$TLLTF

TILT Holdings Inc.

CIK:0001761510|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Condensed Consolidated Statements of Operations and Comprehensive Loss
Revenues, net	$ 10,486	$ 18,979	$ 27,417	$ 48,910
Cost of goods sold	(8,666)	(15,393)	(22,577)	(39,902)
Gross profit	1,820	3,586	4,840	9,008
Operating expenses:
Wages and benefits	2,384	3,169	4,837	6,173
General and administrative	2,075	2,730	4,808	5,606
Sales and marketing	34	131	70	210
Share-based compensation expense	15	23	81	130
Depreciation and amortization	2,319	3,474	4,599	6,955
Impairment loss		5		5
Total operating expenses	6,827	9,532	14,395	19,079
Operating loss	(5,007)	(5,946)	(9,555)	(10,071)
Other income (expense):
Interest income		1		2
Other income	2,385	937	3,916	1,502
Unrealized loss on investment				(1)
Loss on foreign currency exchange	(4)		(3)	(4)
Gain on termination of lease	1,160		1,160
Interest expense	(7,596)	(5,377)	(13,698)	(10,052)
Total other expense	(4,055)	(4,439)	(8,625)	(8,553)
Loss from continuing operations before income tax	(9,062)	(10,385)	(18,180)	(18,624)
Income taxes:
Income tax expense	(89)	(6,165)	(233)	(4,585)
Net loss from continuing operations	(9,151)	(16,550)	(18,413)	(23,209)
Loss from discontinued operations:
Loss from discontinued operations	(2,911)	(19,397)	(6,889)	(22,389)
Net loss	(12,062)	(35,947)	(25,302)	(45,598)
Other comprehensive loss:
Net loss	(12,062)	(35,947)	(25,302)	(45,598)
Foreign currency translation differences	2	(1)	2	(8)
Comprehensive loss	$ (12,060)	$ (35,948)	$ (25,300)	$ (45,606)
Weighted average number of shares outstanding:
Weighted average number of shares outstanding - Basic (in shares)	391,277,156	388,483,846	391,264,093	387,103,846
Weighted average number of shares outstanding - Diluted (in shares)	391,277,156	388,483,846	391,264,093	387,103,846
Net loss per common share attributable to TILT Holdings Inc.
Net loss per common share from continuing operations - Basic (in dollars per share)	$ (0.02)	$ (0.04)	$ (0.05)	$ (0.06)
Net loss per common share from continuing operations - Diluted (in dollars per share)	(0.02)	(0.04)	(0.05)	(0.06)
Net loss per common share from discontinued operations - Basic (in dollars per share)	0	(0.05)	0	0
Net loss per common share from discontinued operations - Diluted (in dollars per share)	$ 0	$ (0.05)	$ 0	$ 0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net loss	$ (25,302)	$ (45,598)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on assets held for sale, net of tax	6,889	22,389
Unrealized loss on investments		1
Gain on lease termination and other	(1,160)
Depreciation and amortization	4,517	6,884
Amortization of operating lease right of use assets	1,316	1,320
Payments on operating lease liability	(1,155)	(1,138)
Change in allowance for doubtful accounts	76	12
Deferred tax		4,129
Share-based compensation expense	81	130
Accretion (adjustment) of debt discount	2,181	(249)
Impairment loss and loss on disposal of assets		5
Inventory adjustments	632	351
Non-cash interest expense	9,405	8,810
Intercompany funding	(1,924)	(2,420)
Net change in working capital items:
Trade receivables, net	4,881	6,853
Inventories	2,940	745
Prepaid expenses and other current assets	737	920
Accounts payable and accrued liabilities	1,785	(3,518)
Income tax payable	204	361
Deferred revenue	(1,718)	(2,104)
Cash provided by (used in) operating activities - continuing operations	4,385	(2,117)
Cash (used in) provided by operating activities - discontinued operations	(280)	419
Net cash provided by (used in) operating activities	4,105	(1,698)
Cash flows from investing activities:
Purchases of property, plant, and equipment	(2,119)	(77)
Repayment of loan receivable, net of advances	86	64
Cash used in investing activities - continuing operations	(2,033)	(13)
Cash used in investing activities - discontinued operations	(9)	(402)
Net cash used in investing activities	(2,042)	(415)
Cash flows from financing activities:
Payments on financing lease liability	(258)	(274)
Repayments on Revolving Facility	(24,426)	(47,383)
Repayments on Employee Retention Credit note	(2,965)
Proceeds from Revolving Facility	21,606	46,430
Proceeds from 2024 Standard Farms Loan	2,819	3,000
Cash (used in) provided by financing activities - continuing operations	(3,224)	1,773
Cash used in financing activities - discontinued operations	(239)	(308)
Net cash (used in) provided by financing activities	(3,463)	1,465
Effect of foreign exchange on cash and cash equivalents	2	(7)
Net change in cash and cash equivalents and restricted cash	(1,398)	(655)
Cash and cash equivalents and restricted cash, beginning of year	4,303	3,332
Cash and cash equivalents and restricted cash, end of year	2,905	2,677
Supplemental disclosures of non-cash investing and financing activities:
2023 Refinanced Note paid in kind interest	22,457
Increase in notes payable, discount related to the 2024 Standard Farms Loan	643	662
Decrease in inventory related to the 2024 Standard Farms Loan		2,316
Increase in other assets related to the 2024 Standard Farms Loan		1,654
Supplemental disclosure of cash flow information:
Cash paid for interest	552	698
Cash paid for income taxes	10	$ 6
New Office Lease
Supplemental disclosures of non-cash investing and financing activities:
Increases to right of use assets	183
Increase to finance lease liability	183
PENNSYLVANIA
Supplemental disclosures of non-cash investing and financing activities:
Increases to right of use assets	3,741
Increase to finance lease liability	$ 3,741

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 772	$ 1,643
Restricted cash	1,277	1,276
Trade receivables, net	5,689	10,647
Inventories	10,895	14,468
Prepaid expenses and other current assets	1,151	1,790
Assets held for sale, current portion	10,447	11,023
Total current assets	30,231	40,847
Non-current assets
Property, plant and equipment, net	2,892	1,012
Right-of-use assets - finance, net	3,669	204
Right-of-use assets - operating, net	11,411	11,384
Intangible assets, net	40,553	44,549
Loans receivable	830	916
Goodwill	17,721	17,721
Other assets	1,094	1,834
Assets held for sale, net of current portion	29,888	32,857
TOTAL ASSETS	138,289	151,324
Current liabilities
Accounts payable and accrued liabilities	49,031	46,873
Income taxes payable	3,019	2,815
Deferred revenue	1,425	3,143
Finance lease liability, current portion		304
Operating lease liability, current portion	110
Notes payable, current portion	66,542	28,336
Liabilities held for sale, current portion	3,985	6,003
Total current liabilities	124,112	87,474
Non-current liabilities
Finance lease liability, net of current portion	3,793
Operating lease liability, net of current portion	12,252	12,173
Notes payable, net of discount, net of current portion	13,522	43,751
Deferred tax liability	697	697
Other liabilities	147	345
Liabilities held for sale, net of current portion	46,188	44,086
TOTAL LIABILITIES	200,711	188,526
Shareholders' deficit
Common shares, without par value, unlimited shares authorized, 391,285,067 and 391,231,496 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	856,244	856,243
Additional paid-in capital	226,321	226,242
Warrants	5,106	5,106
Accumulated other comprehensive income	966	964
Accumulated deficit	(1,151,059)	(1,125,757)
TOTAL SHAREHOLDERS' DEFICIT	(62,422)	(37,202)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 138,289	$ 151,324