Tilray Brands Reports Strong First Quarter Fiscal 2026 Results, Highlighting Continued Growth with Record Q1 Net Revenue of $210 Million and Net Income

Operational Efficiencies and Focus on Profitability Drove Net Income of $1.5 Million, Adjusted EBITDA Increased 9% to $10 Million and Net Cash Used in Operations Improved by $34 Million Year-Over-Year Canadian Adult-Use Cannabis Gross Revenue Increased 12%, Maintaining the #1 Position in Revenue and Expanding Market Share; International Cannabis Revenue Grew 10% Year-Over-Year Balance Sheet Strengthened to $265 Million in Cash; Net Debt Reduced to $4 Million Reiterates Fiscal Year 2026 Adjusted EBITDA Outlook of $62 Million – $72 Million NEW YORK and LONDON and LEAMINGTON, Ontario, Oct. 09, 2025 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray”, “our”, “we” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a global lifestyle and consumer packaged goods company at the forefront of the cannabis, beverage, and wellness industries, today reported financial results for its first fiscal quarter ended August 31, 2025. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated. Irwin D. Simon, Chairman and Chief Executive Officer, stated, "As we enter fiscal 2026, Tilray’s first quarter results underscore the effectiveness of our strategic vision and disciplined execution. Achieving a record Q1 net revenue of $210 million, delivering net income, and fortifying our balance sheet are not just milestones, they are proof points of our commitment to building sustainable growth, operational excellence, and unlocking value for our shareholders. Our global platform positions Tilray Brands not just to participate in, but to lead, the evolution of the global cannabis, beverage, and wellness sectors." Mr. Simon continued, "Looking forward, I am confident in Tilray’s ability to seize the transformative opportunities ahead, especially as the U.S. explores cannabis rescheduling and the European cannabis landscape continues to evolve. Our global platform, proven expertise in medical and adult-use cannabis, and trusted partnerships with patients, healthcare professionals, and policymakers set us apart as the partner of choice in this dynamic industry. We are committed to expanding access, advancing innovation, and supporting responsible regulatory progress around the world. These achievements and forward trends reinforce my unwavering belief in Tilray’s trajectory and our ability to deliver long-term value to our investors." Financial Highlights All comparisons made to the prior year period Net revenue increased 5% to $209.5 million in the first quarter compared to $200.0 million.Gross profit was $57.5 million in the first quarter compared to $59.7 million.Gross margin was 27% in the first quarter compared to 30%.Cannabis net revenue increased 5% to $64.5 million in the first quarter compared to $61.2 million. Cannabis gross profit was $23.3 million in the first quarter compared to $24.2 million.Cannabis gross margin was 36% in the first quarter compared to 40%. Beverage net revenue was $55.7 million in the first quarter compared to $56.0 million. Beverage gross profit was $21.3 million in the first quarter compared to $22.9 million.Beverage gross margin was 38% in the first quarter compared to 41%. Wellness net revenue increased to $15.2 million in the first quarter compared to $14.8 million. Wellness gross margin was 32% in the first quarter and was unchanged. Distribution net revenue was $74.0 million in the first quarter compared to $68.1 million. Distribution gross margin was 11% in the first quarter compared to 12%. Net income was $1.5 million in the first quarter compared to a net loss of $(34.7) million.Adjusted net income increased by $10.0 million to $3.9 million in the first quarter compared to adjusted net loss of $(6.1) million.Adjusted EBITDA increased 9% to $10.2 million in the first quarter compared to $9.3 million. Cash Flow: Cash used in operations improved significantly by $34.0 million to $(1.3) million from $(35.3) million. Balance Sheet Update: In the first quarter, Tilray reduced its total outstanding debt by $7.7 million, further strengthening the balance sheet. As a result, the ratio of net debt to trailing twelve months adjusted EBITDA was reduced to 0.07x. Our $264.8 million cash balance provides Tilray with great flexibility for strategic opportunities.Live Audio Webcast Tilray Brands will host a webcast to discuss these results today at 8:30 a.m. Eastern Time. Investors may join the live webcast available on the Events & Presentations section of Tilray’s Investor Relations website. A replay will be available and archived on the Company’s website. About Tilray BrandsTilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages. For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms. Cautionary Statement Concerning Forward-Looking Statements Certain statements in this press release constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “position,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the Company’s ability to become a leading lifestyle consumer packaged goods company; the Company’s ability to become a leading beverage alcohol Company; the Company’s ability to achieve long term profitability; the Company’s ability to achieve operational scale, market share, distribution, profitability and revenue growth in particular business lines and markets; the Company’s ability to successfully achieve revenue growth, margin and profitability improvements, production and supply chain efficiencies, synergies and cost savings; the Company’s ability to achieve fiscal year 2026 financial guidance, including expected Adjusted EBITDA of $62 to $72 million and synergy optimizations; the Company’s expected revenue growth, sales volume, profitability, synergies and accretion related to any of its acquisitions; expected opportunities in the U.S., including upon U.S. federal cannabis legalization or rescheduling; the Company’s ability to successfully leverage artificial intelligence strategies; the Company’s anticipated investments and acquisitions, including in organic and strategic growth, partnership efforts, product offerings and other initiatives; and the Company’s ability to commercialize new and innovative products. Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of the Company and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of the Company made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Use of Non-U.S. GAAP Financial Measures This press release and the accompanying tables include non-GAAP financial measures, including Adjusted gross margin (consolidated and for each of our reporting segments), Adjusted gross profit (consolidated and for each of our reporting segments), Adjusted EBITDA, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, adjusted free cash flow, constant currency presentations of revenue, cash and marketable securities, net debt and net debt to adjusted EBITDA. Management believes that the non-GAAP financial measures presented provide useful additional information to investors about current trends in the Company's operations and are useful for period-over-period comparisons of operations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read only in connection with the Company's Consolidated Statements of Operations and Cash Flows presented in accordance with GAAP. Certain forward-looking non-GAAP financial measures included in this press release are not reconciled to the comparable forward-looking GAAP financial measures. The Company is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Such items may include litigation and related expenses, transaction costs, foreign exchange movements and other items. The unavailable information could have a significant impact on the Company's GAAP financial results. The Company believes presenting net sales at constant currency provides useful information to investors because it provides transparency to underlying performance in the Company's consolidated net sales by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given the volatility in foreign currency exchange markets. To present this information for historical periods, current period net sales for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average monthly exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average monthly exchange rate in effect during the current period of the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. A reconciliation of prior year revenue to constant currency revenue the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release. Adjusted EBITDA is calculated as net income (loss) before income tax benefits, net; interest expense, net; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent consideration; purchase price accounting step-up; project 420 optimization costs; litigation costs; restructuring costs, and transaction (income) costs, net. A reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Adjusted net income (loss) is calculated as net loss attributable to stockholders of Tilray Brands, Inc., less; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent project 420 optimization costs; litigation costs; restructuring costs and transaction (income) costs, net. A reconciliation of Adjusted net income (loss) to net loss attributable to stockholders of Tilray Brands, Inc., the most directly comparable GAAP measure, has been included below in this press release. Adjusted net income (loss) per share is calculated as net loss attributable to stockholders of Tilray Brands, Inc., net; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent consideration; project 420 optimization costs; litigation costs; restructuring costs and transaction (income) costs, divided by weighted average number of common shares outstanding. A reconciliation of Adjusted net income (loss) per share to net loss attributable to stockholders of Tilray Brands, Inc., the most directly comparable GAAP measure, has been included below in this press release. Adjusted net income (loss) per share is not calculated in accordance with GAAP and should not be considered an alternative for GAAP net income (loss) per share or as a measure of liquidity. Adjusted gross profit (consolidated and for each of our reporting segments), is calculated as gross profit adjusted to exclude the impact of purchase price accounting valuation step-up. A reconciliation of Adjusted gross profit, excluding purchase price accounting valuation step-up, to gross profit, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release. Adjusted gross margin (consolidated and for each of our reporting segments), excluding purchase price accounting valuation step-up, is calculated as revenue less cost of sales adjusted to add back amortization of inventory step-up, divided by revenue. A reconciliation of Adjusted gross margin, excluding purchase price accounting valuation step-up, to gross margin, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release. Free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net. A reconciliation of net cash flow provided by (used in) operating activities to free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release. Adjusted free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net, and the exclusion of growth CAPEX from investments in capital and intangible assets, net, which excludes the amount of capital expenditures that are considered to be associated with growth of future operations rather than to maintain the existing operations of the Company, and excludes cash paid for litigation settlements. A reconciliation of net cash flow provided by (used in) operating activities to adjusted free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release. Cash and marketable securities are comprised of two GAAP measures, cash and cash equivalents added to marketable securities. The Company’s management believes that this presentation provides useful information to management, analysts and investors regarding certain additional financial and business trends relating to its short-term liquidity position by combing these two GAAP metrics. Net debt is comprised of GAAP measures and reduces bank indebtedness, current and non-current portions of long-term debt, the principal balance of convertible debt by cash and cash equivalents and marketable securities. The company believes this metric provides useful information to management, analysts, and investors regarding its liquidity and the Company’s ability to repay all of its debt. Net debt to adjusted EBITDA is a liquidity ratio used by management and is computed as the ratio of net debt to the trailing 12 months of adjusted EBITDA defined above. Contacts:Investor Relationsinvestors@tilray.com Pro-TLRY@prosek.com Medianews@tilray.com Consolidated Statements of Financial Position August 31, May 31,(in thousands of US dollars) 2025 2025 Assets Current assets Cash and cash equivalents $264,828 $221,666 Marketable securities — 34,697 Accounts receivable, net 107,075 121,489 Inventory 282,787 270,882 Prepaids and other current assets 40,650 34,092 Assets held for sale 5,800 5,800 Total current assets 701,140 688,626 Capital assets 560,157 568,433 Operating lease, right-of-use assets 21,003 22,279 Digital assets 992 — Intangible assets 25,173 21,423 Goodwill 752,350 752,350 Long-term investments 10,172 10,132 Other assets 11,659 11,084 Total assets $2,082,646 $2,074,327 Liabilities Current liabilities Bank indebtedness $8,185 $7,181 Accounts payable and accrued liabilities 230,913 235,322 Contingent consideration — 15,000 Warrant liability 4,762 1,092 Current portion of lease liabilities 7,477 6,941 Current portion of long-term debt 16,295 14,767 Total current liabilities 267,632 280,303 Long - term liabilities Lease liabilities 63,345 64,925 Long-term debt 144,175 148,493 Convertible debentures payable 84,267 86,428 Deferred tax liabilities, net 1,943 3,748 Other liabilities 626 855 Total liabilities 561,988 584,752 Stockholders' equity Common stock ($0.0001 par value; 1,416,000,000 common shares authorized; 1,118,291,159 and 1,060,678,745 common shares issued and outstanding, respectively) 111 106 Treasury Stock (3,213,914 and 2,004,218 treasury shares issued and outstanding, respectively) — — Preferred shares ($0.0001 par value; 10,000,000 preferred shares authorized; nil and nil preferred shares issued and outstanding, respectively) — — Additional paid-in capital 6,431,410 6,401,657 Accumulated other comprehensive loss (43,230) (43,063)Accumulated deficit (4,847,548) (4,847,226)Total Tilray Brands, Inc. stockholders' equity 1,540,743 1,511,474 Non-controlling interests (20,085) (21,899)Total stockholders' equity 1,520,658 1,489,575 Total liabilities and stockholders' equity $2,082,646 $2,074,327 Condensed Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss) For the three months ended August 31, August 31, Change % Change(in thousands of U.S. dollars, except for per share data) 2025 2024 2025 vs. 2024Net revenue $209,501 $200,044 $9,457 5%Cost of goods sold 152,032 140,338 11,694 8%Gross profit 57,469 59,706 (2,237) (4)%Operating expenses: General and administrative 41,053 44,113 (3,060) (7)%Selling 12,923 11,690 1,233 11%Amortization 3,929 21,804 (17,875) (82)%Marketing and promotion 10,155 11,566 (1,411) (12)%Research and development 41 105 (64) (61)%Change in fair value of contingent consideration (15,000) — (15,000) NMLitigation costs, net of recoveries 1,007 1,595 (588) (37)%Restructuring costs 869 4,247 (3,378) (80)%Transaction costs (income), net 400 1,156 (756) (65)%Total operating expenses 55,377 96,276 (40,899) (42)%Operating income (loss) 2,092 (36,570) 38,662 (106)%Interest expense, net (6,696) (9,842) 3,146 (32)%Non-operating income (expense), net 3,832 12,646 (8,814) (70)%Loss before income taxes (772) (33,766) 32,994 (98)%Income tax expense (recovery), net (2,285) 886 (3,171) (358)%Net income (loss) $1,513 $(34,652) $36,165 (104)%Total net income (loss) attributable to: Stockholders of Tilray Brands, Inc. (322) (39,165) 38,843 (99)%Non-controlling interests 1,835 4,513 (2,678) (59)%Other comprehensive gain (loss), net of tax Foreign currency translation gain (loss) (188) 4,160 (4,348) (105)%Comprehensive income (loss) $1,325 $(30,492) $31,817 (104)%Total comprehensive income (loss) attributable to: Stockholders of Tilray Brands, Inc. (322) (39,165) 38,843 (99)%Non-controlling interests 1,835 4,513 (2,678) (59)%Weighted average number of common shares - basic 1,060,271,899 875,444,828 184,827,071 21%Weighted average number of common shares - diluted 1,060,271,899 875,444,828 184,827,071 21%Net loss per share - basic $(0.00) $(0.04) $0.04 (100)%Net loss per share - diluted $(0.00) $(0.04) $0.04 (100)% Condensed Consolidated Statements of Cash Flows For the three months ended August 31, August 31, Change % Change(in thousands of US dollars) 2025 2024 2025 vs. 2024Cash provided by (used in) operating activities: Net income (loss) $1,513 $(34,652) $36,165 (104)%Adjustments for: Deferred income tax (recovery) expense, net (2,285) 382 (2,667) (698)%Unrealized foreign exchange gain (2,328) (5,602) 3,274 (58)%Amortization 15,561 31,814 (16,253) (51)%Accretion of convertible debt discount 1,976 3,067 (1,091) (36)%Unrealized loss on digital assets 8 — 8 NMOther non-cash items 282 729 (447) (61)%Stock-based compensation 5,052 6,917 (1,865) (27)%Gain on long-term investments (39) (499) 460 (92)%Loss (gain) on derivative instruments 3,670 (696) 4,366 (627)%Change in fair value of contingent consideration (15,000) — (15,000) NMChange in non-cash working capital: Accounts receivable 14,414 (2,342) 16,756 (715)%Prepaids and other current assets (7,133) (13,570) 6,437 (47)%Inventory (11,905) (12,383) 478 (4)%Accounts payable and accrued liabilities (5,127) (8,472) 3,345 (39)%Net cash used in operating activities (1,341) (35,307) 33,966 (96)%Cash provided by (used in) investing activities: Investment in capital and intangible assets (9,523) (6,736) (2,787) 41%Proceeds from disposal of capital and intangible assets 293 28 265 946%Investment in digital assets (1,000) — (1,000) NMDisposal (purchase) of marketable securities, net 34,697 (42,687) 77,384 (181)%Net cash provided by (used in) investing activities 24,467 (49,395) 73,862 (150)%Cash provided by (used in) financing activities: Share capital issued, net of cash issuance costs 22,491 66,472 (43,981) (66)%Repayment of long-term debt (2,653) (4,791) 2,138 (45)%Repayment of convertible debt — (330) 330 (100)%Repayment of lease liabilities (994) (862) (132) 15%Net decrease in bank indebtedness 1,004 101 903 894%Net cash provided by financing activities 19,848 60,590 (40,742) (67)%Effect of foreign exchange on cash and cash equivalents 188 958 (770) (80)%Net increase (decrease) in cash and cash equivalents 43,162 (23,154) 66,316 (286)%Cash and cash equivalents, beginning of period 221,666 228,340 (6,674) (3)%Cash and cash equivalents, end of period $264,828 $205,186 $59,642 29% Net Revenue by Operating Segment For the three months ended For the three months ended(In thousands of U.S. dollars) August 31, 2025 % of TotalRevenue August 31, 2024 % of TotalRevenueBeverage business $55,739 27% $55,972 28%Cannabis business 64,511 31% 61,249 31%Distribution business 74,007 35% 68,071 34%Wellness business 15,244 7% 14,752 7%Total net revenue $209,501 100% $200,044 100% Net Revenue by Operating Segment in Constant Currency For the three months ended For the three months ended August 31, 2025 August 31, 2024 (In thousands of U.S. dollars) as reported inconstant currency % of TotalRevenue as reported inconstant currency % of TotalRevenueBeverage business $55,739 27% $55,972 28%Cannabis business 64,049 31% 61,249 31%Distribution business 69,706 34% 68,071 34%Wellness business 15,281 8% 14,752 7%Total net revenue $204,775 100% $200,044 100% Net Cannabis Revenue by Market Channel For the three months ended For the three months ended(In thousands of U.S. dollars) August 31, 2025 % of TotalRevenue August 31, 2024 % of TotalRevenueRevenue from Canadian medical cannabis $6,146 10% $6,261 10%Revenue from Canadian adult-use cannabis 64,067 99% 57,235 94%Revenue from wholesale cannabis 4,155 6% 5,507 9%Revenue from international cannabis 13,367 21% 12,191 20%Less excise taxes (23,224) (36)% (19,945) (33)%Total $64,511 100% $61,249 100% Net Cannabis Revenue by Market Channel in Constant Currency For the three months ended For the three months ended August 31, 2025 August 31, 2024 (In thousands of U.S. dollars) as reported inconstant currency % of Total Revenue as reported in constant currency % of Total RevenueRevenue from Canadian medical cannabis $6,174 9% $6,261 10%Revenue from Canadian adult-use cannabis 64,359 100% 57,235 94%Revenue from wholesale cannabis 4,173 7% 5,507 9%Revenue from international cannabis 12,674 20% 12,191 20%Less excise taxes (23,331) (36)% (19,945) (33)%Total $64,049 100% $61,249 100% Other Financial Information: Key Operating Metrics For the three months ended August 31, August 31,(in thousands of U.S. dollars) 2025 2024 Net beverage revenue $55,739 $55,972 Net cannabis revenue 64,511 61,249 Distribution revenue 74,007 68,071 Wellness revenue 15,244 14,752 Beverage costs 34,413 33,050 Cannabis costs 41,241 37,054 Distribution costs 66,008 60,138 Wellness costs 10,370 10,096 Adjusted gross profit (excluding PPA step-up) (1) 57,469 59,881 Beverage adjusted gross margin (excluding PPA step-up) (1) 38% 41%Cannabis adjusted gross margin (excluding PPA step-up) (1) 36% 40%Distribution gross margin 11% 12%Wellness gross margin 32% 32%Adjusted EBITDA (1) $10,181 $9,334 Cash and marketable securities (1) as at the period ended: 264,828 280,055 Working capital as at the period ended: $433,508 $432,334 Other Financial Information: Gross Margin and Adjusted Gross Margin For the three months ended August 31, 2025(In thousands of U.S. dollars) Beverage Cannabis Distribution Wellness TotalNet revenue $55,739 $64,511 $74,007 $15,244 $209,501 Cost of goods sold 34,413 41,241 66,008 10,370 152,032 Gross profit 21,326 23,270 7,999 4,874 57,469 Gross margin 38% 36% 11% 32% 27% For the three months ended August 31, 2024(In thousands of U.S. dollars) Beverage Cannabis Distribution Wellness TotalNet revenue $55,972 $61,249 $68,071 $14,752 $200,044 Cost of goods sold 33,050 37,054 60,138 10,096 140,338 Gross profit 22,922 24,195 7,933 4,656 59,706 Gross margin 41% 40% 12% 32% 30%Adjustments: Purchase price accounting step-up 175 — — — 175 Adjusted gross profit 23,097 24,195 7,933 4,656 59,881 Adjusted gross margin 41% 40% 12% 32% 30% Other Financial Information: Adjusted Earnings Before Interest, Taxes and Amortization For the three months ended August 31, August 31, Change % Change(In thousands of U.S. dollars) 2025 2024 2025 vs. 2024Net income (loss) $1,513 $(34,652) $36,165 (104)%Income tax expense (recovery), net (2,285) 886 (3,171) (358)%Interest expense, net 6,696 9,842 (3,146) (32)%Non-operating income (expense), net (3,832) (12,646) 8,814 (70)%Amortization 15,561 31,814 (16,253) (51)%Stock-based compensation 5,052 6,917 (1,865) (27)%Change in fair value of contingent consideration (15,000) — (15,000) NMProject 420 business optimization 200 — 200 NMPurchase price accounting step-up — 175 (175) (100)%Litigation costs, net of recoveries 1,007 1,595 (588) (37)%Restructuring costs 869 4,247 (3,378) (80)%Transaction costs (income), net 400 1,156 (756) (65)%Adjusted EBITDA $10,181 $9,334 $847 9% Other Financial Information: Adjusted Net Income (Loss) Per Share For the three months ended August 31, August 31, Change % Change 2025 2024 ChangeNet loss attributable to stockholders of Tilray Brands, Inc. $(322) $(39,165) $38,843 (99)%Non-operating income (expense), net (3,832) (12,646) 8,814 (70)%Amortization 15,561 31,814 (16,253) (51)%Stock-based compensation 5,052 6,917 (1,865) (27)%Change in fair value of contingent consideration (15,000) — (15,000) NMProject 420 business optimization 200 — 200 NMLitigation costs, net of recoveries 1,007 1,595 (588) (37)%Restructuring costs 869 4,247 (3,378) (80)%Transaction costs (income) 400 1,156 (756) (65)%Adjusted net income (loss) $3,935 $(6,082) $10,017 (165)%Adjusted net income (loss) per share - basic and diluted $0.00 $(0.01) $0.01 (100)% Other Financial Information: Adjusted Free Cash Flow For the three months ended August 31, August 31, Change % Change(In thousands of U.S. dollars) 2025 2024 2025 vs. 2024Net cash used in operating activities $(1,341) $(35,307) $33,966 (96)%Less: investments in capital and intangible assets, net (9,230) (6,708) (2,522) 38%Free cash flow $(10,571) $(42,015) $31,444 (75)%Add: growth CAPEX 3,009 2,540 469 18%Add: cash paid for litigation settlements 2,804 — 2,804 NMAdjusted free cash flow $(4,758) $(39,475) $34,717 (88)%

Tilray Brands Reports Strong First Quarter Fiscal 2026 Results, Highlighting Continued Growth with Record Q1 Net Revenue of $210 Million and Net Income

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