Tilray shares fell 3.4% after earnings, suggesting investors focused on the risks behind the growth story: the business remains seasonally weighted to the second half, while management maintained—not raised—full-year adjusted EBITDA guidance. The quarter included record revenue and gross profit, but the transcript also flags delayed U.S. cannabis rescheduling as a drag on sentiment.
- Q1 revenue reached a record $257 million, up 23% year over year; gross profit was also a record, and gross margin expanded year over year.
- Management maintained full-year adjusted EBITDA guidance and said the fiscal year is more heavily weighted to the second half across beverage, cannabis and distribution.
- EMEA revenue, including medical cannabis, beverage and pharmaceutical distribution, increased more than 70%; international cannabis revenue grew 21%.
- EU-GMP medical cannabis shipments accelerated, with flower volumes up 110% and oil volumes up 150% year over year.
- Management said delays in U.S. cannabis rescheduling have weighed on sector sentiment, while emphasizing that Tilray’s strategy is not dependent on a single regulatory outcome.
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