TILT Holdings Inc Reports Q2 Results, Here's What You Need To Know

TILT Holdings Inc. TILT TLLTF reported its financial and operating results for the three and six months ended June 30, 2023, disclosing revenue of $41.6 million, compared to $47.1 million in the prior year period.

"I am encouraged by the progress we have made since I rejoined the company in April. We have instilled a stronger focus on cash management to achieve profitability and cash flow generation," said interim CEO Tim Conder, who will be a featured speaker at the upcoming Benzinga Cannabis Capital Conference, set for September 27 - 28 in Chicago.

"During the quarter, we identified and executed various cost-saving measures and efficiency improvements through vendor rationalization, improved inventory management and decreased waste, and operational rightsizing. These initiatives are expected to result in annualized cost savings of approximately $8 million beginning in the third quarter of 2023."

See Also: TILT Holdings Appoints Tim Conder Interim CEO In C-Suite Shakeup

Q2 2023 Financial Summary

• Gross profit was $4.0 million, or approximately 9.7%, in the three months ended June 30, 2023, compared to $10.9 million, or approximately 23.3% in the prior year period.
• Net loss was $26.9 million in the three months ended June 30, 2023, compared to a net loss of $7.1 million in the prior year period, "with the difference primarily driven by $15.7 million of non-cash write-down expenses related to inventory, investment and loans receivable in the second quarter of 2023," per a release.
• Adjusted EBITDA (non-GAAP) increased to $1.5 million in the three months ended June 30, 2023, compared to $1.1 million in the prior year period.
• On June 30, 2023, the company had $4.1 million of cash, cash equivalents, and restricted cash compared to $3.5 million on December 31, 2022. Moreover, notes payable net of discount on June 30, 2023, was $57.0 million compared to $59.7 million on December 31, 2022.
• See Also: TILT Subsidiary Jupiter Research To Develop And Supply Custom Pod Vaporizer For Curaleaf International

Price Action

TLLTF shares were trading 4.41% down at $0.0282 per share at the time of publishing Monday at market close.

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