CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Second Quarter Revenue Increased 13% Over the First Quarter of 2019
Second Quarter Adjusted EBITDA Loss Narrowed by 49% Compared to the First Quarter of 2019
Preliminary Unaudited July Revenue of US $15M Contributed to TILT’s First-Ever Month of Positive Adjusted EBITDA
TILT Holdings Inc. (“TILT” or the “Company”) (TILT.CN) (SVVTF), a foundational technology cannabis platform comprised of assets to support brands worldwide, announced today its financial results for the quarter ending June 30, 2019, and provided an overview of recent operational highlights.
Second Quarter 2019 and Recent Financial and Operational Highlights
Revenue of US$39.0 million in the second quarter of 2019, a 13% increase from the first quarter of 2019.
Narrowed second quarter adjusted EBITDA loss by 49% to US$4.0 million from US$7.9 million in the first quarter of 2019.
Preliminary unaudited July revenue of US$15 million and the first-ever month of positive adjusted EBITDA with adjusted EBITDA of US$0.5 million during the month of July.
Appointment of Mark Scatterday as interim Chief Executive Officer of TILT and Tim Conder as Chief Operating Officer of TILT.
Expanded the fully licensed cultivation facility in Massachusetts and accelerated wholesale operations at the end of the second quarter.
Added 4 new greenhouses in Pennsylvania in mid-June, doubling existing greenhouse footprint.
Continued growth in the Company’s SaaS and distribution solutions, specifically in the growing California and Nevada cannabis markets, where Blackbird now distributes wholesale products to 100% of the licensed retailers in California and Nevada and control 90% of cannabis distribution in Nevada.*
Completed the full integration of Blackbird’s logistics and distribution operations with Baker’s CRM toolset.
TILT ended the second quarter of 2019 with cash and cash equivalents of US$4.5 million.
“The second quarter was a highly productive period for TILT. We continue to optimize our organization, including the dismissal and re-alignment of senior leadership, accelerate integration efforts, dramatically reduce overhead and instill an