Tilray Brands stock falls 2.84 percent despite record revenue

Tilray Brands stock stood at USD 4.11 on Nasdaq on September 23, 2026, down USD 0.12 or 2.84 percent from the previous session. The decline came as the company entered a new fiscal year with record revenue but continued pressure on profitability and capital structure.

Record revenue meets new guidance

Tilray reported fiscal 2026 revenue of USD 915.5 million and adjusted EBITDA of USD 61.1 million. The figures provide scale, but the earnings profile remains the central issue because the company is guiding to adjusted EBITDA of USD 68 million to USD 75 million for fiscal 2027.

According to Yahoo Finance, fourth-quarter fiscal 2026 revenue rose 25 percent year over year to USD 281.7 million from USD 224.5 million. That comparison is stronger than the full-year picture, yet the guidance range shows that management expects adjusted EBITDA growth rather than a sharp change in operating scale.

Debt exchange adds dilution

Tilray also exchanged USD 12 million of 5.20 percent convertible senior notes due June 15, 2027, for 2,841,650 newly issued common shares in transactions completed between August 31 and September 8, 2026. The filing reduces debt obligations, but the share issuance increases dilution for existing holders.

According to StockTitan, the exchange involved 2,841,650 shares and USD 12 million of principal. The balance sheet trade-off is therefore clear: lower debt against a larger equity base.

Stock remains below yearly high

TLRY's market capitalization was USD 459,628,143 on September 23, 2026. Its 52-week range was USD 3.67 to USD 23.20, placing the current quote USD 19.09 below the yearly high and USD 0.44 above the low.

For investors, the combination of 25 percent quarterly revenue growth and a fiscal 2027 adjusted EBITDA target of USD 68 million to USD 75 million gives the stock a measurable operating checkpoint. The September 23 price move shows that revenue growth alone has not resolved concerns about earnings quality and dilution.