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Side-by-side financial comparison of Tilray Brands, Inc. (TLRY) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $217.5M, roughly 1.8× Tilray Brands, Inc.). INNOVATE Corp. runs the higher net margin — -1.9% vs -20.7%, a 18.7% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 3.1%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 7.5%).
Tilray Brands, Inc. is an American pharmaceutical, cannabis-lifestyle and consumer packaged goods company, incorporated in the United States, headquartered in New York City. Tilray also has operations in Canada, Australia, New Zealand, and Latin America, with growing facilities in Germany and Portugal.
Innovate Corp. is an American public financial services company founded in 1994.
TLRY vs VATE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $217.5M | $382.7M |
| Net Profit | $-44.9M | $-7.4M |
| Gross Margin | 26.4% | 15.4% |
| Operating Margin | -10.2% | 3.7% |
| Net Margin | -20.7% | -1.9% |
| Revenue YoY | 3.1% | 61.7% |
| Net Profit YoY | 47.4% | 55.4% |
| EPS (diluted) | $-0.41 | $-0.57 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $217.5M | $382.7M | ||
| Q3 25 | $209.5M | $347.1M | ||
| Q2 25 | $224.5M | $242.0M | ||
| Q1 25 | $185.8M | $274.2M | ||
| Q4 24 | $210.9M | $236.6M | ||
| Q3 24 | $200.0M | $242.2M | ||
| Q2 24 | $229.9M | $313.1M | ||
| Q1 24 | $188.3M | $315.2M |
| Q4 25 | $-44.9M | $-7.4M | ||
| Q3 25 | $-322.0K | $-8.9M | ||
| Q2 25 | $-1.3B | $-19.8M | ||
| Q1 25 | $-789.4M | $-24.5M | ||
| Q4 24 | $-85.3M | $-16.6M | ||
| Q3 24 | $-39.2M | $-15.0M | ||
| Q2 24 | $-31.7M | $14.4M | ||
| Q1 24 | $-92.7M | $-17.4M |
| Q4 25 | 26.4% | 15.4% | ||
| Q3 25 | 27.4% | 14.3% | ||
| Q2 25 | 30.1% | 18.8% | ||
| Q1 25 | 28.0% | 16.6% | ||
| Q4 24 | 29.0% | 19.6% | ||
| Q3 24 | 29.8% | 19.9% | ||
| Q2 24 | 35.8% | 21.0% | ||
| Q1 24 | 26.2% | 15.4% |
| Q4 25 | -10.2% | 3.7% | ||
| Q3 25 | 1.0% | 1.8% | ||
| Q2 25 | -643.1% | 2.0% | ||
| Q1 25 | -409.0% | 1.2% | ||
| Q4 24 | -20.0% | 1.1% | ||
| Q3 24 | -18.3% | 2.4% | ||
| Q2 24 | -7.2% | 9.2% | ||
| Q1 24 | -43.6% | 0.9% |
| Q4 25 | -20.7% | -1.9% | ||
| Q3 25 | -0.2% | -2.6% | ||
| Q2 25 | -566.9% | -8.2% | ||
| Q1 25 | -424.9% | -8.9% | ||
| Q4 24 | -40.5% | -7.0% | ||
| Q3 24 | -19.6% | -6.2% | ||
| Q2 24 | -13.8% | 4.6% | ||
| Q1 24 | -49.2% | -5.5% |
| Q4 25 | $-0.41 | $-0.57 | ||
| Q3 25 | $0.00 | $-0.71 | ||
| Q2 25 | $7.26 | $-1.67 | ||
| Q1 25 | $-8.69 | $-1.89 | ||
| Q4 24 | $-0.99 | $-0.72 | ||
| Q3 24 | $-0.04 | $-1.18 | ||
| Q2 24 | $-0.04 | $1.03 | ||
| Q1 24 | $-0.12 | $-2.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $291.6M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $1.6B | $-240.1M |
| Total Assets | $2.1B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $291.6M | $112.1M | ||
| Q3 25 | $264.8M | $35.5M | ||
| Q2 25 | $256.4M | $33.4M | ||
| Q1 25 | — | $33.3M | ||
| Q4 24 | $252.2M | $48.8M | ||
| Q3 24 | $280.1M | $51.0M | ||
| Q2 24 | $260.5M | $80.2M | ||
| Q1 24 | $225.9M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $1.6B | $-240.1M | ||
| Q3 25 | $1.5B | $-233.3M | ||
| Q2 25 | $1.5B | $-224.8M | ||
| Q1 25 | $2.7B | $-204.2M | ||
| Q4 24 | $3.5B | $-180.4M | ||
| Q3 24 | $3.5B | $-163.1M | ||
| Q2 24 | $3.4B | $-149.0M | ||
| Q1 24 | $3.4B | $-184.4M |
| Q4 25 | $2.1B | $950.1M | ||
| Q3 25 | $2.1B | $913.2M | ||
| Q2 25 | $2.1B | $890.9M | ||
| Q1 25 | — | $868.0M | ||
| Q4 24 | $4.2B | $891.1M | ||
| Q3 24 | $4.3B | $897.2M | ||
| Q2 24 | $4.2B | $898.9M | ||
| Q1 24 | $4.2B | $943.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-8.5M | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.5M | $101.1M | ||
| Q3 25 | $-1.3M | $19.2M | ||
| Q2 25 | $-12.8M | $40.4M | ||
| Q1 25 | $-5.8M | $-14.1M | ||
| Q4 24 | $-40.7M | $41.4M | ||
| Q3 24 | $-35.3M | $-28.4M | ||
| Q2 24 | $30.7M | $21.5M | ||
| Q1 24 | $-15.4M | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | $-19.1M | — | ||
| Q1 25 | $-20.2M | $-18.8M | ||
| Q4 24 | $-46.2M | $34.2M | ||
| Q3 24 | $-42.0M | $-31.5M | ||
| Q2 24 | $21.0M | $18.4M | ||
| Q1 24 | $-24.9M | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | -8.5% | — | ||
| Q1 25 | -10.9% | -6.9% | ||
| Q4 24 | -21.9% | 14.5% | ||
| Q3 24 | -21.0% | -13.0% | ||
| Q2 24 | 9.1% | 5.9% | ||
| Q1 24 | -13.2% | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 7.8% | 1.7% | ||
| Q4 24 | 2.6% | 3.0% | ||
| Q3 24 | 3.4% | 1.3% | ||
| Q2 24 | 4.2% | 1.0% | ||
| Q1 24 | 5.1% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TLRY
| Adultuse Cannabis Products | $62.4M | 29% |
| Other | $59.2M | 27% |
| Beverage Alcohol Business | $53.6M | 25% |
| International Cannabis Products | $20.2M | 9% |
| Wellness Business | $14.6M | 7% |
| Medical Cannabis Products | $6.2M | 3% |
| Wholesale Cannabis Products | $1.3M | 1% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
