Tilray Brands (NASDAQ: TLRY) reported record first-quarter fiscal 2027 revenue of $257. 1 million, up 23% from $209. 5 million a year earlier. Gross profit also reached a Q1 record of $77. 5 million, increasing 35%, while gross margin improved from 27% to 30%. Those are encouraging numbers for a company that has spent years expanding beyond cannabis. But there's a catch. Despite reporting record overall revenue, Tilray's cannabis business struggled. Net cannabis revenue declined 13% year over year, from $64. 5 million to $56. 1 million. Image source: Getty Images.
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