TILT Holdings Inc. (NEO: TILT) (OTCQX: TLLTF) reported its financial and operating results for the fourth quarter and year ending December 31, 2021. Tilt said that revenue increased approximately 28% to $54.1 million versus $42.3 million for the same period in 2020. The increase was only slightly better than the third quarter’s revenue of $53.3 million. The net loss for the quarter was $30.8 million, a significant improvement over 2020’s fourth quarter net loss of $92 million.
Full Year Results
Revenue increased approximately 28% to $202.7 million in 2021 versus $158.4 million for the year ended 2020. The company said the increase was primarily attributable to an approximate 33% increase in inhalation and accessory revenue, as well as an approximate 11% increase in cannabis revenue. The net losses were much improved for 2021 coming in at $46 million versus 2020’s net loss of $105 million.
“2021 was a strong year for Tilt—growing organically, building our team, and implementing the new B2B strategy we unveiled in late 2020. As this brand strategy continues to unfold in 2022, we expect our wholesale mix to drastically change, highlighting the strength of our partnerships with proven brands and the emphasis we place on building reciprocal relationships,” said Gary Santo, CEO of Tilt. “Over the course of 2021, we doubled our canopy in Massachusetts and added two adult-use dispensaries, entered into our third market with the acquisition of Standard Farms Ohio, and our fourth market with the launch of a strategic partnership with the Shinnecock Indian Nation of New York, and we activated four new marquee brand partnerships. This is in addition to maintaining our position as the category leader in cannabis inhalation and accessory sales. These achievements underscore the success of our new strategy and the relentless effort from our growing team.”
2022 Financial Guidance
Tilt expects 2022 annual revenue to range between $255 – $265 million, and adjusted EBITDA to range between $27 – $32 million. At the midpoint, this reflects approximately 28% revenue growth and approximately 31% adjusted EBITDA growth over 2021.