The company reported a fourth-quarter loss of $37.9 million, or 43 cents per share, missing analyst estimates that projected a loss of just 1 cent per share. These results were heavily impacted by noncash charges, though net revenue climbed 25% to reach $281.7 million, exceeding the $246.3 million consensus forecast. Despite the revenue boost, the beverage segment—which the company views as a pillar for future growth—struggled to maintain profitability. Gross margins for the beverage unit sat at 38% for the quarter, unchanged from last year, but slipped to 36% for the full fiscal year compared with 39% in the prior period.

Tilray has leaned heavily into alcohol acquisitions, including the purchase of Scottish craft brewer BrewDog’s global brand rights for roughly $43.6 million earlier this year, to move beyond its cannabis roots. While cannabis revenue grew 5% to $71.5 million, the market remains focused on whether the firm can stabilize its beverage margins while integrating these new assets.