Tilray, Inc
(NASDAQ:TLRY)

Tilray, Inc. engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products to patients, physicians, clinics, pharmacies, governments, and hospitals; and for researchers for commercial purposes, as well as compassionate access and clinical res...

Website: http://www.tilray.com

Founded: 2013

Full Time Employees: 1,646

Founder: Brendan Kennedy, Christian Groh, Michael Blue

CEO: Irwin D.Simon

Sector: Healthcare

Industry: Drug Manufacturers-Specialty & Generic

Cannabis

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At a glance:

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Quarterly

Annual

Unit: USD	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31	2024-05-31	2024-02-29	2023-11-30	2023-08-31	2023-05-31	2023-02-28	2022-11-30	2022-08-31	2022-05-31	2022-02-28	2021-11-30	2021-08-31	2021-05-31	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30

net revenue	209,501,000	224,535,000	185,780,000	210,950,000	200,044,000	229,882,000	188,340,000	193,771,000	176,949,000	184,188,000	145,589,000	144,136,000	153,211,000	118,761,750	151,871,000	155,153,000	168,023,000		48,021,000	56,560,000	51,406,000	50,414,000	52,102,000	46,936,000	51,101,000	45,904,000	23,038,000	15,531,000	10,047,000	9,744,000
yoy	4.73%	-2.33%	-1.36%	8.87%	13.05%	24.81%	29.36%	34.44%	15.49%	55.09%	-4.14%	-7.10%	-8.82%		216.26%	174.32%	226.85%		-7.83%	20.50%	0.60%	9.82%	126.16%	202.21%	408.62%	371.10%
qoq	-6.70%	20.86%	-11.93%	5.45%	-12.98%	22.06%	-2.80%	9.51%	-3.93%	26.51%	1.01%	-5.92%	29.01%	-21.80%	-2.12%	-7.66%			-15.10%	10.03%	1.97%	-3.24%	11.01%	-8.15%	11.32%	99.25%	48.34%	54.58%	3.11%
cost of goods sold	152,032,000	156,902,000	133,769,000	149,730,000	140,338,000	147,532,000	138,944,000	146,362,000	132,753,000	117,025,000	157,288,000	104,012,000	104,597,000	87,874,250	112,042,000	122,387,000	117,068,000		34,518,000					21,633,000	35,248,000	33,631,000	17,653,000	12,397,000	6,979,000	5,567,000
gross profit	57,469,000	67,633,000	52,011,000	61,220,000	59,706,000	82,350,000	49,396,000	47,409,000	44,196,000	67,163,000	-11,699,000	40,124,000	48,614,000	30,887,500	39,829,000	32,766,000	50,955,000		13,503,000	15,465,000	3,739,000	-5,419,000	10,870,000	-57,007,000	15,853,000	12,273,000
yoy	-3.75%	-17.87%	5.29%	29.13%	35.09%	22.61%	-522.22%	18.16%	-9.09%	117.44%	-129.37%	22.46%	-4.59%		194.96%	111.87%	1262.80%		24.22%	-127.13%	-76.41%	-144.15%
qoq	-15.03%	30.04%	-15.04%	2.54%	-27.50%	66.71%	4.19%	7.27%	-34.20%	-674.09%	-129.16%	-17.46%	57.39%	-22.45%	21.56%	-35.70%			-12.69%	313.61%	-169.00%	-149.85%	-119.07%	-459.60%	29.17%
gross margin %	27.43%	30.12%	28.00%	29.02%	29.85%	35.82%	26.23%	24.47%	24.98%	36.46%	-8.04%	27.84%	31.73%	26.01%	26.23%	21.12%	30.33%	NaN%	28.12%	27.34%	7.27%	-10.75%	20.86%	-121.46%	31.02%	26.74%	0%	0%	0%	0%
operating expenses:
general and administrative	41,053,000	37,968,000	39,246,000	45,997,000	44,113,000	43,589,000	39,940,000	43,313,000	40,516,000	47,774,000	38,999,000	41,672,000	40,508,000	30,350,250	38,445,000	33,469,000	49,487,000		25,587,000	36,853,000	12,665,000	14,444,000	17,776,000			16,465,000	12,797,000	13,777,000	7,540,000	5,622,000
selling	12,923,000	14,282,000	13,905,000	16,162,000	11,690,000	12,796,000	9,995,000	7,583,000	6,859,000	9,048,000	6,452,000	9,669,000	9,671,000	6,320,750	8,641,000	9,210,000	7,432,000
amortization	3,929,000	20,703,000	23,182,000	22,927,000	21,804,000	19,052,000	21,558,000	21,917,000	22,225,000	21,617,000	23,518,000	23,995,000	24,359,000	21,086,250	24,590,000	29,016,000	30,739,000
marketing and promotion	10,155,000	8,969,000	6,793,000	9,720,000	11,566,000	12,999,000	11,191,000	9,208,000	8,535,000	7,800,000	7,354,000	8,535,000	7,248,000	5,040,750	7,578,000	7,120,000	5,465,000		9,739,000	13,957,000	10,000,000	12,833,000	17,876,000			14,366,000	7,821,000	6,305,000	3,493,000	3,305,000
research and development	41,000	34,000	85,000	60,000	105,000	394,000	106,000	56,000	79,000	180,000	171,000	165,000	166,000	366,000	164,000	515,000	785,000		1,202,000	1,580,000	921,000	652,000	1,258,000			1,528,000	1,048,000	1,848,000	802,000	639,000
change in fair value of contingent consideration	-15,000,000					1,000,000	-5,983,000	300,000	-11,107,000	292,000	352,000		211,000	-7,266,250	-29,065,000
litigation costs, net of recoveries	1,007,000	12,093,000	2,758,000	901,000	1,595,000	-188,000	3,363,000	3,042,000
restructuring costs	869,000	17,034,000	6,133,000	6,869,000	4,247,000	6,833,000	5,178,000	2,655,000	915,000	-1,482,000	2,663,000
transaction costs (income)	400,000	1,971,000	605,000	802,000	1,156,000
total operating expenses	55,377,000	1,511,619,000	811,942,000	103,438,000	96,276,000	98,876,000	131,494,000	89,168,000	78,558,000	157,143,000	1,195,037,000	91,915,000	69,792,000	66,632,000	59,591,000	87,450,000	119,487,000
operating income	2,092,000	-1,443,986,000	-759,931,000	-42,218,000	-36,570,000	-16,526,000	-82,098,000	-41,759,000	-34,362,000	-89,980,000	-1,206,736,000	-51,791,000	-21,178,000	-35,744,500	-19,762,000	-54,684,000	-68,532,000		-73,310,000	-21,282,000	-32,772,000	-75,820,000	-71,250,000	-218,038,000	-23,302,000	-32,520,000	-27,874,000	-22,907,000	-20,012,000	-10,990,000
yoy	-105.72%	8637.66%	825.64%	1.10%	6.43%	-81.63%	-93.20%	-19.37%	62.25%	151.73%	6006.35%	-5.29%	-69.10%		-73.04%	156.95%	109.12%		2.89%	-90.24%	40.64%	133.15%	155.61%	851.84%	16.44%	195.91%
qoq	-100.14%	90.02%	1700.02%	15.44%	121.29%	-79.87%	96.60%	21.53%	-61.81%	-92.54%	2230.01%	144.55%	-40.75%	80.87%	-63.86%	-20.21%			244.47%	-35.06%	-56.78%	6.41%	-67.32%	835.71%	-28.35%	16.67%	21.68%	14.47%	82.09%
operating margin %	1.00%	-643.10%	-409.05%	-20.01%	-18.28%	-7.19%	-43.59%	-21.55%	-19.42%	-48.85%	-828.86%	-35.93%	-13.82%	-30.10%	-13.01%	-35.25%	-40.79%	NaN%	-152.66%	-37.63%	-63.75%	-150.39%	-136.75%	-464.54%	-45.60%	-70.84%	-120.99%	-147.49%	-199.18%	-112.79%
interest expense	-6,696,000	-3,966,000	-8,378,000	-7,766,000	-9,842,000	-9,456,000	-8,517,000	-8,625,000	-9,835,000	-5,027,000	-1,040,000	-3,107,000	-4,413,000	-5,605,500	-2,312,000	-9,940,000								6,504,500	8,687,000	8,586,000	8,745,000	7,717,000	480,000
non-operating income	3,832,000	54,915,000	-24,022,000	-33,255,000	12,646,000	-17,022,000	-17,239,000	821,000	-4,402,000	-16,680,000	1,213,000	-18,450,000	-32,992,000	46,582,250	72,719,000	64,750,000	48,860,000
income before income taxes	-772,000	-1,393,037,000	-792,331,000	-83,239,000	-33,766,000	-43,004,000	-107,854,000	-49,563,000	-48,599,000	-111,687,000	-1,206,563,000	-73,348,000	-58,583,000	5,232,250	50,645,000	126,000	-29,842,000		-341,212,000	-5,043,000	-1,939,000	-84,601,000	-185,094,000	-225,002,000	-33,051,000	-37,248,000	-34,318,000	-35,547,000	-18,675,000	-12,770,000
income tax expense (recovery)	-2,285,000	1,031,250	1,203,000	2,036,000
net income	1,513,000	-1,267,895,000	-793,534,000	-85,275,000	-34,652,000	-15,375,000	-104,983,000	-46,183,000	-55,863,000	-119,819,000	-1,195,752,000	-61,635,000	-65,794,000	5,917,000	52,475,000	5,797,000	-34,604,000		-340,955,000	-2,949,000	-2,316,000	-81,687,000	-184,123,000	-220,137,000	-35,678,000	-35,053,000	-30,301,000	-31,009,000	-18,699,000	-12,833,000
yoy	-104.37%	8146.47%	655.87%	84.65%	-37.97%	-87.17%	-91.22%	-25.07%	-15.09%	-2125.00%	-2378.71%	-1163.22%	90.13%		-115.39%	-296.58%	1394.13%		85.18%	-98.66%	-93.51%	133.04%	507.65%	609.91%	90.80%	173.15%
qoq	-100.12%	59.78%	830.56%	146.09%	125.38%	-85.35%	127.32%	-17.33%	-53.38%	-89.98%	1840.05%	-6.32%	-1211.95%	-88.72%	805.21%	-116.75%			11461.72%	27.33%	-97.16%	-55.63%	-16.36%	517.01%	1.78%	15.68%	-2.28%	65.83%	45.71%
net income margin %	0.72%	-564.68%	-427.14%	-40.42%	-17.32%	-6.69%	-55.74%	-23.83%	-31.57%	-65.05%	-821.32%	-42.76%	-42.94%	4.98%	34.55%	3.74%	-20.59%	NaN%	-710.01%	-5.21%	-4.51%	-162.03%	-353.39%	-469.02%	-69.82%	-76.36%	-131.53%	-199.66%	-186.12%	-131.70%
total net income attributable to:
stockholders of tilray brands, inc.	-322,000	-1,272,795,000	-789,436,000	-85,342,000	-39,165,000	-31,747,000	-92,701,000	-49,008,000	-71,525,000	-138,713,000	-1,170,998,000	-69,463,000	-73,482,000	335,000	43,190,000
non-controlling interests	1,835,000	4,900,000	-4,098,000	67,000	4,513,000	16,372,000	-12,282,000	2,825,000	15,662,000	18,894,000	-24,754,000	7,828,000	7,688,000	5,582,000	9,285,000	5,998,000	7,045,000
other comprehensive gain, net of tax
foreign currency translation gain	-188,000	10,625,000	-5,389,000	-8,966,000	4,160,000	-595,000	-4,696,000	5,203,000	3,209,000	-5,034,000	6,390,000			-28,660,250	18,498,000	-32,367,000	-100,772,000		3,753	5,687	2,265	7,184				2,924		124	450	86
comprehensive income	1,325,000									-331,625,750	-1,094,017,000			-36,805,750	31,677,000					-68,788.5	142
total comprehensive income attributable to:
weighted-average number of common shares - basic	1,060,271,899,000	890,326,017,000	908,342,792,000	864,974,563,000	875,444,828,000	742,649,477,000	754,439,331,000	730,769,132,000	691,189,382,000	617,982,589,000	615,534,670,000	611,711,377,000	575,301,374,000		485,668,750,000	460,254,275,000	449,397,822,000
weighted-average number of common shares - diluted	1,060,271,899,000	890,326,017,000	908,342,792,000	864,974,563,000	875,444,828,000	742,649,477,000	754,439,331,000	730,769,132,000	691,189,382,000	617,982,589,000	615,534,670,000	611,711,377,000	575,301,374,000		488,546,790,000	460,254,275,000	449,397,822,000
net income per share		-1.4	-0.87	-0.1	-0.04	-0.04	-0.12	-0.07	-0.1	-0.15	-1.9	-0.11	-0.13		0.09				-2.01	0.08	-0.02	-0.65	-1.73	-2.16	-0.36	-0.36	-0.32	-0.43	-0.2
impairments		174,808,750	699,235,000							-181,376,000	1,115,376,000
other than temporary change in fair value of convertible notes receivable		1,661,000	20,000,000				42,681,000
total other comprehensive gain, net of tax		10,625,000	-5,389,000	-8,966,000	4,160,000	-595,000	-4,696,000			-830,500	101,735,000
comprehensive loss		-1,257,270,000	-798,923,000	-94,241,000	-30,492,000	-15,970,000	-109,679,000	-40,980,000	-52,654,000			-103,875,000	-128,611,000			-42,875,000	-136,025,000		-337,202			-74,468	-200,830	-212,915	-40,842	-32,891	-29,368	-31,650	-18,249	-12,747
balance at may 31, 2023			656,655,455	656,655,455				656,655,455	656,655,455
share issuance - hexo acquisition			39,705,962	39,705,962				39,705,962	39,705,962
share issuance - settlement of contractual change of control severance incurred from hexo acquisition			865,426	865,426				865,426	865,426
share issuance - double diamond holdings dividend settlement			5,004,735	5,004,735				1,529,821	1,529,821
share issuance - hti convertible note			17,148,541	17,148,541				17,148,541	17,148,541
share issuance - rsus exercised			3,912,481	3,912,481				950,893	950,893		3,665,337	3,665,337	3,665,337
shares effectively repurchased for employee withholding tax										-1,486
equity component related to issuance of convertible debt, net of issuance costs
stock-based compensation										2,354.25
dividends declared to non-controlling interests
comprehensive income for the period
balance at august 31, 2023			723,292,600	723,292,600				723,292,600	723,292,600
share issuance - settlement of litigation claims from medipharm labs inc			1,573,152	1,573,152				1,573,152
share issuance - repurchase of tlry 23 convertible note			7,000,000	7,000,000				7,000,000
share issuance - settlement of equity component of tlry 23 convertible note
balance at november 30, 2023			732,907,552	732,907,552				732,907,552
share issuance - repurchase of apha 24 convertible note			27,228,252
share issuance -double diamond holdings dividend settlement			13,627,391
share issuance - options exercised			4,291	3,008				3,777	3,777		417,489	417,489	417,489
balance at february 29, 2024			774,028,053
balance at may 31, 2024			831,925,373	831,925,373
share issuance - at-the-market (“atm”) program			36,693,307	36,693,307
balance at august 31, 2024			875,444,828	875,444,828
share issuance - repurchase of tlry 27 convertible note		75,437,663	10,034,635	10,034,635
share issuance - settlement of equity component of tlry 27 convertible note
balance at november 30, 2024		-920,652.25	929,257,945	929,257,945
disposal of sh acquisition non-controlling interests
balance at february 28, 2025		-2,404,855.25	983,372,617
income tax expense					886,000				7,264,000																			21,750	24,000	-63,000
transaction costs						3,265,250	3,465,000							10,734,250	9,238,000	8,120,000	25,579,000
income tax (recovery) expense						-27,629,000	-2,871,000	-3,380,000
unrealized gain on convertible notes receivable											95,345,000
transaction (income) costs								1,094,000	8,502,000	-970,500	5,382,000	5,064,000	-12,816,000
total other comprehensive loss, net of tax								5,203,000	3,209,000			-42,240,000	-62,817,000
balance at may 31, 2022								532,674,887	532,674,887	527,292,520	532,674,887	532,674,887	532,674,887
share issuance - equity financing								32,481,149	32,481,149	14,480,906	32,481,149	32,481,149	32,481,149
shares issued to purchase hexo convertible note receivable								33,314,412	33,314,412	26,817.25	33,314,412	33,314,412	33,314,412
hti convertible note - conversion feature										2,263.75
balance at august 31, 2022								600,954,939	600,954,939	1,410,337	600,954,939	600,954,939	600,954,939
shares issued to purchase montauk								1,708,521		1,605.5	1,708,521	1,708,521
share issuance - double diamond holdings note								10,276,305		2,649,036	2,677,596	2,677,596	1,529,821
balance at november 30, 2022								613,181,559		1,424,366.5	613,181,559	613,181,559
litigation costs									2,034,000			2,815,000	445,000
litigation (recovery) costs										1,465,000	-5,230,000
income taxes expense										-3,828,250	-10,811,000	-11,713,000
balance at may 31, 2021										441,648,235	446,440,641	446,440,641	446,440,641
third party contribution to superhero acquisition lp
balance at august 31, 2021										1,198,969.75	450,523,467	450,523,467	450,523,467
share issuance - superhero acquisition lp										9,699,257	9,817,061	9,817,061
share issuance - legal settlement										1,891,688	215,901	215,901
balance at november 30, 2021										1,238,636.75	463,802,393	463,802,393
share issuance - breckenridge acquisition										12,426,413	12,540,479
share issuance - purchase of capital and intangible assets										1,277,482	1,289,628
balance at february 28, 2022										1,277,723	480,737,533
preferred share issuance										83.5	120,000
balance at february 28, 2023										1,430,835.5	617,977,031
other comprehensive loss, net of tax
foreign currency translation loss												-24,597,000	-60,292,000										-16,633	-603.5	-4,863		-475
unrealized loss on convertible notes receivable												-17,643,000	-2,525,000	-162,250	-52,000	52,000	-649,000
income taxes													7,211,000	-684,750	-1,830,000	-5,671,000	4,762,000
other comprehensive income, net of tax
change in fair value of long-term investments														-13,900,250	-39,244,000	-16,357,000
total other comprehensive income, net of tax														-42,722,750	-20,798,000	-48,672,000	-101,421,000
shareholders of tilray inc.																-201,000	-41,649,000
finance expense																	-10,170,000
loss per share - basic																	-0.08
loss per share - diluted																	-0.08
depreciation and amortization expenses																			3,498,000	3,369,000	3,425,000	3,337,000	3,591,000
impairment of assets																				2,904,000		28,371,000	29,839,000
income from equity method investments																			1,787,000	1,488,000	1,420,000	1,327,000	1,748,000	2,667,000	1,837,000
litigation settlement																			45,000,000
foreign exchange (gain) loss																			-699,000	-18,593,000	-9,319,000	-13,326,000				-1,611,000
change in fair value of warrant liability																			263,201,000	49,011,000	-31,913,000	11,210,000	71,978,000
interest expenses																			6,916,000	9,072,000	10,437,000	10,564,000	9,146,000
other incomes																			-1,516,000
deferred income tax recoveries																			-635,000			-2,875,000	-1,272,000
current income tax expenses																			378,000	126,250	243,000	-39,000	301,000
weighted-average shares used for eps calculation																			169,489,223	126,041,710	129,100,909	124,763,445	106,463,352	100,455,677	98,130,507	97,231,839	94,875,351	83,009,656
unrealized loss on investments
other comprehensive loss																			3,753				-16,707	-517.25	-5,164
product costs																				27,154,000	34,224,000	37,204,000	37,188,000
inventory valuation adjustments																				9,029,000	13,443,000	18,629,000	4,044,000
stock-based compensation expenses																				5,851,000	8,080,000	7,647,000	7,677,000
acquisition-related expenses (income)
finance income from abg
other income																				1,236,000	-38,000	333,000	4,651,000	3,160,000	-1,313,000	-2,035,000	-2,345,000	-1,398,000	-225,000	-76,000
deferred income tax expenses																				-1,003,250	134,000
unrealized gain on available-for-sale debt securities																				38.5	193	35	-74
other comprehensive income																				5,516	2,458	7,219				2,162	933
acquisition-related expenses																						1,790,000	2,355,000
foreign exchange loss																							28,069,000				179,000
general and administrative expense																								12,310,000	19,978,000
sales and marketing expense																								9,790,250	16,974,000
depreciation and amortization expense																								1,859,500	3,190,000	2,385,000	1,863,000
stock-based compensation expense																								5,301,500	8,315,000	7,585,000	5,306,000	4,111,000	11,245,000	5,601,000
research and development expense																								1,222,750	2,315,000
acquisition-related income																								-1,649,500	-13,454,000
foreign exchange gain																								288,250	2,585,000			6,321,000	-1,592,000	1,359,000
finance income from abg profit participation arrangement																								-139,250	-210,000	-212,000	-135,000
deferred income tax expense																								-996,750	2,432,000
current income tax expense																								100,500	195,000	447,000
unrealized gain on cash equivalents and investments																								86.25	-301	-762	1,408
acquisition and integration expenses																										2,464,000	4,424,000
deferred income tax recovery																										-2,642,000	-3,777,000
gross margin																											5,385,000	3,134,000	3,068,000	4,177,000
current income tax recovery																											-240,000
shares used in computation of net income per share - basic and diluted																												23,286,010.5	93,144,042
interest income																														497,000
basic and diluted net income per share																														-0.17
shares used in compilation of net income per share, basic and diluted																														75,000,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-02-28	2025-11-30	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31	2024-05-31	2024-02-29	2023-11-30	2023-08-31	2023-05-31	2023-02-28	2022-11-30	2022-08-31	2022-05-31	2022-02-28	2021-11-30	2021-08-31	2021-05-31	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30

assets
current assets
cash and cash equivalents	204,620,000	246,703,000	264,828,000	221,666,000	199,956,000	189,698,000	205,186,000	228,340,000	146,253,000	143,373,000	177,519,000	206,632,000	164,997,000	190,218,000	490,643,000	415,909,000	279,214,000	331,783,000	376,297,000	488,466,000	416,370,000	189,702,000	155,205,000	137,211,000	173,990,000	96,791,000	100,159,000	184,551,000	294,205,000	487,255,000	104,245,000
restricted cash	44,885,000									1,576,000	1,613,000
marketable securities	15,312,000	44,848,000		34,697,000	48,458,000	62,551,000	74,869,000	32,182,000	79,605,000	116,418,000	287,333,000	241,897,000	243,286,000	243,286,000
accounts receivable	118,372,000	109,071,000	107,075,000	121,489,000	103,367,000	112,739,000	104,037,000	101,695,000	89,542,000	90,596,000	82,076,000	86,227,000	78,342,000	89,705,000	98,347,000	95,279,000	89,895,000	84,575,000	97,177,000	87,309,000	28,304,000	29,033,000	24,805,000	26,614,000	38,324,000	36,202,000	36,040,000	24,612,000	19,708,000	16,525,000	5,746,000	1,757,000
inventory	292,303,000	283,198,000	282,787,000	270,882,000	263,398,000	266,007,000	264,295,000	252,087,000	244,139,000	252,702,000	232,075,000	200,551,000	202,800,000	240,946,000	244,654,000	245,529,000	273,292,000	233,020,000	251,507,000	256,429,000	96,544,000	93,645,000	89,917,000	93,089,000	95,586,000	87,861,000	110,487,000	75,317,000	48,712,000	16,211,000	12,107,000	6,750,000
prepaids and other current assets	40,819,000	41,497,000	40,650,000	34,092,000	40,138,000	44,861,000	44,960,000	31,332,000	43,034,000	36,626,000	44,943,000	37,722,000	69,087,000	50,550,000	77,237,000	46,786,000	52,211,000	57,340,000	117,267,000	48,920,000
assets held for sale	2,449,000	4,000,000	5,800,000	5,800,000	30,972,000	31,483,000	32,536,000	32,074,000	28,638,000	736,000	3,696,000												6,797,000	6,664,000
total current assets	718,760,000	729,317,000	701,140,000	688,626,000	686,289,000	707,339,000	725,883,000	677,710,000	631,211,000	642,027,000	829,255,000	773,029,000	758,512,000	814,705,000	910,881,000	803,503,000	695,785,000	708,278,000	844,618,000	883,609,000	571,969,000	347,020,000	304,878,000	289,795,000	338,966,000	259,027,000	330,680,000	358,631,000	399,589,000	554,302,000	145,937,000	38,744,000
capital assets	543,008,000	550,101,000	560,157,000	568,433,000	537,800,000	554,419,000	555,136,000	558,247,000	578,783,000	615,087,000	494,619,000	429,667,000	425,263,000	539,124,000	553,606,000	587,499,000	603,472,000	604,249,000	621,339,000	650,698,000
operating lease, right-of-use assets	17,939,000	19,802,000	21,003,000	22,279,000	16,994,000	18,243,000	17,176,000	16,101,000	17,453,000	13,551,000											17,478,000	17,985,000	18,460,000	17,921,000	18,654,000	17,514,000
digital assets	614,000	828,000	992,000
intangible assets	23,343,000	21,735,000	25,173,000	21,423,000	847,215,000	866,645,000	908,768,000	915,469,000	930,105,000	953,419,000	967,568,000	973,785,000	994,325,000	1,214,842,000	1,210,578,000	1,277,875,000	1,528,962,000	1,450,015,000	1,502,814,000	1,605,918,000	186,222,000	186,445,000	180,853,000	179,773,000	187,892,000	228,828,000	329,928,000	331,983,000	364,060,000	4,486,000	1,387,000	1,395,000
goodwill	752,350,000	752,350,000	752,350,000	752,350,000	1,299,781,000	2,000,595,000	2,009,714,000	2,008,884,000	2,009,632,000	2,009,714,000	2,009,673,000	2,008,843,000	2,005,701,000	2,621,401,000	2,617,696,000	2,641,305,000	2,835,100,000	2,814,163,000	2,809,131,000	2,832,794,000	169,079,000	166,915,000	159,595,000	156,371,000	150,870,000	163,251,000	163,041,000	154,954,000	156,364,000
long-term investments	7,634,000	13,393,000	10,172,000	10,132,000	10,035,000	7,416,000	7,853,000	7,859,000	8,058,000	8,034,000	7,564,000	7,795,000	7,620,000	8,211,000	8,879,000	10,050,000	133,155,000	168,244,000	186,407,000	17,685,000
other assets	11,074,000	11,073,000	11,659,000	11,084,000	5,032,000	5,097,000	5,337,000	5,395,000	5,614,000	9,406,000	8,647,000	222,000	4,993,000	4,797,000	4,754,000	314,000	314,000	164,000	198,000	8,285,000	5,542,000	4,356,000	4,324,000	4,500,000	2,135,000
total assets	2,074,722,000	2,098,599,000	2,082,646,000	2,074,327,000	3,403,146,000	4,191,754,000	4,261,867,000	4,221,665,000	4,212,856,000	4,330,557,000	4,402,250,000	4,307,259,000	4,375,900,000	5,474,379,000	5,592,482,000	5,449,694,000	5,819,436,000	5,763,486,000	5,986,352,000	6,025,362,000	1,168,244,000	945,949,000	887,361,000	855,728,000	915,564,000	896,330,000	1,040,200,000	1,024,131,000	1,076,596,000	656,667,000	223,801,000	106,478,000
liabilities
current liabilities
bank indebtedness	8,834,000	8,567,000	8,185,000	7,181,000	10,740,000	17,751,000	18,134,000	18,033,000	15,029,000	20,181,000	14,594,000	23,381,000	18,125,000	15,304,000	18,282,000	18,123,000	17,496,000	8,736,000	9,203,000	8,717,000
accounts payable and accrued liabilities	223,996,000	226,422,000	230,913,000	235,322,000	216,567,000	221,668,000	236,146,000	241,957,000	209,763,000	216,898,000	238,081,000	190,682,000	163,422,000	162,900,000	154,663,000	157,431,000	137,094,000	168,300,000	190,213,000	212,813,000
contingent consideration				15,000,000	15,000,000	15,000,000	15,000,000	15,000,000		7,704,000	7,181,000	16,218,000	16,219,000	26,463,000	16,218,000	16,007,000	31,592,000	62,339,000	61,494,000	60,657,000
warrant liability			4,762,000	1,092,000	357,000	1,695,000	2,557,000	3,253,000	3,182,000	3,768,000	10,015,000	1,817,000	7,414,000	12,670,000	12,707,000	14,255,000	19,366,000	40,455,000	60,476,000	78,168,000	122,804,000	120,647,000	71,636,000	103,549,000	92,339,000
current portion of lease liabilities	7,259,000	7,437,000	7,477,000	6,941,000	6,606,000	6,572,000	5,640,000	5,091,000	5,424,000	5,043,000	2,324,000	2,423,000	2,528,000	6,976,000	7,290,000	6,703,000	6,703,000	3,588,000	3,808,000	4,264,000
current portion of long-term debt	17,453,000	16,889,000	16,295,000	14,767,000	12,904,000	15,838,000	16,072,000	15,506,000	12,351,000	12,993,000	13,489,000	24,080,000	77,892,000	20,681,000	64,098,000	67,823,000	70,176,000	31,510,000	30,837,000	36,622,000											9,348,000	9,128,000
total current liabilities	257,542,000	259,315,000	267,632,000	280,303,000	262,174,000	278,524,000	293,549,000	299,170,000	329,100,000	394,986,000	537,274,000	432,979,000	469,682,000	426,505,000	273,258,000	280,342,000	282,427,000	314,928,000	526,830,000	401,241,000	283,989,000	181,282,000	133,529,000	163,667,000	171,371,000	92,427,000	130,202,000	175,908,000	170,364,000	25,937,000	26,898,000	62,846,000
long - term liabilities
lease liabilities	60,282,000	61,742,000	63,345,000	64,925,000	60,188,000	62,024,000	60,657,000	60,422,000	73,228,000	69,974,000	7,462,000	7,936,000	8,598,000	8,999,000	9,580,000	11,329,000	16,211,000	49,265,000	53,331,000	53,946,000
long-term debt	134,982,000	138,739,000	144,175,000	148,493,000	149,401,000	148,871,000	155,268,000	158,352,000	165,648,000	169,099,000	152,390,000	136,889,000	89,419,000	152,150,000	114,294,000	117,879,000	121,210,000	151,819,000	164,911,000	167,486,000
convertible debentures payable	88,268,000	86,255,000	84,267,000	86,428,000	104,071,000	122,735,000	132,650,000	129,583,000	126,587,000	123,691,000	120,861,000	221,044,000	223,087,000	223,295,000
deferred tax liabilities	7,877,000	5,622,000	1,943,000	3,748,000	123,938,000	125,975,000	136,230,000	130,870,000	161,042,000	166,454,000	169,633,000	167,364,000	164,412,000	180,099,000		196,638,000
other liabilities	164,000	417,000	626,000	855,000	1,271,000	17,000	99,000	90,000	210,000		74,000	215,000	3,335,000	185,000	179,000	191,000	292,000	320,000	4,505,000	3,907,000	4,367,000	4,612,000	4,852,000	5,094,000	5,415,000	86,000			563,000
total liabilities	549,115,000	552,090,000	561,988,000	584,752,000	701,043,000	738,146,000	778,453,000	778,487,000	869,815,000	937,204,000	1,000,694,000	977,316,000	969,129,000	991,233,000	1,029,300,000	1,008,328,000	1,158,423,000	1,290,497,000	1,600,596,000	1,560,049,000	627,613,000	572,050,000	700,644,000	724,241,000	725,256,000	611,059,000	624,451,000	663,964,000	694,676,000	459,014,000	35,687,000	71,244,000
commitments and contingencies
stockholders' equity
common stock (0.0001 par value...	116,000	116,000
treasury stock
preferred shares
additional paid-in capital	6,520,501,000	6,511,483,000	6,431,410,000	6,401,657,000	6,357,039,000	6,305,787,000	6,217,533,000	6,146,810,000	6,030,709,000	5,942,671,000	5,909,895,000	5,777,743,000	5,723,342,000	5,697,466,000	5,641,348,000	5,382,367,000	5,110,892,000	4,954,547,000	4,795,879,000	4,792,406,000	1,599,713,000	1,095,781,000	911,171,000	856,083,000	840,436,000	705,671,000	623,254,000	526,830,000	515,692,000	302,057,000	261,944,000	89,915,000
accumulated other comprehensive loss	-44,198,000	-39,293,000	-43,230,000	-43,063,000	-52,935,000	-47,957,000	-39,877,000	-43,499,000	-43,187,000	-38,367,000	-43,561,000	-46,610,000	-42,948,000	-121,455,000	-79,732,000
accumulated deficit	-4,919,051,000	-4,892,479,000	-4,847,548,000	-4,847,226,000	-3,574,431,000	-2,784,995,000	-2,699,653,000	-2,660,488,000	-2,628,741,000	-2,536,040,000	-2,487,032,000	-2,415,507,000	-2,276,794,000	-1,105,796,000	-1,036,333,000	-962,851,000	-484,710,000	-527,900,000			-1,071,058,000	-730,103,000	-727,156,000	-724,840,000	-643,153,000	-430,130,000	-209,209,000	-173,531,000	-138,478,000	-108,177,000	-77,168,000	-58,468,000
total tilray brands, inc. stockholders' equity	1,557,368,000	1,579,827,000	1,540,743,000	1,511,474,000	2,729,772,000	3,472,928,000	3,478,091,000	3,442,906,000	3,358,858,000	3,368,337,000	3,379,374,000	3,315,692,000	3,403,662,000	4,470,276,000	4,525,343,000	4,398,805,000	4,627,240,000
non-controlling interests	-31,761,000	-33,318,000	-20,085,000	-21,899,000	-27,669,000	-19,320,000	5,323,000	272,000	-15,817,000	25,016,000	22,182,000	14,251,000	3,109,000	12,870,000	37,839,000	42,561,000	33,773,000	36,701,000	66,283,000	6,243,000
total stockholders' equity	1,525,607,000	1,546,509,000	1,520,658,000	1,489,575,000	2,702,103,000	3,453,608,000	3,483,414,000	3,443,178,000	3,343,041,000	3,393,353,000	3,401,556,000	3,329,943,000	3,406,771,000	4,483,146,000	4,563,182,000	4,441,366,000	4,661,013,000					373,899,000				285,271,000				197,653,000
total liabilities and stockholders' equity	2,074,722,000	2,098,599,000	2,082,646,000	2,074,327,000	3,403,146,000	4,191,754,000	4,261,867,000	4,221,665,000	4,212,856,000	4,330,557,000	4,402,250,000	4,307,259,000	4,375,900,000	5,474,379,000	5,592,482,000	5,449,694,000	5,819,436,000					945,949,000				896,330,000				656,667,000
common stock			111,000	106,000	99,000	93,000	88,000	83,000	77,000	73,000	72,000	66,000	62,000	61,000	60,000	53,000	48,000	46,000	46,000	46,000												8,000
convertible notes receivable						32,000,000	32,000,000	32,000,000	32,000,000	74,681,000	74,681,000	103,401,000	168,356,000	255,310,000	269,440,000	111,200,000	1,173,000	1,560,000	2,370,000	2,485,000
current portion of convertible debentures payable								330,000	83,351,000	128,399,000	251,590,000	174,378,000	184,082,000	181,511,000
interest in equity investees										4,638,000	4,638,000	4,576,000	4,638,000	4,638,000	4,764,000	4,952,000	4,797,000	4,440,000	4,062,000	8,106,000
right-of-use assets											5,605,000	5,941,000	6,492,000	11,351,000	11,884,000	12,996,000	17,851,000	13,933,000	17,783,000	18,267,000
series a preferred stock
convertible debentures															444,275,000	401,949,000	501,075,000	554,854,000	611,646,000	667,624,000
deferred tax liability															187,714,000		237,208,000	219,311,000	239,373,000	265,845,000	49,293,000	49,274,000	48,090,000	46,866,000	48,019,000	53,363,000	57,100,000	53,624,000	92,220,000	4,424,000
current portion of convertible notes receivable
accumulated other comprehensive (deficit) income																-20,764,000
accumulated other comprehensive income																	1,010,000	9,595,000	51,247,000	152,668,000	11,958,000	8,205,000	2,689,000	231,000	-6,988,000	9,719,000	1,694,000	6,858,000	4,696,000	3,763,000	3,328,000	3,778,000
shareholders' equity
total tilray shareholders' equity																		4,436,288,000	4,319,473,000	4,459,070,000
total shareholders' equity																		4,472,989,000	4,385,756,000	4,465,313,000
total liabilities and shareholders' equity																		5,763,486,000	5,986,352,000	6,025,362,000
escrow payable																			170,799,000
deficit																			-527,699,000	-486,050,000
prepayments and other current assets																					30,751,000	34,640,000	28,154,000	26,217,000	31,066,000	38,173,000
property and equipment																					197,771,000	199,559,000	187,630,000	176,080,000	186,970,000	184,217,000	166,489,000	147,558,000	128,963,000	80,214,000		65,707,000
equity method investments																					8,100,000	9,300,000	8,911,000	8,743,000	8,827,000	11,448,000
other investments																					12,083,000	14,369,000	22,710,000	22,545,000	21,250,000	24,184,000
accounts payable																					48,289,000	17,776,000	26,137,000	22,203,000	23,907,000	39,125,000	58,688,000	24,368,000	17,179,000	10,649,000	10,107,000	13,209,000
accrued expenses and other current liabilities																					60,461,000	39,946,000	32,526,000	34,532,000	47,032,000	50,829,000	71,387,000	151,288,000	152,819,000	14,818,000	7,340,000	3,295,000
accrued lease obligations																					2,888,000	2,913,000	3,230,000	3,383,000	3,370,000
senior facility, net of transaction costs - current																					49,547,000
convertible notes, net of issuance costs																					259,443,000	257,789,000	438,154,000	435,454,000	432,807,000	430,210,000
senior facility, net of transaction costs																						48,470,000	45,944,000	44,638,000	39,106,000
stockholders’ equity
class 1 common stock																								2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000
class 2 common stock (0.0001 par value...																					18,000				11,000		8,000
total stockholders’ equity																					540,631,000		186,717,000	131,487,000	190,308,000		415,749,000	360,167,000	381,920,000		188,114,000	35,234,000
total liabilities and stockholders’ equity																					1,168,244,000		887,361,000	855,728,000	915,564,000		1,040,200,000	1,024,131,000	1,076,596,000		223,801,000	106,478,000
current assets:
class 2 common stock																						16,000	13,000	11,000		9,000		8,000	8,000	8,000	8,000
senior facility - current																									4,723,000
short-term investments																											22,213,000	36,323,000	31,229,000	30,335,000	14,712,000
abg finance receivable and other assets																										7,861,000
accrued obligations under finance lease
accrued obligations under operating lease																										2,473,000
abg finance liability																										5,566,000
other receivables																											2,886,000	1,195,000	378,000	969,000	4,696,000	3,696,000
prepaid expenses and other current assets																											58,895,000	36,633,000	5,357,000	3,007,000	4,431,000	1,210,000
investments																											42,318,000	23,195,000	19,650,000	16,911,000
deposits and other assets																											7,744,000	7,810,000	7,970,000	754,000	897,000	632,000
accrued obligations under capital lease																											127,000	252,000	366,000	470,000	103,000	199,000
convertible notes, net of issuance cost																											427,983,000	425,400,000	422,868,000
current liabilities:
privateer holdings debt facilities																																37,015,000
convertible senior notes due 2023, net of issuance cost																														420,367,000
capital stock
property, plant and equipment																															75,580,000
convertible preferred stock
class 3 common stock
cash																																25,331,000
preferred stock																																1,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-02-28	2025-11-30	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31	2024-05-31	2023-11-30	2023-08-31	2023-05-31	2022-11-30	2022-08-31	2022-05-31	2022-02-28	2021-11-30	2021-08-31	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30

cash from operating activities:
net loss	-25,233,000			-1,267,895,000	-793,534,000	-85,275,000	-34,652,000	-15,375,000	-102,046,000	-55,863,000		-127,429,000	-65,794,000
adjustments for:
deferred income tax (recovery) expense	1,974,000	3,546,000	-2,285,000
unrealized foreign exchange loss				-48,943,000	21,098,000	15,229,000	-5,602,000	10,378,000	-5,604,000	-3,127,000	4,057,000	2,261,000	10,026,000	16,302,000			13,192,000
amortization	16,741,000	15,958,000	15,561,000	34,080,000	33,546,000	34,050,000	31,814,000	31,730,000	62,341,000	30,789,000	28,993,000	67,387,000	34,069,000	40,768,000	37,020,000	37,471,000	39,333,000
accretion of convertible debt discount	2,013,000	1,988,000	1,976,000	2,112,000	2,766,000	2,918,000	3,067,000	2,996,000
impairments											-181,375,000
other than temporary change in fair value of convertible notes receivable				1,661,000				0
unrealized loss on digital assets	214,000	164,000	8,000
other non-cash items	635,000	1,485,000	282,000	-3,706,000	-1,778,000	2,552,000	729,000	329,000	-2,623,000	-816,000	-1,527,000	8,177,000	2,080,000	-10,609,000	-2,777,000	3,574,000	165,000			-143,000	93,000	138,000
stock-based compensation	13,725,000	12,283,000	5,052,000	6,100,000	4,035,000	7,237,000	6,917,000	7,252,000	16,458,000	8,257,000	9,829,000	20,136,000	9,193,000	8,969,000	9,355,000	13,596,000	4,074,000
loss on long-term investments
loss on derivative instruments	0	-175,000	3,670,000	735,000	-1,338,000	-862,000	-696,000	7,455,000	7,992,000	10,345,000	17,679,000	18,997,000	6,336,000
change in fair value of contingent consideration	0	0	-15,000,000					1,000,000	-10,807,000	-11,107,000	292,000	211,000	211,000	-15,585,000									-29,895,000
change in non-cash working capital:
accounts receivable	-9,301,000	-1,996,000	14,414,000	-18,122,000	9,372,000	-6,709,000	-2,342,000	-12,153,000	4,524,000	13,044,000	-13,885,000	6,690,000	-3,068,000		-3,192,000	12,602,000	-9,868,000	-1,000,000	-4,781,000	1,928,000	11,050,000	-1,906,000	-1,718,000	-11,109,000	-5,023,000	3,030,000	-11,704,000	-3,968,000
prepaids and other current assets	3,677,000	-261,000	-7,133,000	-6,000	4,788,000	524,000	-13,570,000	11,921,000	3,764,000	-4,654,000	35,802,000	-7,780,000	-34,891,000		5,346,000	966,000	-7,265,000
inventory	-9,105,000	-411,000	-11,905,000	-7,984,000	2,550,000	4,256,000	-12,383,000	-10,949,000	8,669,000	3,650,000	-1,126,000	5,046,000	-232,000		-19,921,000	-1,513,000	4,922,000	-4,893,000	-4,589,000	-4,584,000	-9,298,000	-11,594,000	-28,885,000	-35,029,000	-25,746,000	-12,983,000	-1,472,000	-7,802,000
accounts payable and accrued liabilities	-10,640,000	-5,181,000	-5,127,000	15,022,000	-13,132,000	-16,356,000	-8,472,000	31,194,000	-24,445,000	-6,469,000	21,463,000	-1,941,000	-6,265,000		-13,434,000	-21,913,000	-22,600,000
net cash from operating activities	-21,942,000	-8,537,000	-1,341,000	-12,807,000	-5,761,000	-40,724,000	-35,307,000	30,707,000	-46,251,000	-15,842,000	43,598,000	-17,060,000	-46,269,000	-20,524,000	-46,390,000	-17,121,000	-93,227,000	-13,008,000	-24,865,000	-13,983,000	-36,472,000	-54,031,000	-90,810,000	-57,028,000	-85,386,000	-24,841,000	-19,808,000	-23,535,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-2,466,000	-5,278,000	-11,874,000	-9,202,000	-18,290,000	-23,320,000	-24,158,000	-17,246,000	-9,017,000	0	-9,839,000
free cash flows	-21,942,000	-8,537,000	-1,341,000	-12,807,000	-5,761,000	-40,724,000	-35,307,000	30,707,000	-46,251,000	-15,842,000	43,598,000	-17,060,000	-46,269,000	-20,524,000	-46,390,000	-17,121,000	-93,227,000	-15,474,000	-30,143,000	-25,857,000	-45,674,000	-72,321,000	-114,130,000	-81,186,000	-102,632,000	-33,858,000	-19,808,000	-33,374,000
cash from investing activities:
investment in capital and intangible assets	-3,619,000	-9,696,000	-9,523,000	-6,331,000	-14,414,000	-5,436,000	-6,736,000	-9,710,000	-10,011,000	-4,152,000	-12,406,000	-7,537,000	-3,000,000	-5,594,000	-4,614,000	-7,540,000	-16,316,000
proceeds from disposal of capital and intangible assets	1,371,000	134,000	293,000	5,991,000	202,000	603,000	28,000	7,343,000	365,000	342,000	2,129,000	2,160,000	1,463,000	679,000	3,262,000	568,000	7,696,000
investment in digital assets	0	0	-1,000,000
sale of marketable securities
investment in long-term investments	0
proceeds from long-term investments
business acquisitions, net of cash acquired				100,000	0			0	-60,626,000
net cash from investing activities	28,917,000	-58,005,000	24,467,000	13,521,000	-119,000	-10,725,000	-49,395,000	45,056,000	55,207,000	-26,290,000	-7,584,000	-272,935,000	-1,537,000	-4,915,000	-1,026,000	-6,972,000	-8,620,000	-69,000	203,000	-12,434,000	-11,330,000	-18,119,000	11,663,000	-66,267,000	-29,081,000	-169,496,000	-45,076,000	-24,591,000
cash from financing activities:
share capital issued, net of cash issuance costs	0	50,567,000	22,491,000	21,450,000	28,221,000	45,045,000	66,472,000				0	129,593,000	129,593,000
cash paid in lieu fractional shares
proceeds from warrants exercised	0
proceeds from long-term debt				0				0	32,621,000		0	1,288,000	1,288,000
repayment of long-term debt	-4,236,000	-4,219,000	-2,653,000	609,000	-5,727,000	-5,597,000	-4,791,000	-4,424,000	-14,901,000				-5,196,000	-5,684,000	-13,791,000	-12,419,000	-8,360,000
repayment of convertible debt				0	0	0	-330,000	0	-107,330,000
repayment of lease liabilities	-1,000,000	-997,000	-994,000	-314,000	-862,000	-862,000	-862,000	-129,000	-91,000		0	-1,114,000	-1,035,000	0	-1,312,000	-3,206,000	-154,000
net decrease in bank indebtedness	267,000	382,000	1,004,000		-7,011,000				-3,200,000
net cash from financing activities	-5,128,000	48,100,000	19,848,000	16,642,000	18,071,000	38,203,000	60,590,000	7,070,000	-71,348,000	14,018,000	6,236,000	66,364,000	123,620,000	161,808,000	-5,565,000	-20,019,000	-8,028,000	234,081,000	54,726,000	44,909,000	5,426,000	159,786,000	69,602,000	39,394,000	4,960,000	744,000	451,331,000	123,639,000
effect of foreign exchange on cash and cash equivalents	955,000	317,000	188,000	4,354,000	-1,933,000	-2,242,000	958,000	-746,000	709,000	614,000	-615,000	-2,060,000	-1,080,000	326,000	412,000	-402,000	-2,294,000
net increase in cash and cash equivalents	2,802,000	-18,125,000	43,162,000									-225,691,000	74,734,000
cash and cash equivalents, beginning of period	0	0	221,666,000		0	0	228,340,000	0	206,632,000	206,632,000	0	415,909,000	415,909,000	0	0	0	488,466,000	189,702,000	0	0	0	96,791,000	0	0	0	487,255,000	0
cash and cash equivalents and restricted cash, end of period
unrealized foreign exchange gain		7,227,000	-2,328,000
gain on long-term investments		345,000	-39,000
purchase of marketable securities										-45,436,000		-243,186,000
cash and cash equivalents, end of period		-18,125,000	264,828,000		10,258,000	-15,488,000	205,186,000	82,087,000	144,949,000	179,132,000	41,635,000	190,218,000	490,643,000	136,695,000	-52,569,000	-44,514,000	376,297,000	416,370,000	34,497,000	17,994,000	-36,779,000	173,990,000	-3,368,000	-84,392,000	-109,654,000	294,205,000
net income			1,513,000											-457,800,000	52,475,000	5,797,000	-34,604,000	-340,955,000	-2,949,000	-2,315,000	-81,686,000	-184,123,000	-220,137,000	-35,678,000	-35,053,000	-30,301,000	-31,009,000	-18,700,000
disposal (purchase) of marketable securities			34,697,000				-42,687,000	47,423,000	125,479,000
deferred income tax recovery								-31,473,000	-4,042,000	59,000	-2,416,000	-12,941,000		-10,242,000	-6,068,000	13,645,000	-24,873,000
loss on sale of capital assets									-20,000	3,000		2,208,000	77,000			203,000	27,000
inventory valuation write down											0			55,000,000	0
impairment of intangible assets and goodwill
loss on long-term investments & equity investments				10,000	5,474,000	565,000	-499,000	600,000	-412,000	47,000	-653,000	1,918,000	1,193,000		-4,598,000	1,053,000	1,144,000
shares effectively repurchased for employee withholding tax											0	-1,189,000	-1,189,000
proceeds from convertible debt								0	21,553,000
net increase in bank indebtedness							101,000	3,004,000		-8,787,000	5,256,000	-2,819,000
dividend paid to nci
net decrease in cash and cash equivalents				21,710,000	10,258,000	-15,488,000	-23,154,000	82,087,000	-61,683,000	-27,500,000				136,695,000	-52,569,000	-44,514,000	-112,169,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
deferred income tax expense (recovery)					1,157,000
(purchase) disposal of marketable securities					14,093,000
deferred income tax expense							382,000						796,000															24,000
gain on sale of capital assets														-51,000
proceeds from warrants and options exercised
net cash acquired from business acquisitions										22,956,000
proceeds from long-term debt and convertible debt										29,174,000
repayment of long-term debt and convertible debt										-6,369,000		-59,395,000
transaction costs associated with business acquisitions
promissory notes advances
repayment of notes receivable
change in marketable securities
proceeds from disposal of long-term investments and equity investees
net cash (paid for) acquired in business acquisition
proceeds from convertible debentures issuance
repayment of convertible debentures
net cash paid for business acquisition												-24,372,000
increase in bank indebtedness													159,000	627,000	8,760,000	-467,000	486,000
impairment
gain on long-term investments & equity investments
gain on derivative instruments
change in non-cash working capital
proceeds from disposal of marketable securities
investment in long-term investments and equity investees
net cash acquired (paid) on business acquisitions														0
proceeds (payment) from warrants and options exercised														-134,000	778,000
unrealized foreign exchange (gain) loss
loss on contingent consideration																845,000	837,000
net cash paid on business acquisitions
gain on debt instruments																	-57,711,000
net income for the year
loss on promissory notes receivable
gain on convertible debentures
repayment of convertible notes receivable
proceeds from convertible debentures
amounts paid to non-controlling interest
supplementary disclosure of cash flow information
cash paid during the year:
income taxes
operating activities
adjusted for the following items:
inventory valuation adjustments																		2,062,000	2,303,000	13,443,000	18,629,000	4,044,000
depreciation and amortization expenses																		4,908,000	4,422,000	5,346,000	4,325,000	4,561,000
impairment of assets																			2,904,000	0	28,371,000	29,839,000
stock-based compensation expenses																		7,193,000	6,312,000	8,080,000	7,647,000	7,677,000
change in fair value of warrant liability																		263,201,000	49,011,000	-31,913,000	11,210,000	71,978,000
income from equity method investments																		1,787,000	1,488,000	1,420,000	1,327,000	1,748,000	2,667,000
(gain) income from equity investments measured at fair value																		-300,000
(gain) income from sale of investment																		-75,000
interest on debt securities																			-197,000	-195,000	-185,000	-221,000
deferred taxes																		-635,000	-1,363,000	134,000	-2,875,000	-1,272,000	-4,860,000	2,432,000	-2,642,000	-3,777,000
amortization of discount on convertible notes																		1,653,000	2,373,000	2,700,000	2,647,000	2,597,000	2,227,000	2,583,000	2,532,000	2,501,000
amortization of transaction costs on senior facility																		436,000	429,000	407,000	405,000	131,000
foreign currency (gain) loss																		-699,000			-13,326,000	28,069,000			126,000	-214,000
accretion related to obligations under finance leases																		485,000	1,041,000	77,000	166,000	151,000
issuance costs on registered offering recorded to net income																			0	0	0	3,953,000
credit loss expenses																		805,000	113,000	-29,000	271,000	46,000
benefit from sales returns																		-924,000		-90,000	164,000	-262,000
loss on disposal of property and equipment																		82,000		449,000	-21,000	457,000				111,000
changes in non-cash working capital:
prepayments and other current assets																		2,703,000	-9,667,000	-1,937,000	-549,000	6,749,000
accounts payable																		30,513,000	-7,941,000	3,934,000	-1,260,000	-15,218,000	-18,770,000	38,081,000	927,000	-235,000	1,819,000	-4,620,000
accrued expenses and other current liabilities																		20,645,000		-1,881,000	-12,810,000	-3,172,000	11,676,000	7,086,000	-2,207,000	11,660,000	3,890,000	3,939,000
investing activities
change in deposits and other assets																				176,000	-2,397,000	-927,000	-2,774,000	-229,000
investment in equity method investees																		-493,000
proceeds from the sale of other investments																		2,719,000		0	0	437,000
purchases of property and equipment																		-2,466,000	-5,278,000	-11,874,000	-9,202,000	-18,290,000	-23,320,000	-24,158,000	-17,246,000	-9,017,000
proceeds from disposal of property and equipment																		171,000	290,000	679,000	1,031,000	661,000
financing activities
proceeds from at-the-market equity offering, net of costs																		156,029,000		45,230,000	3,202,000	27,027,000
proceeds from abg profit participation arrangement																			0	0	0	1,353,000	854,000	1,666,000
proceeds from issuance of registered offering, net of issuance costs																			0	0	0	85,465,000
payment of abg finance liability																		-375,000	0	-500,000	0	-1,000,000
proceeds from exercise of warrants																		76,106,000
proceeds from exercise of stock options																		6,117,000	5,495,000	480,000	3,714,000	1,813,000	573,000	471,000	3,483,000	931,000
payment of obligations under finance lease																				-103,000	-101,000	-105,000
payment on the settlement of stock options																		-2,487,000	-119,000	-198,000	-198,000	-748,000
proceeds from issuance of senior facility, net of transaction costs																			0	0	0	46,395,000
repayment of senior facility																		-1,309,000	0	0	-1,191,000	-414,000
effect of foreign currency translation on cash and cash equivalents																		5,664,000	4,433,000	-498,000	5,597,000	-10,437,000	6,177,000	-491,000	-147,000	543,000
cash and cash equivalents
increase in cash and cash equivalents																		226,668,000	34,497,000	17,994,000	-36,779,000	77,199,000	-3,368,000	-84,392,000	-109,654,000	-193,050,000
gain on sale of short-term investment
income from equity investments measured at fair value																			3,011,000
income from sale of investment																			2,375,000	0	0	65,000
non-cash interest expenses
benefit from doubtful accounts																									259,000	536,000
gain on disposal of property and equipment
gain on convertible debt
accrued expenses and other liabilities
business combinations, net of cash acquired
investment in abg profit participation arrangement																							0	0	0	-33,333,000
purchases of short-term and other investments
proceeds from sales and maturities of short-term investments																							1,374,992,000
purchases of intangible assets																							-3,934,000	-574,000	-275,000	-92,000	-3,425,000	-131,000
proceeds from at-the market equity offering, net of costs
payment under privateer holdings debt facilities
advances under privateer holdings debt and construction facilities
proceeds from preferred shares - series a, net of transaction costs
payment of mortgage debt
proceeds from issuance of convertible notes, net of issuance costs
proceeds from issuance of common stock pursuant to ipo																											7,000
foreign currency loss
investment in equity method investees and s&s acquisition
interest receipts on debt securities																				0
investment in joint venture with ab inbev																				-1,415,000
gain from equity investments measured at fair value																					-767,000	1,534,000
taxes receivable
other liabilities
depreciation and amortization expense																								4,686,000	2,985,000	2,770,000
stock-based compensation expense																								8,315,000	7,585,000	5,306,000	4,111,000	11,245,000
other operating activities
other receivables																								-1,691,000			3,654,000	-852,000
prepaid expenses and other current assets																								-22,644,000	-29,820,000	-2,143,000	2,098,000	-3,653,000
acquisition of manitoba harvest, net of cash acquired																								-41,672,000	-274,000	-109,057,000
acquisition of natura, net of cash acquired																								0	0	-15,083,000
purchases of short-term and non-current investments																								-106,000	-5,466,000	-2,914,000
disposals of property and equipment
repayment under privateer debt facilities
advances under privateer debt and construction facilities
proceeds from preferred shares - series a
minimum lease payments under capital lease																								-188,000	-190,000	-187,000
supplemental disclosure for cash flow information
cash paid for interest																								5,834,000	11,706,000	73,000	259,000	357,000
non-cash investing activities
acquisition of manitoba harvest																								-37,490,000	0	195,407,000
acquisition of natura																								0	0	38,980,000
investment in abg profit participation arrangement, net of receivable																								0	0	94,805,000
purchases of investments and s&s acquisition
inventory write-downs																											103,000	54,000
non-cash interest expense																											5,206,000	-46,000
due to related parties																									-72,000	-780,000
proceeds from sale and maturities of short-term investments
proceeds from issuance of convertible preferred stock
acquisition of investments
non-cash interest income																										-322,000
increase in deposits and other assets
proceeds from maturities of short-term investments																												0
repayment under privateer holdings debt facilities																											0
advances under privateer holdings construction facilities
non-cash financing activities
shares issued for employee compensation																										649,000
foreign currency gain																											5,618,000	-1,591,000
benefit from doubtful accounts and returns
depreciation and amortization																											1,010,000	1,404,000
(gain) loss on disposal of property and equipment
loss on sale of investment
amortization of discount on convertible senior notes due 2023
decrease (increase) in deposits and other assets
proceeds from sale of short-term investments
advances under privateer holdings debt facilities																											-247,000
repayment of mortgage debt
proceeds from mortgage debt
payments on long-term debt
long-term debt financing costs
proceeds from issuance of convertible senior notes due 2023, net of issuance costs
payment of costs from issuance of common stock pursuant to ipo																											0
effect of foreign currency translation on cash, cash equivalents and restricted cash
cash, cash equivalents and restricted cash
increase in cash, cash equivalents and restricted cash
cash, cash equivalents and restricted cash, end of period
capital lease obligation
conversion of preferred stock to common stock
non-cash investing
addition to property and equipment under capital lease
alef acquisition
(gain) loss on disposal of property, plant and equipment
purchases of short-term investments																												-14,667,000
proceeds from sales of short-term investments																												0
purchases of property, plant and equipment																												-9,839,000
dispositions of property, plant and equipment																												23,000
lease payments under capital lease
effect of foreign currency translation on cash																												3,401,000
loss on disposal of property, plant, and equipment
advances under privateer holdings credit facility
advances under privateer holdings construction facility
cash
increase in cash
cash, beginning of period
cash, end of period
1.

Tilray, Inc(NASDAQ:TLRY)

Tilray, Inc
(NASDAQ:TLRY)