Friday, October 24, 2025

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Tilray Posts Q2 Earnings

Tonight after the bell, Tilray (NASDAQ: TLRY) released their second quarter earnings. Which included the following highlights for the quarter:

  • The company generated $41.9M in Revenue (net of excise tax)
  • Generated approximately $26M in Cannabis Revenue including approximately $15M in Canadian Adult Use Cannabis.
  • Lost $17.9M in Adjusted EBITDA
  • Generated a Gross Margin on cannabis of 27%

In talking with Max Cherney at Marketwatch, CEO Brendan Kennedy said the company will likely announce supply deals in the coming months, similar to the July deal it inked with Zenabis Global Inc.

Quarter on Quarter Results

Some of the key quarter on quarter numbers include:

   Q1’19Q2’19% Change
Revenue$23,038$45,90499.3%
Gross Margin$5,385$12,273  
Gross Margin %23.4%26.7%14.4%
Inventory $48,712$75,31754.6%
Receivables$20,086$25,80728.5%
Payables$17,179$24,36841.8%
Kilograms Sold3,0125,58885.5%
Kilograms Harvested8,39411,47436.7%

The Manitoba Harvest Acquisition

In Q1, Tilray purchased Manitoba Havest, the world’s largest hemp-food company for $310 million. The purchase goal is to develop hemp-derived CBD food and wellness products to be released in the US and Canada.  The terms of the acquisition can be found here, creating:

From Compass Diversified Holding’s 2018 Annual Report, we found that Manitoba Harvest made $6.4M in adjusted EBITDA. Representing an acquisition price of over 46x EBITDA.

The Expectations Going vs. Reality

Analysts surveyed by FactSet estimated losses of 28 cents a share on net revenue of $40.3 million. And the company reported a second-quarter net loss of 36 cents a share, on reported revenue of $41.9 million (net of excise tax). Analysts estimates for the next quarter going into today include losses of 26 cents a share on sales of $50.8 million.

All figures in this article are in US Dollars.

Tilray closed the day up 8.38% to $46.02. And is down approximately 10% in after hours trading at the time of this article.


Information for this briefing was found via Sedar and Tilray. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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