Tilray, Inc. Q1 2027 Earnings Recap

Tilray shares fell 4.7% 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.

Key Takeaways

• 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.