Tilray Brands said its acquisition of Brewdog has “ignited” its global drinks platform as the Aberdeenshire business is positioned for profitability.
In annual figures revealing record net group revenue of $915 million, the US company said the BrewDog deal will be a key part of its expansion across Europe.
Together with a partnership with Danish brewer Carlsberg it would create a pro form platform worth $500m.
It said BrewDog, which it acquired earlier this year in a cut-price £33m deal, “ignited the global expansion” of its beverage platform, unlocking new growth through the power of brands, hospitality and consumer experiences.
“In just a few months of ownership, Tilray has stabilised the business, improved performance and positioned BrewDog for profitability, while leveraging its iconic pub network and experiential consumer platform to drive engagement through activations such as the £1 million Bar Tab campaign.
“The company is building a scaled global beverage powerhouse with significant opportunities for growth and value creation.”
Irwin D. Simon, chairman and chief executive at Tilray Brands, stated: “Fiscal 2026 marks an important milestone in Tilray’s evolution. We didn’t just deliver record revenue, record gross profit and record adjusted EBITDA, we demonstrated the strength of the diversified global platform we’ve been building for the last five years.
“Today, Tilray Brands is a fundamentally different company: a global business with leadership positions across medical and adult-use cannabis, beverage, hospitality and wellness. We have built multiple growth engines, strengthened our balance sheet, expanded our global reach and created the financial flexibility to invest where we see the greatest opportunities.
“That combination gives us the ability to create value regardless of market conditions or regulatory timelines.”
He added: “As we enter Fiscal 2027, we expect over $1 billion in annual revenue, with a stronger company than ever before.
“Across Europe, we have built one of the industry’s most comprehensive medical cannabis and pharmaceutical distribution platforms. In beverages, BrewDog, our American craft beer portfolio and our Carlsberg partnership create a global platform with significant opportunities for growth.
“Across every part of Tilray Brands, we remain focused on disciplined execution, stronger profitability, cash flow generation and creating long-term shareholder value.
“The next chapter for Tilray will not be defined by one product, one market or one regulatory event. It will be defined by disciplined execution across a diversified global platform built to create enduring shareholder value. We believe the opportunity ahead for Tilray Brands is greater than ever before.”
He made no reference to BrewDog co-founder James Watt’s attempt to buy back the business.
In April, Roth Capital upgraded the stock to Buy from Neutral, following its Q3 results, noting its outperformance in its international business, which grew ~73% YoY in Q3, accounting for more than a third of the company’s topline.
Analyst William Kirk wrote that it “should further benefit from planned increases in capacity.”
Over the last two years, Tilray has beaten EPS estimates 63% of the time and has beaten revenue estimates 50% of the time.
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