TILT Holdings Reports First Quarter 2025 Financial Results

LOS ANGELES- TILT Holdings Inc. announced its financial results for the first quarter ended March 31, 2025, reflecting a year-over-year revenue decline and continued strategic realignment towards its Jupiter inhalation technology business.

Financial Performance

The company reported revenue of $22.7 million for Q1 2025, a decrease from $37.5 million in the same period of the previous year. Gross profit stood at $3.4 million, with a gross margin of 14.9%, compared to $6.7 million and 17.9% respectively in Q1 2024. The net loss widened to $13.2 million from $9.7 million year-over-year. Adjusted EBITDA was negative $974,000, down from a positive $38,000 in the prior year period.

Strategic Initiatives

TILT is progressing with its strategy to focus on its Jupiter subsidiary, which specializes in vaporization hardware. The company has entered into a definitive agreement to sell two Massachusetts retail dispensaries for $2 million, aligning with its plan to divest plant-touching assets. Additionally, Jupiter’s QMID vaporizer received EU medical device certification, marking a first for handheld liquid vaporizers and potentially expanding its market reach.

To optimize production costs, TILT has initiated the relocation of Jupiter’s manufacturing operations to Indonesia. The company also reported an improvement in operating cash flow, generating $1.9 million in Q1 2025 compared to a negative $2.4 million in the same quarter of the previous year.

TILT’s management indicates that the transition to an asset-light model centered on Jupiter is ongoing. The company aims to enhance its financial performance through this strategic focus, targeting sustainable growth and improved margins in the evolving cannabis industry landscape.