Financials Tilray Brands, Inc.

Equities

TLRY

US88688T1007

Pharmaceuticals

Market Closed - Nasdaq Other stock markets 21:00:00 17/09/2024 BST			5-day change	1st Jan Change
1.810 ^USD	+0.56%		+6.47%	-21.30%

09-12	Tilray Brands Closes Atwater Brewery Acquisition From Molson Coors Beverage	MT
09-09	Tilray Medical Supports Scientific Study on Fibromyalgia With "Positive Outcomes"	MT

Projected Income Statement: Tilray Brands, Inc.

Fiscal Period: Mei	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	406.6	513.1	628.4	627.1	788.9	915.3	961.6	1,065
Change	-	26.18%	22.47%	-0.2%	25.8%	16.01%	5.06%	10.72%
EBITDA ¹	12.9	40.77	48.05	61.48	60.46	81.12	94.17	130.2
Change	-	216.13%	17.85%	27.96%	-1.65%	34.16%	16.08%	38.26%
EBIT ¹	-49.44	-132.2	-142.5	-108.3	-174.7	-59.21	-48.68	-
Change	-	167.35%	7.84%	-24.05%	61.4%	66.12%	17.79%	100%
Interest Paid ¹	-19.72	-27.98	-27.94	-13.59	-36.43	-32.89	-30.76	-29.19
Earnings before Tax (EBT) ¹	-60.41	-345	-440.7	-1,450	-249	-60.4	-60.48	4.645
Change	-	471.07%	27.74%	229.08%	-82.83%	75.75%	-0.13%	-
Net income ¹	-63.34	-336	-434.1	-1,443	-222.4	-70.07	-58.05	-8.758
Change	-	430.48%	29.2%	232.39%	-84.59%	68.49%	17.16%	84.91%
Announcement Date	29/07/20	28/07/21	28/07/22	26/07/23	29/07/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: May	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	95.51	92.31	102.4	113.9	110	127	122.3	142.2	168	155.2	151.9	153.3	153.2	144.1	145.6	184.2	176.9	193.8	188.3	229.9	220.9	223	214.4	254	236.9	235.9	221.9	264.5
Change	-	-3.36%	10.94%	11.23%	-3.45%	15.45%	-3.65%	16.26%	18.13%	-7.66%	-2.12%	0.96%	-0.07%	-5.92%	1.01%	26.51%	-3.93%	9.51%	-2.8%	22.06%	-3.91%	0.97%	-3.85%	18.47%	-6.75%	-0.39%	-5.95%	19.2%
EBITDA ¹	0.7839	1.457	4.067	6.405	7.554	9.944	10.07	12.32	12.7	13.76	10.09	11.5	13.53	11.71	14.02	22.22	11.43	10.09	10.15	29.49	13.5	13.28	14.84	34.79	15.9	13.5	18.5	35.8
Change	-	85.82%	179.24%	57.48%	17.94%	31.65%	1.3%	22.28%	3.07%	8.37%	-26.7%	14.06%	17.62%	-13.47%	19.7%	58.58%	-48.55%	-11.79%	0.67%	190.44%	-54.21%	-1.64%	11.75%	134.38%	-54.3%	-15.09%	37.04%	93.51%
EBIT ¹	3.024	-7.319	-8.999	-51.79	15.66	-34.18	-54.4	-73.7	-36.05	-31.96	-36.29	-38.23	-20.97	-32.55	-29.38	-16.6	-34.36	-41.76	-82.1	-16.53	-17.65	-15.94	-14.86	6.328	-30	-33	-27	-10
Change	-	-	22.94%	475.54%	-	-	59.17%	35.47%	-51.08%	-11.34%	13.53%	5.36%	-45.16%	55.26%	-9.73%	-43.52%	107.04%	21.53%	96.6%	-79.87%	-6.8%	9.69%	6.8%	-	-	-10%	18.18%	62.96%
Charge d'intérêts ¹	-3.981	-3.832	-5.213	-6.535	-5.438	-4.804	-7.983	-9.466	-10.17	-9.94	-2.312	-5.522	-4.413	-3.107	-1.04	-5.027	-9.835	-8.625	-8.517	-9.456	-8.262	-7.962	-7.922	-8.122	-10.2	-8.7	-8.5	-9.5
Earnings before Tax (EBT) ¹	14.42	-7.655	7.949	-75.56	-2.859	-110	-282.6	38.35	-29.84	0.126	50.64	-461.6	-58.58	-73.35	-1,207	-111.7	-48.6	-49.56	-107.9	-43	-30.58	-31.07	-28.13	-11.54	-30	-33	-27	-10
Change	-	-	-	-	-96.22%	3,747.89%	156.86%	-	-	-	40,094.44%	-	-87.31%	25.2%	1,544.98%	-90.74%	-56.49%	1.98%	117.61%	-60.13%	28.9%	-1.62%	9.47%	58.98%	-160%	-10%	18.18%	62.96%
Net income ¹	12.45	-6.069	4.04	-73.98	-3.846	-95.39	-287.5	33.6	-34.6	-0.201	43.19	-457.8	-65.79	-61.64	-1,196	-119.8	-55.86	-46.18	-105	-15.38	-29.5	-29.95	-27.05	-11.49	-30	-33	-27	-10
Change	-	-	-	-	-94.8%	2,380.03%	201.35%	-	-	-99.42%	-	-	-85.63%	-6.32%	1,840.05%	-89.98%	-53.38%	-17.33%	127.32%	-85.35%	-91.88%	-1.51%	9.66%	57.54%	-161.14%	-10%	18.18%	62.96%
Announcement Date	15/10/19	14/01/20	15/04/20	29/07/20	15/10/20	14/01/21	12/04/21	28/07/21	07/10/21	10/01/22	06/04/22	28/07/22	07/10/22	09/01/23	10/04/23	26/07/23	04/10/23	09/01/24	09/04/24	29/07/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Tilray Brands, Inc.

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-66.1	450	190	108	228	235	248	304
Change	-	580.79%	-57.78%	-43.16%	111.11%	2.92%	5.53%	22.58%
Announcement Date	29/07/20	28/07/21	28/07/22	26/07/23	29/07/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Tilray Brands, Inc.

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	99.11	38.87	34.06	20.8	29.25	30.04	27.9	31.64
Change	-	-60.78%	-12.37%	-38.94%	40.62%	2.72%	-7.14%	13.43%
Free Cash Flow (FCF) ¹	-199.2	-83.59	-211.3	-12.89	-60.15	26.17	63.09	81.49
Change	-	-58.04%	152.82%	-93.9%	366.53%	-143.5%	141.13%	29.16%
Announcement Date	29/07/20	28/07/21	28/07/22	26/07/23	29/07/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Tilray Brands, Inc.

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	3.17%	7.95%	7.65%	9.8%	7.66%	8.86%	9.79%	12.23%
EBIT Margin (%)	-12.16%	-25.76%	-22.68%	-17.26%	-22.15%	-6.47%	-5.06%	-
EBT Margin (%)	-14.86%	-67.24%	-70.13%	-231.24%	-31.56%	-6.6%	-6.29%	0.44%
Net margin (%)	-15.58%	-65.49%	-69.09%	-230.1%	-28.19%	-7.66%	-6.04%	-0.82%
FCF margin (%)	-48.99%	-16.29%	-33.63%	-2.06%	-7.62%	2.86%	6.56%	7.65%
FCF / Net Income (%)	314.51%	24.88%	48.68%	0.89%	27.05%	-37.34%	-108.68%	-930.46%
Profitability
ROA	-2.96%	-8.66%	-2.59%	-29.58%	-5.27%	-2.4%	-1.3%	-0.5%
ROE	-4.81%	-11.78%	-3.35%	-37.4%	-6.58%	-3%	-1.6%	-0.6%
Financial Health
Leverage (Debt/EBITDA)	-	11.04x	3.95x	1.75x	3.78x	2.9x	2.63x	2.33x
Debt / Free cash flow	-	-5.39x	-0.9x	-8.37x	-3.8x	8.98x	3.93x	3.73x
Capital Intensity
CAPEX / Current Assets (%)	24.37%	7.58%	5.42%	3.32%	3.71%	3.28%	2.9%	2.97%
CAPEX / EBITDA (%)	768.47%	95.35%	70.9%	33.83%	48.37%	37.03%	29.62%	24.3%
CAPEX / FCF (%)	-49.75%	-46.51%	-16.12%	-161.32%	-48.62%	114.82%	44.21%	38.83%
Items per share
Cash flow per share ¹	-	-0.1659	-0.3684	0.0128	-0.0416	0.07	0.11	0.14
Change	-	-	122.04%	-103.47%	-425.25%	-268.27%	57.14%	27.27%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EPS ¹	-	-1.25	-0.9	-2.35	-0.33	-0.0929	-0.066	-0.015
Change	-	-	-28%	161.11%	-85.96%	-71.86%	-28.93%	-77.27%
Nbr of stocks (in thousands)	-	464,038	514,375	618,008	825,842	842,962	842,962	842,962
Announcement Date	-	28/07/21	28/07/22	26/07/23	29/07/24	-	-	-