TILT Holdings (CSE:TILT) is a publicly traded company that operates in the cannabis industry. It is a Canadian-based company that operates sub-licensed cannabis facilities and licenses its brand name to TILT Cannabis Inc. It has an industrial hemp partnership with the Canadian Hemp Company.
Terra Tech Holdings, Inc. (CSE: TRTC) (CSE: TRTC) (OTCQB: TRTCF) (TRTC) today reported its financial results for the first quarter ended March 31, 2017.
Since its founding in February 2016, TILT Holdings Inc. has been on a steady growth path. Although the company’s revenue for the first quarter of 2017 was down from the previous quarter, the company’s strong operating performance drove total revenue to $1.2 million, up from $575,000 the previous quarter.
TILT Holdings reports record results for the first quarter of 2021
- Record first quarter revenue of $46.8 million, up 15% year-over-year and 11% quarter-over-quarter
- Record adjusted EBITDA of $6.2 million, up 28% year-over-year and 36% quarter-over-quarter
- Confirmation of targets for 2021: Revenues of $205 million to $210 million and adjusted EBITDA of $30 million to $32 million.
PHOENIX, 25. May 2021. (GLOBE NEWSWIRE) – TILT Holdings Inc. (TILT or the Company) (CSE: TILT) (OTCQX: TLLTF), a global provider of commercial cannabis solutions, including inhalation, cultivation, production, processing, brand development and retail technology, announced its financial and operating results for the quarter ended December 31. March 2021. All financial information is expressed in U.S. dollars unless otherwise indicated. First quarter results reflect another strong period of execution as we continue to build an integrated B2B cannabis business that partners with leading MSOs, LPs and cannabis brands, said Gary Santo, President of TILT. The results of this implementation and the hard work of our team are visible where it counts: in the numbers. We achieved double-digit growth in revenues and absolute reduction in our operating costs, while preserving our assets. Today we are more efficient operators, and we have only just begun.
Gary Santo, President of TILT
In the coming quarters, we plan to capitalize on the growing capabilities we have added and add additional brand partners as we expand our portfolio of products and services for our B2B partners and the industry at large. Financial overview for Q1 2021 (compared to Q1 2020, if applicable)
- Revenue increased 15% from $40.6 million to $46.8 million, driven by growth in cannabis, inhalers and accessories. Cannabis sales increased 45% to $11.7 million and sales of inhalants and accessories increased 8% to $35.1 million.
- Gross profit before fair value adjustments increased 7% to $13.5 million, or 29% of revenue, from $12.6 million, or 31% of revenue. Gross profit was impacted by the timing of the capacity expansion in Massachusetts.
- Operating expenses, adjusted for non-cash share-based compensation adjustments, depreciation and non-recurring expenses, were $7.9 million, down 10% from $8.8 million. As a percentage of sales, operating expenses were 17%, compared to 22%.
- Adjusted EBITDA increased 28% to $6.2 million from $4.9 million. As a percentage of sales, adjusted EBITDA was 13.2% versus 12%.
- At March 31, 2021, cash and cash equivalents increased 21% to $9.0 million from $7.4 million at March 31, 2021. December 2020.
Operating results 1st quarter 2021
- Record orders for accessories were received during the quarter.
- March saw record flower sales in Pennsylvania, with yields 16% higher than the previous five months.
- Launch of three Her Highness NYC brand products in Massachusetts within 30 days of signing a manufacturing and distribution agreement.
- Completed the expansion of an additional space in Massachusetts, more than doubling the space in that state to 56,500 square feet.
- A medical pharmacy in Taunton, Massachusetts, posted record monthly sales in March.
- Strengthened presence in the Northeast with the acquisition of Standard Farms Ohio LLC, which purchased a 9,600 square foot CO2 treatment and recovery facility.
Production figures after the end of the quarter
- President Gary Santo will be 1. June 2021 succeeding Mark Scatterday as CEO of TILT Holdings. Mark Scatterday will continue in his role as Chairman of the Board.
- Approval of an adult use permit in Brockton, Massachusetts; state permit pending.
- Announced a partnership with Airo Brands, an inhalation products company that will launch products in Pennsylvania.
Newsletter and webcast The company will host a webcast today at 5 p.m. ET to discuss last quarter’s financial and operating results. The live webcast is available in the Events and Presentations section of the Investor Relations website at http://public.viavid.com/index.php?id=144960. To join the conference call, please dial 1-877-705-6003. Please arrive at least 10 minutes before the scheduled start time to download and install the necessary audio software. A replay of the webcast will be available in the Past Events section of the Investor Relations website approximately 2 hours after the live broadcast and will be archived for 30 days. About TILT TILT helps cannabis companies build brands. Through a portfolio of technology, equipment, cultivation and manufacturing companies, TILT serves cannabis brands and retailers in 36 U.S. states, as well as Canada, Israel, Mexico, South America and the European Union. TILT’s core businesses include Jupiter Research LLC, a wholly owned subsidiary and leader in the vaping segment focused on device design, research, development and manufacturing, as well as the cannabis company Commonwealth Alternative Care, Inc. in Massachusetts, Standard Farms LLC in Pennsylvania and Standard Farms Ohio, LLC in Ohio. TILT is headquartered in Phoenix, Arizona. For more information, see www.tiltholdings.com. Non-IFRS financial and performance measures In addition to the presentation of financial measures based on International Financial Reporting Standards (IFRS), the Company provides additional financial measures that are not prepared in accordance with IFRS. In addition to IFRS measures, management uses non-IFRS measures to understand and compare operating results for different reporting periods, to make financial and operating decisions, for planning and forecasting purposes and to evaluate the Company’s financial performance. These non-IFRS measures are EBITDA and adjusted EBITDA. Management believes that these non-IFRS financial measures reflect the Company’s current operations in a manner that allows for meaningful comparison and analysis of business trends by facilitating comparisons of financial results between reporting periods and with similar periods. Management also believes that these non-IFRS financial measures allow investors to evaluate the Company’s performance and future prospects in a manner consistent with management’s assessment. These non-IFRS financial measures may also exclude expenses and revenues that may be unusual in nature, infrequent in occurrence or do not reflect the Company’s current performance. Since there are no standardized methods for calculating these non-IFRS measures, the Company’s methods may differ from those of other companies and the use of these measures may not be comparable to similar measures used by other companies. Therefore, these non-IFRS measures are intended to provide additional information and should not be considered in isolation from, or as a substitute for, IFRS measures. EBITDA and adjusted EBITDA EBITDA and adjusted EBITDA are non-IFRS financial measures. The Company uses these non-IFRS measures and believes that they provide investors with a better understanding of the Company’s financial and operating performance from period to period because they exclude certain significant non-cash items and other adjustments that management believes are not indicative of the Company’s current operations and performance. The Company calculates EBITDA as net income (loss) plus (minus) income taxes, plus (minus) finance costs (income), plus depreciation and amortization. Adjusted EBITDA excludes certain non-recurring, non-cash or non-operating expenses as determined by management, including share-based compensation expense, acquisition costs, debt issuance costs, severance costs, unrealized (gains) losses resulting from changes in the fair value of biological assets and changes in the fair value of biological assets included in inventory sold. Reconciliation of non-IFRS measures to performance measures Adjusted EBITDA is presented below and in the reconciliation of net income (loss) to non-IFRS in the Company’s MD&A for the three months ended December 31. March 2021, which can be found in the Company’s profile on SEDAR at www.sedar.com, reconciliation to net loss. Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.
TILT Holdings Inc. (NYSE AMERICAN:TILT) announced today that its strong cannabis operations growth is helping the company to be named one of the Top New Cannabis Ventures by ArcView Market Research. The company has been cited as a leader in the cannabis industry for its plant-touching process, which has helped it to produce highly standardized cannabis oils and extracts.. Read more about tilt holdings blackbird and let us know what you think.
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