Tilray Brands

Fiscal year to date, Tilray also reduced total outstanding debt by $42 million.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

____________________________________________________________________________________________________ (1) Net (debt) cash is a non-GAAP financial measure.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

GAAP Financial Measures This press release and the accompanying tables include non-GAAP financial measures, including Adjusted EBITDA 3 , Adjusted cash operating income (loss), Adjusted net income (loss), Adjusted net income (loss) per share and or ( Adjusted EPS ), free cash flow, adjusted free cash flow, constant currency presentations of revenue, cash, restricted cash and marketable securities, and net (debt) cash.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

, less; non-operating income (expense), net; amortization; deferred income tax expense (benefits), net; stock-based compensation; Accretion of convertible debt discount; change in fair value of contingent consideration; project 420 optimization costs; litigation costs; restructuring costs and transaction costs, net.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

Adjusted free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net, and the exclusion of growth CAPEX from investments in capital and intangible assets, net, which excludes the amount of capital expenditures that are considered to be associated with growth of future operations rather than to maintain the existing operations of the Company, and excludes cash paid for litigation settlements.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

Net (debt) cash is comprised of GAAP measures and reduces bank indebtedness, current and non-current portions of long-term debt, the principal balance of convertible debt by cash and cash equivalents and marketable securities.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

The quarter s performance reflects Tilray s focus on building durable growth across multiple categories, strengthening profitability and maintaining a disciplined balance sheet while investing behind the long-term opportunities we believe will define the future of cannabis, beverage, wellness and healthcare.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

This position gives the Company financial flexibility to invest behind strategic growth opportunities, support integration priorities and maintain disciplined capital allocation.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

federal cannabis legalization or rescheduling and the Company s ability to leverage its platform in connection therewith; the Company s ability to successfully leverage artificial intelligence strategies; the Company s anticipated investments and acquisitions, including in organic and strategic growth, partnership efforts, product offerings and other initiatives; and the Company s ability to commercialize new and innovative products.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

Management s guidance for adjusted EBITDA 3 is provided on a non-GAAP basis and excludes stock-based compensation; change in fair value of contingent consideration; purchase price accounting step-up; impairments of intangible assets and goodwill; other than temporary change in fair value of convertible notes receivable; litigation costs; integration and restructuring costs; transaction-related costs; and other non-operating income (expenses) and non-recurring items that may be incurred during the Company s fiscal year 2027, which the Company will continue to identify as it reports its future financial results.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

Such items may include litigation and related expenses, transaction costs, impairments of intangible assets and goodwill, foreign exchange movements and other items.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

Adjusted EBITDA 3 is calculated as net income (loss) before income tax expense (recovery), net; interest expense, net; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent consideration; project 420 optimization costs; litigation costs; restructuring costs, and transaction costs, net.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

, less; non-operating income (expense), net; amortization; deferred income tax expense (benefits), net; stock-based compensation; Accretion of convertible debt discount; change in fair value of contingent consideration; project 420 optimization costs; litigation costs; restructuring costs and transaction costs, net.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

Adjusted free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net, and the exclusion of growth CAPEX from investments in capital and intangible assets, net, which excludes the amount of capital expenditures that are considered to be associated with growth of future operations rather than to maintain the existing operations of the Company, and excludes cash paid for litigation settlements.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026

Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein.

SEC original ↗Tilray Brands — Earnings release (8-K exhibit)EX-99Oct 8, 2026