievements with you. Our 2025 fiscal year was one marked by significant advancements, bold innovation, and strategic growth. We have transformed Tilray Brands into a global company at the intersection of cannabis, beverage and wellness, establishing ourselves as a leading global cannabis business, the fourth largest craft beer producer in the U.S., and a dominant force in the global market for high-protein hemp foods, snacks and wellness drinks. Our progress is rooted in a deep understanding of product innovation and evolving consumer demands, shaping offerings that not only reflect, but anticipate, how people choose to eat, drink, relax, and address their health and wellbeing. In Fiscal 2025, we achieved record total net revenue of $821 million, or $834 million on a constant currency basis, and delivered our highest gross profit to date of $241 million. We also ended the year with $256 million in cash and marketable securities and reduced total debt by roughly $100 million, strengthening our balance sheet and enhancing strategic flexibility. Our financial performance highlights the value of our disciplined strategy to enhance profitability, drive innovation, and reinforce long-term shareholder returns. Throughout the fiscal year, I am proud to share that Tilray s cannabis operations achieved significant milestones and demonstrated meaningful progress. We strengthened our leadership across international markets, including notable advances in Germany following medical cannabis reform. Our Aphria RX operations in Germany secured new cultivation and trading licenses, further fortifying our cannabis supply chain and expanding our medical cannabis portfolio with brands such as Broken Coast, Tilray Craft, and the latest, Good Supply. Subsequent to the end of the fiscal year, we received Italy s first authorization to distribute medical cannabis flower for therapeutic use from the Italian Ministry of Health and formed a strategic partnership with the Italian pharmaceutical firm, Molteni, to broaden the availability of our cannabis extracts to patients there. These efforts enabled us to serve more patients and pharmacies across Europe and reinforced Tilray s reputation as a trusted partner for patients, healthcare professionals, and governments worldwide. As international regulations continue to evolve, these achievements lay a solid foundation for future growth. In the United States, ongoing discussions continue regarding advancements in the legalization and the rescheduling of cannabis, with significant developments anticipated in the near future. Rescheduling is projected to enhance patient access, improve the quality of patient care, promote scientific research, and support responsible regulatory practices. As a recognized leader in medical cannabis, trusted by patients, healthcare professionals, and governments across more than 20 countries, Tilray is strategically positioned to capitalize on this unique opportunity by leveraging our diversified platform and extensive experience in developing new medical cannabis markets. Our proven track record in market development enables us to respond swiftly and effectively to regulatory changes in the U.S., whether these occur in the coming months or in subsequent years. In Canada, Tilray accelerated cannabis innovation across our leading brands in Fiscal Year 2025, reinforcing our position as a product-driven company attuned to evolving consumer preferences. On the cannabis flower side, Broken Coast elevated our premium portfolio with new, high-quality strains such as Coffee Creamer, prized for its unique flavor and terpene complexity. Redecan launched live-resin infused pre-rolls, while Good Supply rolled out potent new formats like Double Dutchies and kief-coated infused pre-rolls, offering exceptional strength, flavor, and consistency. These next-generation products quickly became some of the fastest-growing offerings in Canada, and with our value-based pricing, cemented Tilray s leadership as the #1 market share leader of non-infused pre-rolls in Canada. In cannabis vapes and concentrates, we launched high-potency, flavor-forward formulations across several brands, including innovative terpene blends and live-resin options to meet the increasing demand for premium, full-spectrum experiences. Sour enthusiasts have embraced the launch of our XMG Atomic Sours sub-brand, which now features XMG Atomic Sours Beverages and our first XMG gummy products. These advancements reflect our ongoing commitment to product differentiation, scientific innovation, and consumer-first design. Collectively, these innovations highlight Tilray s unwavering leadership in innovative product development and consumer engagement, ensuring that we remain at the forefront of industry trends and are well-positioned to drive continued growth and value for our stakeholders. To support these initiatives, we have implemented AI-driven horticulture automation across cultivation, enhancing potency, purity, and yield efficiency. This ensures we deliver the highest-quality products to market while maintaining cost discipline and strengthening our margins. In our beverage segment, we successfully completed the acquisition of four iconic craft beer brands from Molson Coors Hop Valley Brewing, Terrapin Beer, Revolver Brewing, and Atwater Brewery. This strategic move,
combined with the eight AB InBev brands we acquired in Fiscal 2024, has significantly broadened our beverage portfolio and established Tilray as the fourth-largest craft beer producer in the United States. The integration of these brands is a cornerstone of Project 420, our initiative to optimize beverage operations, drive profitable growth, and capitalize on portfolio synergies for enhanced marketing and supply chain efficiency. We believe that Project 420 will be critical to our success in fiscal year 2026, allowing us to create a more streamlined and profitable craft beer and beverage platform. I remain committed to ensuring we maximize the benefits of these acquisitions. This fiscal year, we also introduced hemp-derived Delta-9 (HD-D9) THC beverages in the U.S. a breakthrough category expansion that leverages our beverage infrastructure to bring innovative, hemp-derived drinks to mainstream retailers. Early consumer adoption and strong feedback signal the transformative potential of this category within the beverage sector. Today, Tilray generates revenue in more than 20 countries and proudly operates over 40 distinct brands across cannabis, beverages, and wellness categories. With our diversified global platform, we are uniquely positioned at the forefront of these growth industries, shaping their future with vision, scale, and purpose. Our overall strategy is to harness our brands, infrastructure, and expertise to drive growth, profitability, and lasting shareholder value. We continue to strengthen our capabilities in data analytics and consumer insights to lead in category management, identify new product opportunities, and expand into additional markets. Maintaining cost discipline and a strong financial position remains a priority. Our seasoned leadership team bringing together a proven track record in cannabis, beverages, and wellness are dedicated to executing this vision and ensuring Tilray s continued success as a global leader at the intersection of cannabis, beverage, wellness, and entertainment. Looking forward, our strategic priorities remain clear: 1. Build global brands that lead in their respective industries across the cannabis, beverages and wellness categories by winning the hearts and minds of our consumers and patients. Our unwavering commitment is to build global brands that set the standard for excellence in cannabis, beverages, and wellness, earning the trust and loyalty of consumers and patients worldwide. We are proud to steward a portfolio of high-quality brands that resonate deeply with the individuals we serve brands that are not only recognized for their superior quality but also cherished and relied upon by our global community. Through ongoing innovation and a relentless focus on delivering exceptional value, we will continue to strengthen this loyalty, ensuring that our consumers and patients receive the consistent quality and unique value proposition they expect from Tilray Brands. 2. Advance cannabis research and innovation and change the way the world consumes cannabis. We will continue to develop innovative, differentiated products that drive consumer demand, while optimizing our cultivation and production facilities. Guided by research and insights, we are investing in innovation to deliver a portfolio of products that meets consumer needs and consistently exceeds their expectations. 3. Grow and optimize our beverage business. We are dedicated to completing the integration of Tilray Beverages while placing a strong emphasis on profitable growth. Our goal is to create a more efficient and profitable beverage platform through an optimized product mix, heightened marketing effectiveness, and increased supply-chain efficiency. In addition to these efforts, Tilray is launching innovative beverage products that resonate with consumers seeking non-traditional beer experiences. By introducing new styles, unique flavor profiles, and expanding into adjacent beverage categories such as our non-alcoholic beer brand, Runner s High, sparking water, energy drinks, and HD-D9 THC drinks we are meeting the evolving preferences of modern consumers who crave originality and variety beyond conventional brews. These initiatives position Tilray at the forefront of beverage innovation, capturing growth opportunities and driving greater consumer engagement within the segment. 4. Expand and grow wellness and better-for-you platforms. Tilray will look to expand its Wellness segment in Fiscal 2026, both in wellness and functional foods and beverages. We will continue to diversify and expand the Manitoba Harvest portfolio in North America in better-for-you and high-protein categories and begin to bring the brand into new international markets. We see the success of Hi-Ball as validation that Tilray Wellness has the right strategy, infrastructure and expertise to build and acquire a more broad-based wellness beverage portfolio. In regions like Asia, the Middle East, India, and T rkiye we will focus on strategic opportunities in non-alcoholic beer and hemp-based food.
5. Execute with discipline and technology. We are deploying data, automation, and AI across cultivation and operations to raise quality, reduce waste, and speed innovation for operational excellence. In closing, I want to express my gratitude to Tilray s dedicated global team, our Board of Directors, our partners, and our investors for your support and commitment. Together, we are building something extraordinary, and I am confident that the best is yet to come. Please continue to support Tilray Brands and your investment in the Company by voting today on the proposals and matters outlined in the 2025 Proxy Statement, and join us at the Annual Meeting of Stockholders to be held on Tuesday, November 18, 2025, at 11:00 a.m. EST. Sincerely, Irwin D. Simon Chairman and Chief Executive Officer Tilray Brands, Inc.
 • shareholder letter icon 9/26/2025 Letter Continued (Full PDF)
 • stockholder letter icon 9/27/2023 TLRY Stockholder Letter
 • stockholder letter icon 9/27/2024 TLRY Stockholder Letter
 • stockholder letter icon More "Drugs & Pharmaceuticals" Category Stockholder Letters
 • Benford's Law Stocks icon TLRY Benford's Law Stock Score = 94


TLRY Shareholder/Stockholder Letter Transcript:

2025 Annual Report
Fiscal Year ended May 31, 2025


To My Fellow Stockholders,
I am honored to have this opportunity to reflect on Tilray Brands    remarkable progress and achievements with you.
Our 2025 fiscal year was one marked by significant advancements, bold innovation, and strategic growth. We have
transformed Tilray Brands into a global company at the intersection of cannabis, beverage and wellness, establishing
ourselves as a leading global cannabis business, the fourth largest craft beer producer in the U.S., and a dominant
force in the global market for high-protein hemp foods, snacks and wellness drinks. Our progress is rooted in a deep
understanding of product innovation and evolving consumer demands, shaping offerings that not only reflect, but
anticipate, how people choose to eat, drink, relax, and address their health and wellbeing.
In Fiscal 2025, we achieved record total net revenue of $821 million, or $834 million on a constant currency basis,
and delivered our highest gross profit to date of $241 million. We also ended the year with $256 million in cash and
marketable securities and reduced total debt by roughly $100 million, strengthening our balance sheet and enhancing
strategic flexibility. Our financial performance highlights the value of our disciplined strategy to enhance
profitability, drive innovation, and reinforce long-term shareholder returns.
Throughout the fiscal year, I am proud to share that Tilray   s cannabis operations achieved significant milestones and
demonstrated meaningful progress. We strengthened our leadership across international markets, including notable
advances in Germany following medical cannabis reform. Our Aphria RX operations in Germany secured new
cultivation and trading licenses, further fortifying our cannabis supply chain and expanding our medical cannabis
portfolio with brands such as Broken Coast, Tilray Craft, and the latest, Good Supply. Subsequent to the end of the
fiscal year, we received Italy   s first authorization to distribute medical cannabis flower for therapeutic use from the
Italian Ministry of Health and formed a strategic partnership with the Italian pharmaceutical firm, Molteni, to broaden
the availability of our cannabis extracts to patients there. These efforts enabled us to serve more patients and
pharmacies across Europe and reinforced Tilray   s reputation as a trusted partner for patients, healthcare professionals,
and governments worldwide. As international regulations continue to evolve, these achievements lay a solid
foundation for future growth.
In the United States, ongoing discussions continue regarding advancements in the legalization and the rescheduling
of cannabis, with significant developments anticipated in the near future. Rescheduling is projected to enhance patient
access, improve the quality of patient care, promote scientific research, and support responsible regulatory practices.
As a recognized leader in medical cannabis, trusted by patients, healthcare professionals, and governments across
more than 20 countries, Tilray is strategically positioned to capitalize on this unique opportunity by leveraging our
diversified platform and extensive experience in developing new medical cannabis markets. Our proven track record
in market development enables us to respond swiftly and effectively to regulatory changes in the U.S., whether these
occur in the coming months or in subsequent years.
In Canada, Tilray accelerated cannabis innovation across our leading brands in Fiscal Year 2025, reinforcing our
position as a product-driven company attuned to evolving consumer preferences. On the cannabis flower side, Broken
Coast elevated our premium portfolio with new, high-quality strains such as Coffee Creamer, prized for its unique
flavor and terpene complexity. Redecan launched live-resin infused pre-rolls, while Good Supply rolled out potent
new formats like Double Dutchies and kief-coated infused pre-rolls, offering exceptional strength, flavor, and
consistency. These next-generation products quickly became some of the fastest-growing offerings in Canada, and
with our value-based pricing, cemented Tilray   s leadership as the #1 market share leader of non-infused pre-rolls in
Canada. In cannabis vapes and concentrates, we launched high-potency, flavor-forward formulations across several
brands, including innovative terpene blends and live-resin options to meet the increasing demand for premium,
full-spectrum experiences. Sour enthusiasts have embraced the launch of our XMG Atomic Sours sub-brand, which
now features XMG Atomic Sours Beverages and our first XMG gummy products. These advancements reflect our
ongoing commitment to product differentiation, scientific innovation, and consumer-first design. Collectively, these
innovations highlight Tilray   s unwavering leadership in innovative product development and consumer engagement,
ensuring that we remain at the forefront of industry trends and are well-positioned to drive continued growth and
value for our stakeholders.
To support these initiatives, we have implemented AI-driven horticulture automation across cultivation, enhancing
potency, purity, and yield efficiency. This ensures we deliver the highest-quality products to market while maintaining
cost discipline and strengthening our margins.
In our beverage segment, we successfully completed the acquisition of four iconic craft beer brands from Molson
Coors   Hop Valley Brewing, Terrapin Beer, Revolver Brewing, and Atwater Brewery. This strategic move,

combined with the eight AB InBev brands we acquired in Fiscal 2024, has significantly broadened our beverage
portfolio and established Tilray as the fourth-largest craft beer producer in the United States. The integration of these
brands is a cornerstone of Project 420, our initiative to optimize beverage operations, drive profitable growth, and
capitalize on portfolio synergies for enhanced marketing and supply chain efficiency. We believe that Project 420 will
be critical to our success in fiscal year 2026, allowing us to create a more streamlined and profitable craft beer and
beverage platform. I remain committed to ensuring we maximize the benefits of these acquisitions. This fiscal year,
we also introduced hemp-derived Delta-9 (HD-D9) THC beverages in the U.S.   a breakthrough category expansion
that leverages our beverage infrastructure to bring innovative, hemp-derived drinks to mainstream retailers. Early
consumer adoption and strong feedback signal the transformative potential of this category within the beverage
sector.
Today, Tilray generates revenue in more than 20 countries and proudly operates over 40 distinct brands across
cannabis, beverages, and wellness categories. With our diversified global platform, we are uniquely positioned at the
forefront of these growth industries, shaping their future with vision, scale, and purpose.
Our overall strategy is to harness our brands, infrastructure, and expertise to drive growth, profitability, and lasting
shareholder value. We continue to strengthen our capabilities in data analytics and consumer insights to lead in
category management, identify new product opportunities, and expand into additional markets. Maintaining cost
discipline and a strong financial position remains a priority. Our seasoned leadership team   bringing together a
proven track record in cannabis, beverages, and wellness   are dedicated to executing this vision and ensuring
Tilray   s continued success as a global leader at the intersection of cannabis, beverage, wellness, and entertainment.
Looking forward, our strategic priorities remain clear:
1.
Build global brands that lead in their respective industries across the cannabis, beverages and wellness
categories by winning the hearts and minds of our consumers and patients. Our unwavering commitment
is to build global brands that set the standard for excellence in cannabis, beverages, and wellness, earning
the trust and loyalty of consumers and patients worldwide. We are proud to steward a portfolio of
high-quality brands that resonate deeply with the individuals we serve   brands that are not only recognized
for their superior quality but also cherished and relied upon by our global community. Through ongoing
innovation and a relentless focus on delivering exceptional value, we will continue to strengthen this
loyalty, ensuring that our consumers and patients receive the consistent quality and unique value
proposition they expect from Tilray Brands.
2.
Advance cannabis research and innovation and change the way the world consumes cannabis. We will
continue to develop innovative, differentiated products that drive consumer demand, while optimizing our
cultivation and production facilities. Guided by research and insights, we are investing in innovation to
deliver a portfolio of products that meets consumer needs and consistently exceeds their expectations.
3.
Grow and optimize our beverage business. We are dedicated to completing the integration of Tilray
Beverages while placing a strong emphasis on profitable growth. Our goal is to create a more efficient and
profitable beverage platform through an optimized product mix, heightened marketing effectiveness, and
increased supply-chain efficiency. In addition to these efforts, Tilray is launching innovative beverage
products that resonate with consumers seeking non-traditional beer experiences. By introducing new styles,
unique flavor profiles, and expanding into adjacent beverage categories   such as our non-alcoholic beer
brand, Runner   s High, sparking water, energy drinks, and HD-D9 THC drinks   we are meeting the
evolving preferences of modern consumers who crave originality and variety beyond conventional brews.
These initiatives position Tilray at the forefront of beverage innovation, capturing growth opportunities and
driving greater consumer engagement within the segment.
4.
Expand and grow wellness and better-for-you platforms. Tilray will look to expand its Wellness segment
in Fiscal 2026, both in wellness and functional foods and beverages. We will continue to diversify and
expand the Manitoba Harvest portfolio in North America in better-for-you and high-protein categories and
begin to bring the brand into new international markets. We see the success of Hi-Ball as validation that
Tilray Wellness has the right strategy, infrastructure and expertise to build and acquire a more broad-based
wellness beverage portfolio. In regions like Asia, the Middle East, India, and T  rkiye we will focus on
strategic opportunities in non-alcoholic beer and hemp-based food.

5.
Execute with discipline and technology. We are deploying data, automation, and AI across cultivation and
operations to raise quality, reduce waste, and speed innovation for operational excellence.
In closing, I want to express my gratitude to Tilray   s dedicated global team, our Board of Directors, our partners, and
our investors for your support and commitment. Together, we are building something extraordinary, and I am
confident that the best is yet to come.
Please continue to support Tilray Brands and your investment in the Company by voting today on the proposals and
matters outlined in the 2025 Proxy Statement, and join us at the Annual Meeting of Stockholders to be held on
Tuesday, November 18, 2025, at 11:00 a.m. EST.
Sincerely,
Irwin D. Simon
Chairman and Chief Executive Officer
Tilray Brands, Inc.



shareholder letter icon 9/26/2025 Letter Continued (Full PDF)
 

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