Tilray Brands Q2 2025: Assets Top $1.19B, Cash Strong

TL;DR

Tilray's Q2 2025: $1.19B assets, $831M cash. Solid financials.

AI Summary

Tilray Brands, Inc. filed its 10-Q for the period ending November 30, 2024. The company reported total assets of $1.198 billion and total liabilities of $929.26 million. Key financial figures include cash and cash equivalents of $831.93 million. The filing also details lease liabilities, with current operating and finance lease liabilities amounting to $3.68 million.

Why It Matters

This filing provides a snapshot of Tilray Brands' financial health, indicating significant asset holdings and a substantial cash position, which could support future growth or operational stability.

Risk Assessment

Risk Level: medium — The company operates in the highly regulated cannabis industry, which carries inherent market and regulatory risks.

Key Numbers

• $1.198B — Total Assets (Indicates the company's total resources as of November 30, 2024.)
• $929.26M — Total Liabilities (Represents the company's total obligations as of November 30, 2024.)
• $831.93M — Cash and Cash Equivalents (Shows the company's readily available funds as of November 30, 2024.)
• $3.68M — Current Lease Liabilities (Short-term obligations related to leases as of November 30, 2024.)

Key Players & Entities

• Tilray Brands, Inc. (company) — Filer of the 10-Q
• November 30, 2024 (date) — End of the reporting period
• $1.198 billion (dollar_amount) — Total assets
• $929.26 million (dollar_amount) — Total liabilities
• $831.93 million (dollar_amount) — Cash and cash equivalents
• $3.68 million (dollar_amount) — Current operating and finance lease liabilities

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share TLRY The Nasdaq
• $1,576 — icted cash as of November 30, 2024, and $1,576 of restricted cash as of November 30, 2

Filing Documents

• tlry20241018_10q.htm (10-Q) — 2805KB
• ex_761773.htm (EX-3.1) — 63KB
• ex_761774.htm (EX-10.1) — 5KB
• ex_734773.htm (EX-31.1) — 13KB
• ex_734774.htm (EX-31.2) — 13KB
• ex_734775.htm (EX-32.1) — 5KB
• ex_734776.htm (EX-32.2) — 6KB
• 0001437749-25-000868.txt ( ) — 12449KB
• tlry-20241130.xsd (EX-101.SCH) — 109KB
• tlry-20241130_cal.xml (EX-101.CAL) — 88KB
• tlry-20241130_def.xml (EX-101.DEF) — 716KB
• tlry-20241130_lab.xml (EX-101.LAB) — 550KB
• tlry-20241130_pre.xml (EX-101.PRE) — 763KB
• tlry20241018_10q_htm.xml (XML) — 2205KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Consolidated Statements of Financial Position (Unaudited) 1 Consolidated Statements of Loss and Comprehensive Loss (Unaudited) 2 Consolidated Statements of Stockholders' Equity (Unaudited) 3 Consolidated Statements of Cash Flows (Unaudited) 4 Notes to Condensed Interim Consolidated Financial Statements (Unaudited) 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 45 PART II. OTHER INFORMATION 46 Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49

Signatures

Signatures 51 Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q for the quarter ended November 30, 2024 (the "Form 10-Q") contains 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. Such statements involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements under the 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. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "seek," or "should," or the negative or plural of these words or similar expressions or variations are intended to identify such forward-looking statements. Forward-looking statements include, among other things, our beliefs or expectations relating to our future performance, results of operations and financial condition and liquidity; our intentions or expectations regarding our cost savings initiatives; our strategic initiatives, business strategy, supply chain, brand portfolio, product performance and expansion efforts; our intentions regarding the use of net proceeds from our ATM Program; our intentions regarding our capital structure and TLRY 27 Notes; current or future macroeconomic trends; our expectations and potential impacts of regulatory or industry developments; including our expectations for our positioning and

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited). TILRAY BRANDS, INC. Consolidated Statements of Financial Position (in thousands of United States dollars, unaudited) November 30, May 31, 2024 2024 Assets Current assets Cash and cash equivalents $ 189,698 $ 228,340 Marketable securities 62,551 32,182 Accounts receivable, net 112,739 101,695 Inventory 266,007 252,087 Prepaids and other current assets 44,861 31,332 Assets held for sale 31,483 32,074 Total current assets 707,339 677,710 Capital assets 554,419 558,247 Operating lease, right-of-use assets 18,243 16,101 Intangible assets 866,645 915,469 Goodwill 2,000,595 2,008,884 Long-term investments 7,416 7,859 Convertible notes receivable 32,000 32,000 Other assets 5,097 5,395 Total assets $ 4,191,754 $ 4,221,665 Liabilities Current liabilities Bank indebtedness $ 17,751 $ 18,033 Accounts payable and accrued liabilities 221,668 241,957 Contingent consideration 15,000 15,000 Warrant liability 1,695 3,253 Current portion of lease liabilities 6,572 5,091 Current portion of long-term debt 15,838 15,506 Current portion of convertible debentures payable — 330 Total current liabilities 278,524 299,170 Long - term liabilities Lease liabilities 62,024 60,422 Long-term debt 148,871 158,352 Convertible debentures payable 122,735 129,583 Deferred tax liabilities, net 125,975 130,870 Other liabilities 17 90 Total liabilities 738,146 778,487 Commitments and contingencies (refer to Note 19) Stockholders' equity Common stock ($ 0.0001 par value; 1,198,000,000 common shares authorized; 929,257,945 and 831,925,373 common shares issued and outstanding, respectively) 93 83 Preferred shares ($ 0.0001 par value; 10,000,000 preferred shares authorized; nil and nil preferred shares issued and outstanding, respectively) — — Treasury Stock ( 3,682,609 and nil treasury shares issued and outstanding, respectively) — — Additi

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Note 1. Basis of presentation and summary of significant accounting policies The accompanying unaudited interim consolidated financial statements reflect the accounts of the Company for the quarterly period ended November 30, 2024 (the "Financial Statements"). The Financial Statements were prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP and should be read in conjunction with the audited consolidated financial statements (the "Annual Financial Statements") included in the Company's Annual Report on Form 10 -K for the fiscal year ended May 31, 2024 (the "Annual Report"). These Financial Statements reflect all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full fiscal year. These Financial Statements have been prepared on a going concern basis, which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due, under the historical cost convention except for certain financial instruments that are measured at fair value, as detailed in the Company's accounting policies. All amounts in the Financial Statements, notes and tables have been rounded to the nearest thousand, except par values and per share amounts, and unless otherwise indicated. Certain items of the comparative figures have been changed to conform to the presentation adopted in the current period. In limited cases, certain line item

View Full Filing

View this 10-Q filing on SEC EDGAR