Canadian cannabis company Tilray Brands announced its fiscal year 2026 results on July 28, showing an 11% year-over-year increase in revenue to approximately $915 million, an 11% rise in adjusted EBITDA to $61.1 million, and a nearly doubled adjusted net profit of $12.2 million. However, the company still reported a net loss of $49.6 million under Generally Accepted Accounting Principles (GAAP), with a loss per share of $0.43. Additionally, debt reduction through debt-to-equity conversions led to equity dilution. These factors contributed to a subdued market reaction to the stock price. Tilray management projects adjusted EBITDA for fiscal year 2027 to be between $68 million and $75 million, but it remains unclear whether the company will achieve GAAP profitability. Currently, the cannabis business accounts for only 29% of the company's total sales, as Tilray has diversified into alcoholic beverages and pharmaceutical distribution.