TILT (TILT) Q2 2025 earnings summary

Executive summary

• Transitioned to an asset-light model, focusing on Jupiter vaporization hardware and exiting plant-touching operations in Massachusetts and Ohio.

• Achieved regulatory approval for dispensary sale in Massachusetts and signed a management agreement for Pennsylvania operations.

• Launched new Jupiter SKUs and received EU MDR certification for the QMID handheld vaporizer, enabling global medical market expansion.

Financial highlights

• Revenue from continuing operations was $10.5M, down from $19.0M year-over-year, reflecting the shift to a commission-based model and macroeconomic pressures.

• Gross profit was $1.8M with a gross margin of 17.4%, compared to $3.6M and 18.9% in the prior year.

• Net loss from continuing operations improved to $9.2M from $16.6M year-over-year, mainly due to lower tax and operating expenses.

• Adjusted EBITDA was $(2.0)M, down from $(1.2)M in Q2 2024, due to lower gross profit.

• Cash flow from continuing operations was $4.4M, compared to $2.1M used in the prior year period.

Outlook and guidance

• Strategic alternatives for Ohio and Massachusetts assets are ongoing, with full exit expected to simplify operations and improve capital efficiency.

• Focus remains on expanding Jupiter's global vaporization hardware platform and leveraging new product certifications.