Vertically integrated infrastructure and cannabis company TILT Holdings Inc. TILT TLLTF reported its financial results on Tuesday for the first quarter of 2021.
The Phoenix-based company generated $46.8 million in revenue in the first three months of the fiscal year, representing a 15% year-over-year growth.
In addition, it reported achieving record adjusted EBITDA, which came in positive at $6.2 million, up by 28% year-over-year and 36% sequentially.
“Our first-quarter results reflect another period of strong execution as we continue to build an integrated B2B cannabis company that partners with leading MSOs, LPs, and cannabis brands,” Gary Santo said Tuesday.
Santo, who previously served as president, was named the company’s new CEO earlier this month, succeeding Mark Scatterday, who continued to serve as chairman of the board and advisor.
Here’s a breakdown of what the first-quarter earnings report showed:
- Cannabis revenue spiked 45% year-over-year, reaching $11.7 million.
- Inhalation and accessory revenue grew by 8% annually to $35.1 million.
- Gross profit, before fair value adjustments, rose by 7% to $13.5 million, accounting for 29% of revenue versus $12.6 million or 31% of revenue in the same quarter of 2020.
- Operating expenses, less non-cash adjustments for stock compensation, depreciation/amortization, and one-time charges amounted to $7.9 million, dropping by 10% year-over-year.
- As of March 31, the company had $9 million in cash and cash equivalents, compared to $7.4 million in the prior period.
Over the quarter, TILT teamed up with Her Highness NYC to launch three Her Highness products in select dispensaries in Michigan.
The company also finalized the expansion of additional grow rooms in Massachusetts, bringing its cultivation capacity in the Bay State to 56,500 square feet.
TILT expects to wrap up 2021 with between $205 million and $210 million in revenue and between $30 million and $32 million in adjusted EBITDA.
Photo by Kym MacKinnon on Unsplash
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