Tilt Pledges 'Frugality as a Core Value' After $5M Loss

The company also took steps during the quarter to reduce its liabilities.

Tilt Holdings (NEO: TILT) (OTCQX: TLLTF) lost $4.9 million for its first quarter in 2023, a vast improvement from the final three months of 2022, when it lost a whopping $73 million.

But that’s only one step in the right direction, intimated the newly minted interim CEO Tim Conder, who took the reins at Tilt just three weeks ago amid a C-suite shakeup.

Conder said his mission this year will be to “optimize our operations, instill frugality as a core value, and hold ourselves and our team to high levels of accountability” as he tries to steer the company toward profitability. Tilt Holdings lost a total of $107.5 million in 2022, and the first quarter of 2023 brings the losses to $112.4 million since 2021.

The loss shrinkage in Q1 was chalked up to an “$8.4 million gain from the previously announced sale leaseback transaction for the company’s Pennsylvania cultivation and manufacturing facility,” since revenues were just under flat year-over-year at $42.3 million, and down by $2 million from Q4 2022.

As of March 31, Tilt Holdings had just $5.2 million in the bank, up from $3.5 million at the close of 2022, and was carrying $48.9 million in debts, down from $59.7 million on New Year’s Eve.

The company also reported additional steps to manage its debt, including obtaining an increase in its line of credit with better terms and a longer maturity runway, a “series of transactions that alleviated its near-term debt maturity,” and the aforementioned sale-leaseback deal for one of its properties in Pennsylvania.

Among Tilt’s highlights for the quarter were:

  • Launch of Coda Signature edibles line in Massachusetts.
  • Introduction of the Black Buddha Cannabis brand in Pennsylvania.
  • A licensing deal to sell vape cartridge technology Thredz.

John Schroyer

John Schroyer has been a reporter since 2006, initially with a focus on politics, and covered the 2012 Colorado campaign to legalize marijuana. He has written about the cannabis industry specifically since 2014, after being on hand for the first-ever legal cannabis sales on New Year’s Day that year in Denver. John has covered subsequent marijuana market launches in California and Illinois, has written about every aspect of the marijuana trade, and was part of the team that built the cannabis industry’s first-ever trade show, MJBizCon. He joined Green Market Report in 2022.

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