Tilray Brands, Inc. (TLRY) shares jumped after the cannabis company delivered a surprisingly strong second quarter, flipping analyst expectations from a loss to an actual profit.

The Numbers That Matter

Tilray reported adjusted earnings per share of 1 cent, which doesn't sound like much until you realize Wall Street was expecting a loss of 20 cents. That's the kind of earnings beat that gets investors' attention.

Revenue hit $217.50 million, topping the consensus estimate of $210.95 million. Adjusted EBITDA came in at $8.4 million for the quarter, and management stood by its full-year fiscal 2026 adjusted EBITDA guidance range of $62 million to $72 million.

The performance got a boost from strength across several business lines: international medical cannabis, Canadian adult-use cannabis, and distribution operations. Tilray Pharma, one of the company's pharmaceutical divisions, delivered its best quarterly results to date.

The Balance Sheet Story

Perhaps more impressive than the earnings beat was what happened on the balance sheet. Tilray ended the quarter with $291.6 million in cash and marketable securities, moving to a net cash position of $27.4 million. For a cannabis company, having more cash than debt is a pretty significant milestone.

What's Happening With the Stock

Following the earnings release, Tilray shares were trading 3.07% higher at $9.41. The positive reaction makes sense when you consider the company not only beat expectations but also demonstrated improving financial health across multiple metrics.