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While international cannabis and beer company Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) has experienced markedly better financial results since its eye-popping $1.4 billion loss for fiscal year 2023, the company’s pivot into beer and hemp has not yet solved its financial woes, with $222 million lost last year and another $34.7 million lost in the first quarter of fiscal 2025.

And yet, CEO Irwin Simon expressed nothing but cheerfulness and optimism during the company’s earnings call on Thursday, asserting that the breadth and depth of Tilray’s portfolio will carry it to profitability.

“Are we totally happy with our stock performance? No. But I don’t think it reflects what this company has done over the last five years,” Simon said, touting Tilray’s 44 brands and 2,700 employees. “We’re a global company in the CPG industry. So, I feel there’s exciting times ahead.”

Simon reaffirmed earlier revenue guidance the company issued for the coming fiscal year of between $950 million to $1 billion, with $200 million reported in the first quarter already.

To get into the black, Simon said Tilray will focus on diversification, and that includes its established marijuana industry footprint and its growing portfolio in beverages, hemp goods, and both alcoholic and non-alcoholic beer.

“We are innovating across adjacent categories, including flavored malt beverages, ready-to-drink cocktails, spirits and also beyond alcohol, we will grow our non-(alcoholic) beer category and expand further into water, energy and other categories,” Simon said during the call.

That includes launching intoxicating hemp-infused drinks in several states, Simon said, including “Florida, Texas, Louisiana, Minnesota, North Carolina, South Carolina, Ohio, Georgia, Alabama, Oklahoma and Tennessee.”

The path to profitability also includes more European expansion, beginning with Germany, Simon said. Since that country legalized adult-use marijuana earlier this year, Tilray has seen a 50% increase in medical cannabis flower sales and a 22% increase in extracts sales.

The company is also actively seeking new European marijuana markets to enter.

“We entered Poland, we entered the U.K., Italy and Portugal. We’ve also identified a bunch of other countries which we will be entering. So stay tuned,” said Denise Faltischek, Tilray’s chief strategy officer.

“Europe is very profitable for us,” Irwin added. “We are the largest grower of cannabis in Europe today. We have the infrastructure on the ground, taking a little time, but what’s important to us is the profitability there.”

And, of course, Tilray is also still planning to expand in the U.S. cannabis market as quickly as possible, based in part on the expected federal reforms that are currently underway, including marijuana rescheduling.

“The cannabis industry in the U.S. is over $40-plus billion in total size. So there’s a big, big, big market out there,” Simon said.