TLRY

Tilray is a serial money-loser dressed up as a 'global lifestyle consumer products company.' Five straight years of net losses culminate in a staggering -$2.19B FY2025 loss on just $821M of revenue — a -266% net margin and a -278% operating margin. Even stripping out what are almost certainly large non-cash goodwill/intangible impairments (the balance sheet shows total assets collapsing -50.9% YoY and equity -56.1%), the underlying engine doesn't work: gross margin is a thin 29.3% for what is increasingly a beer, spirits, and brew-pub business, and operating cash flow swung to -$94.6M. The retained-earnings deficit of -$4.85B is the cumulative scoreboard of a decade of value destruction.

The MD&A reads as strategy-by-acquisition and slogans — 'nexus of cannabis, beverage, wellness, and entertainment,' 16 brew pubs, Craft Acquisitions I and II, HD-D9 seltzers, Liquid Love water. Revenue grew only +4.1% despite bolting on acquired craft-beer volume, which implies the legacy/organic base is flat-to-shrinking. Management touts being 'relentlessly focused on managing our cost structure' while R&D was gutted -55.3% to a token $284K and the company leans on non-GAAP measures ('more fully described below under Use of Non-GAAP Measures') to frame performance — a tell that GAAP results are ugly.