| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
TILT Holdings Inc. (Cboe: TILT) (OTC:TLLTF), a cannabis technology, hardware, cultivation and production company headquartered in Phoenix, Arizona, announced its financial results Friday for the three months ended June 30, 2024.
The company attributed revenue decline primarily to challenges within its Jupiter hardware business, which is undergoing a transition to a just-in-time production model.
Read Also: U.S. Cannabis Sales Hit Record High in June: LeafLink Report
Despite the revenue drop, TILT’s gross profit increased to $4.3 million, with a gross margin of 16%, compared to 9.7% in Q2 2023. This improvement was driven by gains in the company's plant-touching markets. However, the net loss widened to $35.9 million from $26.9 million a year ago, mainly due to a non-cash impairment charge.
Despite these challenges, cash flow from operations improved to $1.4 million, up from a cash usage of $3.3 million in the prior year period.
CEO Tim Conder commented on the company’s ongoing adjustments, stating, "Our second quarter was highlighted by sequential growth on both the top and bottom line in our plant-touching business, as we continue cultivating strong customer relationships across our three markets. However, in our Jupiter hardware business, we are navigating certain production and supply chain changes that impacted second quarter results." Conder remains optimistic about the company’s long-term growth potential, with particular attention on growth opportunities in Ohio following the launch of the state’s adult-use cannabis program.
TILT also expanded its market presence by launching Level, a leading pressed tablet brand, and Edie Parker Flower, a lifestyle brand merging fashion and cannabis, in Pennsylvania. These launches underscore TILT’s strategy to diversify and strengthen its brand portfolio in key markets.
TLLTF Price Action
TLLTF's shares were trading 7% higher at $0.0214 per share at the time of this writing around 11 AM ET Friday.
Related News
