Carl Merton
CFO at Tilray Brands
Adjusted EBITDA for fiscal twenty twenty five was $55,000,000 compared to $60,500,000 in the prior year. For the year ended 05/31/2025, our skew and geographic rationalization resulted in a reduction in net sales of approximately $20,000,000 and an adjusted EBITDA impact of 6,000,000 We believe this temporary reduction will be offset by the growth of our new product innovation, including new beverage categories and future brand extensions. Cash flow used in operations in fiscal twenty twenty five was $94,600,000 compared to $30,900,000 in the prior year. Adjusted free cash flow was negative $114,200,000 as compared with $6,600,000 in the prior year period. The $114,200,000 includes approximately $63,000,000 of working capital increases, dollars 20,000,000 in CapEx, net of growth CapEx, and approximately $31,000,000 of cash losses from operating the businesses.