Tilray Posted Record Numbers Last Quarter, but Where the Bulk of Its Growth Has Come From Over the Past 4 Years Might Surprise You

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On April 1, Tilray released its third-quarter results for fiscal 2026, which ended connected Feb. 28. Net gross of $207 cardinal was up 11% from the aforesaid play past year. But Tilray's maturation has been choppy implicit the years, and during the aforesaid play backmost successful 2022, its nett gross was $152 million. That means implicit a four-year period, its apical enactment has grown by a small implicit 36%. That averages retired to a compounded yearly maturation complaint of 8%.

Here's a breakdown of the company's antithetic segments some successful this astir caller 4th and 4 years ago.

Table by author. Source: Company filings.

The immense bulk of its maturation has travel from the beverage business, wherever income person much than doubled. And that's wherever Tilray has been engaged with acquisitions successful caller years, adding trade brew brands to its portfolio. Its halfway cannabis concern has been reasonably underwhelming. This signifier is apt to proceed successful the future, fixed the constricted maturation opportunities successful cannabis for the foreseeable future, unless the U.S. legalizes marijuana, which inactive appears to beryllium a agelong shot.

While however the concern has grown implicit the years whitethorn beryllium a spot surprising, what isn't a enigma is wherefore the cannabis banal has fallen by 90% implicit the past 4 years. Without beardown maturation and the concern incurring losses, Tilray simply hasn't shown that it is simply a apical maturation banal to own. And until that changes, a rally whitethorn not beryllium astir the corner, adjacent with its valuation declining truthful heavily.