{"id":384497,"date":"2020-11-18T16:33:27","date_gmt":"2020-11-18T21:33:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=384497"},"modified":"2020-11-18T16:33:27","modified_gmt":"2020-11-18T21:33:27","slug":"tilt-holdings-reports-third-quarter-2020-financial-results-including-record-adjusted-ebitda-enters-into-definitive-agreement-for-the-sale-of-blackbird-subsidiary","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tilt-holdings-reports-third-quarter-2020-financial-results-including-record-adjusted-ebitda-enters-into-definitive-agreement-for-the-sale-of-blackbird-subsidiary\/","title":{"rendered":"TILT Holdings Reports Third Quarter 2020 Financial Results Including Record Adjusted EBITDA, Enters into Definitive Agreement for the Sale of Blackbird Subsidiary"},"content":{"rendered":"
\n

\n Revenue of $40.4 million,<\/em>
\n driven in part by a <\/em>
\n 24% sequential increase in the cannabis segment <\/em>
\n compared to <\/em>
\n the second quarter of 2020<\/em>
\n \n <\/p>\n

\n Gross margin of 30.3%, a 193-basis point improvement from the second quarter of 2020, driven by margin expansion in the cannabis segment<\/em>\n <\/p>\n

\n Record adjusted EBITDA of $2.8 million, an increase of 134% from the second quarter of 2020<\/em>\n <\/p>\n

\n Upon closing<\/em>
\n ,<\/em>
\n Blackbird divestiture<\/em>
\n reduces cash burn, improve<\/em>
\n s<\/em>
\n third <\/em>
\n quarter 2020 <\/em>
\n
\n adjusted EBITDA<\/em>
\n by 9<\/em>
\n 6<\/em>
\n %<\/em>
\n on a pro-forma basis<\/em>\n <\/p>\n

PHOENIX, Nov. 18, 2020 (GLOBE NEWSWIRE) — TILT Holdings Inc.<\/strong> (\u201cTILT<\/strong>\u201d or the \u201cCompany<\/strong>\u201d) (CSE: TILT) (OTCQB: TLLTF), a provider of business solutions to the global cannabis industry, reported its financial and operating results for the three and nine-months ended September 30, 2020. All financial information is unaudited and provided in U.S. dollars except where otherwise indicated.<\/p>\n

\u201cIn the third quarter we saw sequential growth across our core Jupiter and plant-touching operations reflecting our diversified position within the growing U.S. cannabis industry,\u201d said Mark <\/u><\/a>Scatterday<\/u><\/a>, CEO of TILT. \u201cWe also reported record adjusted EBITDA that was positive for the third consecutive quarter, a result of our actions to right size the business while strengthening our platform to scale as a preferred B2B partner to the cannabis industry.\u201d<\/p>\n

Scatterday continued: \u201cWe are encouraged by the continuing trends that we see in our businesses, supported by recent regulatory tailwinds in the U.S. that we believe will continue to create more opportunities for TILT to deliver value to our shareholders.\u201d\u00a0\u00a0\u00a0<\/p>\n

\n Financial Summary for the Quarter Ended September 30, 2020<\/strong>\n <\/p>\n