Strategic Transformation to a Jupiter-First Organization
The company is focusing on transforming into a streamlined Jupiter-first organization, which aims to reduce regulatory complexity, free up working capital, and enhance growth potential.
Definitive Agreement for Asset Sales
TILT signed an agreement to sell two dispensaries in Massachusetts for $2 million, with the proceeds directed towards reducing debt related to Smoore obligations.
Improved Gross Margins in Jupiter Business
Jupiter's gross margin increased by nearly 700 basis points year-over-year due to a new commission-based model, despite lower revenue.
Successful Product Launches
The launch of the 0.5 gram Live Rosin product in Ohio and the QMID handheld liquid vaporizer device, which received EU Medical Device Regulation certification, marks significant product innovation milestones.
Increase in Plant-Touching Business Revenue
The plant-touching businesses saw a quarter-over-quarter revenue increase of 20%, despite challenges in Massachusetts.
Positive Cash Flow from Operations
Cash flow from operations for the first quarter was $1.9 million compared to a cash use of $2.4 million in the year-ago period.