TLLTF - TILT Holdings Q1 Revenue Down Net Loss Up Due To Lower Prices Optimistic On Rescheduling Plans To Address Debt | Benzinga
TILT Holdings (CBOE: TILT) (OTCQB:TLLTF), reported financial and operating results for the first quarter that ended March 31, 2024, with revenue of $37.5 million down by 11.3% from $42.3 million in the prior year period. The Arizona-based company said the expected decrease in revenue was mainly due to lower sales volume and price compression in Massachusetts and Pennsylvania, as well as lower Jupiter average price per unit for certain product lines.
"We continue to navigate the company's transition from operational improvement to revenue growth," stated TILT's CEO Tim Conder. "Although the cannabis industry has been facing challenges related to hardware commoditization and pricing pressure in select markets, we are adapting accordingly, and the fundamentals of our business are improving despite those headwinds. Our primary focus is the same as it has always been – deepening our relationships with customers across both our plant-touching and Jupiter hardware businesses.
"There is still work to be done to improve the business; however, we believe TILT is poised for future growth, especially with exciting industry catalysts potentially on the horizon, such as federal rescheduling and the corresponding elimination