Q2 2024 TILT Holdings Inc Earnings Call Transcript
Key Points
- TILT Holdings Inc (TLLTF) reported sequential growth in its plant-touching business, despite challenges in Massachusetts and Pennsylvania.
- The company launched new products, such as Level tablets and Edie Parker Flower, which have shown strong initial market traction.
- Gross margins improved to 16% from 9.7% year-over-year, driven by enhancements in plant-touching markets.
- The company has implemented a sales reorganization at Jupiter to better align with market realities and expand into emerging markets.
- TILT Holdings Inc (TLLTF) is optimistic about the adult-use cannabis market launch in Ohio, expecting significant sales growth.
- Revenue decreased significantly to $26.6 million from $41.6 million year-over-year, primarily due to challenges in the Jupiter hardware business.
- The company experienced supply chain issues with its manufacturing partner in Asia, impacting revenue and profitability.
- Net loss increased to $35.9 million from $26.9 million year-over-year, driven by a noncash impairment charge.
- The transition to a new asset-light model for Jupiter is expected to result in a sizable reduction in revenue through 2024 and 2025.
- Persistent pricing pressure in the Massachusetts market continues to pose challenges for TILT Holdings Inc (TLLTF).
Good morning, everyone, and welcome to TILT Holdings' second-quarter 2024 conference call and webcast. Today's call is being recorded for replay purposes. A replay of the audio webcast will be available in the Investors section of the company's website approximately two hours after the completion of the webcast and will be archived for 30 days.
I would now like to turn the conference call over to your host today, TILT's Head of Investor Relations and Corporate Communications, Lynn Ricci. Please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining us. Today, we issued our second-quarter 2024 earnings press release. The press release, along with our report on Form 10-Q, is available on the US Securities and Exchange Commission's website at www.sec.gov, on SEDAR+ at www.sedar.ca and on our website at
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