TILT Holdings Inc. (NEO: TILT) (OTCQB: TLLTF) released its financial and operational results for the three and nine months ending September 30, 2023.
TILT's CEO, Tim Conder, expressed satisfaction with the third-quarter performance, highlighting ongoing efforts to enhance both plant-touching and Jupiter vape hardware businesses. “These various initiatives led to double-digit revenue growth in the quarter, a near 20% reduction of operating expense, and an increase in adjusted EBITDA.”
Q3 2023 Financial Highlights
- Revenue: Increased by 10.0% to $44.6 million, fueled by higher Jupiter sales volume, partially mitigated by price normalization in Massachusetts. Compared to $40.5 million in the prior year period.
- Gross Profit: Registered at $8.0 million, accompanied by a gross margin of 17.9%, reflecting a decline attributable to price normalization. In comparison, the prior year period reported $9.5 million or 23.6%.
- Adjusted Gross Margin (non-GAAP): Maintained …