
In its fiscal fourth quarter of 2025, which ended on the last day of May, Tilray posted net revenues of $224.5 million — a number that would have been quite respectable a year ago. Alas, this was a modest drop from the $230 million it recorded in the same quarter of 2024. The two principal engines of the company’s revenue — cannabis and beverages — both appeared somewhat underwhelming in their performance. Cannabis sales, once the darling of the investor’s eye, languished under the shadow of a $68 million revenue figure, a notable dip from the previous year’s $72 million. Meanwhile, beverages, which have offered some hope for diversification, slid further into the murk with $65.6 million in sales, down from $76.7 million. The story here is one of stagnation rather than growth — a tale with no great surprises, but still, the nuances speak volumes.