TILT Holdings Inc. (NEO: TILT) (OTCQX: TLLTF), a global provider of cannabis business solutions, reported its financial and operating results for Q1 2023 late Monday.
- The company reported revenue of $42.3 million, slightly lower than the previous year, with gross profit at $8.8 million.
- TILT's net loss improved to $4.9 million, attributed to an $8.4 million gain from a sale-leaseback transaction. However, adjusted EBITDA declined to $79,000 due to lower gross profit and increased expenses.
- TILT amended its revolving credit facility to increase credit availability and improve terms. Additionally, it completed transactions to alleviate near-term debt maturity and reduce non-revolving debt
Interim CEO Tim Conder, who took the reins at Tilt in late April amid a C-suite shakeup said his mission this year will be to “optimize our operations, instill frugality …