Oct 8, 2026 earnings call — BrewDog integration and record quarter revenue
Tilray reported record Q1 revenue of $257.1 million, up 23% year-over-year, and reaffirmed fiscal 2027 adjusted EBITDA guidance of $68 million to $75 million.
Revenue $0.3B (est $0.3B) · EPS $-0.32 (est $-0.18)
Key quotes
"Beverage revenue increased 82% year-over-year to $101.5 million in Q1, largely driven by BrewDog."
"In Portugal, we reduced our operating and cultivation costs by approximately 40%, while improving strains, process and potency."
"Based on our current outlook, the strength of our diversified platform and the actions underway across the business, we are reaffirming our fiscal 2027 adjusted EBITDA guidance of $68 million to $75 million."
Analyst Q&A 5
International cannabis and beer margins
Q (Aaron Grey · Alliance Global): He asked how Tilray sees the international cannabis market and how it can keep sales growing. He also asked how beer gross margins will evolve given distributor changes and BrewDog integration.
A: Management said Tilray has strong grow capacity in Cantanhede and Germany, plus seven years of international experience, customer relationships, and a pharmaceutical distributor (CC Pharma) selling into 16,000 drugstores. For beer, they are consolidating breweries to 5 or 6 sites, consolidating distributors, calling on retailers directly, and expect scale, hop and ingredient savings and more innovation.
"So I really, really feel good about our international business." — Irwin Simon (CEO·CHAIR)
BrewDog profit drivers and Canada sales
Q (William Kirk · ROTH Capital Partners): He asked how BrewDog turned profitable after years of losses and whether that profit will persist. He also asked if the Canadian adult-use sales drop was a deliberate decision or a one-time effect.
A: Management said BrewDog was not burdened by many losing bars and pubs, they rightsized staff and leases, cut unprofitable lines, applied cost controls, and benefited from a strong summer and brand recovery; the budget targets ongoing profitability and expansion. On Canada, they said the quarter reflected normal seasonal and yield shifts and deliberate focus on margin and profitability, and that longer-term growth depends on moving consumers from the illicit market and adding more product channels like drinks in restaurants and beer stores.
"Well, number 1, the big thing is I was not saddled with a lot of their bars and pubs that were losing money." — Irwin Simon (CEO·CHAIR)
Carlsberg deal, M&A focus, Germany change
Q (Pablo Zuanic · Zuanic & Associates): He asked how big the Carlsberg opportunity could be in the U.S. and how the partnership might evolve. He also asked whether M&A will focus on beverages or cannabis. Finally, he asked about Germany reimbursement changes and any impact.
A: Management said Carlsberg is a very large global brewer and the U.S. venture is profit sharing, with Carlsberg products to be produced in Tilray's U.S. plants and Tilray holding U.S. distribution and marketing rights; they expect product innovation and possible reciprocal distribution of Tilray products in other markets. On M&A, they said the businesses are complementary and will share overheads and scale; on Germany, most sales are flower with paying patients, and the reimbursement change affects new oil patients but is not extremely impactful to their business.
"Carlsberg distributing some of our products in certain markets that we'd like to go into." — Irwin Simon (CEO·CHAIR)
EU production capacity and hemp THC drinks
Q (Brenna Cunnington · ATB): She asked when Tilray's large EU-GMP cultivation footprint will show through in international sales. She also asked if a hemp bill carve-out might allow THC beverages in the U.S.
A: Management said the new Masson facility in Gatineau is coming on and will be EU-GMP certified within the year, and that Tilray has over 40 metric tons from Portugal plus 4 or 5 metric tons from Germany, giving plenty of low-cost supply and consistency for customers. On hemp beverages, they expect an extension beyond December 11 and believe a new Congress will likely approve limits on milligrams sold; Tilray is staying in market and can turn on quickly depending on the final rules.
"We have over 40 metric tons, and then we have 4 or 5 metric tons that will come out of Germany." — Irwin Simon (CEO·CHAIR)
Beverage growth ex-BrewDog and Wellness margins
Q (Ryan Neal · TD Cowen): He asked how the Beverage segment would have grown without BrewDog. He also asked why Wellness gross margin compressed and how to think about future margins in that segment.
A: Management said the beverage business would have been down excluding BrewDog due to SKU and brand rationalization. For Wellness, they said the margin compression was caused by a one-time organic seed shortage feeding e-commerce, which changed the mix slightly.
"So that compression was really caused by a onetime organic seed shortage that was feeding our e-commerce business, and so we had a slight change in mix." — Carl Merton (CFO)