It isn't easy for marijuana companies to impress the stock market, and even an atypical quarterly bottom-line adjusted profit couldn't lift Tilray Brands' (TLRY -5.14%) shares in recent trading sessions. According to data compiled by S&P Global Market Intelligence, the cannabis sector mainstay's shares were down by almost 16% week to date as of early Friday morning.

Not a good buzz

In its fiscal fourth quarter of 2025, ended May 31, Tilray's net revenue came in at $224.5 million, which was down from the almost $230 million it earned in the same frame of 2024. The company's two main product lines, cannabis and beverages, both suffered declines. The former's net revenue fell to under $68 million from nearly $72 million, while the latter sank to $65.6 million from $76.7 million.

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This was accompanied by a headline net loss of almost $1.3 billion, a far steeper deficit than the $15 million shortfall of Q4 2024. Nearly all of this was attributable to charges to goodwill and intangible assets arising from the merger with the former Aphria in 2021. Back then investors were far more optimistic about the pot sector then they are now, and costs for acquisitions in the space were lofty.

Stripping these and other one-time and extraordinary items out of the equation, Tilray's bottom line didn't actually look so bad. In fact, on a non-GAAP (adjusted) basis the company was profitable, although its more than $20 million ($0.02 per share) in net income was well below the over $35 million of the year-ago period.

At least the company beat on that metric -- the analyst bottom-line consensus estimate was for a loss of $0.02 per share. Tilray fell short on revenue, as those pundits were collectively anticipating $247 million.

A bull has little effect

Following the earnings release, one analyst, Jefferies' Kaumil Gajrawala, reiterated his buy recommendation on Tilray, and his price target of $1.50. Investors clearly weren't buying this take, however, since at this point marijuana companies need to show they can post better numbers than this set of largely lackluster figures.