{"id":476606,"date":"2021-04-15T06:48:09","date_gmt":"2021-04-15T10:48:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tilt-holdings-reports-fourth-quarter-and-full-year-2020-financial-results-including-first-full-year-of-positive-adjusted-ebitda\/"},"modified":"2021-04-15T06:48:09","modified_gmt":"2021-04-15T10:48:09","slug":"tilt-holdings-reports-fourth-quarter-and-full-year-2020-financial-results-including-first-full-year-of-positive-adjusted-ebitda","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tilt-holdings-reports-fourth-quarter-and-full-year-2020-financial-results-including-first-full-year-of-positive-adjusted-ebitda\/","title":{"rendered":"TILT Holdings Reports Fourth Quarter and Full-Year 2020 Financial Results Including First Full-Year of Positive Adjusted EBITDA"},"content":{"rendered":"
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\n Full-year 2020 Adjusted EBITDA of $16.9 million compared to Adjusted EBITDA loss of $0.8 million in 2019<\/em>
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\n Full-year 2020 cash from operating activities improved $34.2 million compared to 2019<\/em>\n <\/p>\n

\n Full-year 2020 cannabis revenue increased 41% compared to 2019<\/em>\n <\/p>\n

\n Full-year cash expenses decreased 30% compared to 2019<\/em>\n <\/p>\n

PHOENIX, April 15, 2021 (GLOBE NEWSWIRE) — TILT Holdings Inc.<\/strong><\/a> (\u201cTILT<\/strong>\u201d or the \u201cCompany<\/strong>\u201d) (CSE: TILT<\/a>) (OTCQB: TLLTF<\/a>)<\/u> a provider of business solutions to the global cannabis industry that includes inhalation technologies, cultivation, manufacturing, processing, brand development and retail, reported its financial and operating results for the three and twelve-months ended December 31, 2020. All financial information is provided in U.S. dollars except where otherwise indicated. Results of Yaris Acquisition, LLC and its subsidiaries (together, \u201cBlackbird<\/strong>\u201d) have been reclassified as discontinued operations on the income statement and statement of cash flows. All periods have been updated to reflect this change.<\/p>\n

\u201cThe primary focus in 2020 was for TILT to become profitable, putting in place the pieces necessary to achieve scale and engage in a steady and sustainable growth trajectory,\u201d said Gary Santo, President of TILT. \u201cWe made a number of key decisions throughout the year that have already started to pay off, allowing the Company to have a strong finish to 2020, producing $16.9 million in Adjusted EBITDA and $16.7 million in cash from operating activities for the year. We look to carry that momentum into 2021 and are already off to a great start across all business units, supporting management\u2019s previously announced full-year 2021 revenue guidance of $205 million to $210 million and Adjusted EBITDA guidance of $30 million to $32 million.\u201d<\/p>\n

\u201cTILT underwent significant changes in 2020,\u201d added Mark Scatterday, CEO of TILT. \u201cThrough the tireless efforts of our team we were able to stabilize our foundation, solidify our strategy and focus on how best to deploy available resources towards our high-growth plant touching assets, allowing TILT to provide a differentiated B2B platform capable of supporting independent brands, U.S. MSOs and Canadian LPs. We expect 2021 to be an exciting year as we continue our transition from being a holding company possessing a disparate collection of subsidiaries to an integrated operating company capable of benefitting from economies of scale and cross-selling opportunities.\u201d<\/p>\n

\n Financial Highlights from Continuing Operations for the Quarter Ended December 31, 2020<\/strong>\n <\/p>\n