May 25, 2021 TILT Holdings (TLLTF) Reports Record First Quarter 2021
Outstanding Shares 325,668,294 as of 06/07/2021 per OTC Markets
$0.5606 per share
Financial Results Record Q1 Revenue of $46.8 Million up 15% YoY and 11% QoQ Record
Adjusted EBITDA of $6.2 Million up 28% YoY and 36% QoQ
Reiterates 2021 Guidance of Revenue Between$205 - $210 Million and Adjusted EBITDA Between $30 -$32 Million
Q1 2021 Financial Summary (vs. Q1 2020, where applicable) Revenue increased 15% to $46.8 million compared to $40.6 million driven by growth in both cannabis and inhalation and accessory revenue.
Cannabis revenue increased 45% to $11.7 million and inhalation and accessory revenue increased 8% to $35.1 million.
Gross profit before fair value adjustments increased 7% to $13.5 million or 29% of revenue, compared to $12.6 million or 31% of revenue.
Gross margins were impacted by timing of capacity expansions in Massachusetts. Operating expenses less non-cash adjustments for stock compensation, depreciation/ amortization and one-time charges was $7.9 million, a 10% decrease from $8.8 million.
As a percentage of revenue, operating expenses totaled 17% compared to 22%.
Adjusted EBITDA increased 28% to $6.2 million compared to $4.9 million.
As a percentage of revenue, Adjusted EBITDA totaled 13.2% compared to 12%.
At March 31, 2021, cash and cash equivalents increased 21% to $9.0 million compared to $7.4 million at December 31, 2020.
Three months
Net Income (Loss) First quarter 2021 $ (1,579,000) vs Fourth quarter 2020 $ (92,147,000)
