Tilray’s third quarter results were met with a strong positive response from the market, reflecting the company's progress in expanding its diversified business model and achieving a notable improvement in operating margin. Management attributed the quarter’s performance to double-digit growth in Canadian adult-use and international cannabis segments, as well as operational improvements across its beverage and wellness divisions. CEO Irwin Simon highlighted that, outside of a flat beverage segment affected by SKU rationalization, all core business lines contributed to revenue growth, with focused efforts on product innovation and efficiency driving the company’s improved profitability.

Is now the time to buy TLRY? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Tilray’s Q3 Earnings Call

• Aaron Grey (Alliance Global Partners) asked about permit delays and CC Pharma’s role in European expansion. CEO Irwin Simon explained that recent progress in Portugal’s permitting and leveraging CC Pharma’s distribution to 13,000 drugstores would accelerate international cannabis growth.
• Unknown Analyst inquired about Tilray’s preparedness for U.S. cannabis rescheduling. Simon stated the company could deploy existing infrastructure or pursue acquisitions to capture opportunities, citing flexibility in approach.
• William Kirk (ROTH Capital Partners) asked about digital asset strategy and the role of Bitcoin. Simon and Lloyd Brathwaite (Head of Digital Strategy) said Tilray is enabling Bitcoin payments and exploring tokenization, but does not plan to become a crypto-focused company.
• Xin Ma (TD Cowen) questioned pricing power and volume growth in Canadian adult-use cannabis. Blair MacNeil (Head of Canadian Market) said Tilray achieved both price and volume growth above market, aided by brand strength and anticipated regulatory improvements.
• Frederico Gomes (ATB Capital Markets) asked about supply chain risk in Portugal. Simon confirmed Tilray would remain in Portugal but has contingency plans to supply Europe from Canada or Germany if needed.

Catalysts in Upcoming Quarters

In future quarters, the StockStory team will be watching (1) the pace of regulatory changes in key markets like Germany and the U.S., (2) the impact of new product introductions—especially in hemp-based beverages and wellness—on overall revenue mix, and (3) ongoing gains in operational efficiency and margin recovery in the beverage segment. Progress on international distribution expansion will also be a critical marker.

Tilray currently trades at $1.71, in line with $1.73 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members).

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