TILT Holdings Inc.

Revenue in the first quarter was $22.7 million, down from $24.6 million in Q4 and from $37.5 million in the year-ago period. Gross margin was 15% versus 22% in Q4 and 18% a year ago; adjusted gross margin was 18% versus 24% in Q4 and 16% a year ago. Operating expenses, excluding certain non-cash items, declined 10% to $7.3 million from $8.1 million a year ago. Net loss was $13.2 million versus $9.7 million a year ago, and adjusted EBITDA was negative $974,000 versus $38,000 a year ago. Cash flow from operations was $1.9 million, and cash, cash equivalents, and restricted cash were $4.3 million at March 31, 2025. Notes payable net of discount was $77.2 million, up from $72.1 million at December 31, 2024. Management did not provide formal next-quarter or full-year financial guidance on the call.

Tim Conder framed the quarter as part of a broader transformation into a streamlined, “Jupiter-first” organization with lower regulatory complexity, better working-capital efficiency, and more growth potential. He highlighted strategic asset sales, cost discipline, hardware portfolio diversification, and a renewed emphasis on internal innovation. His tone was cautiously upbeat, pointing to the QMID medical device certification in Europe, Live Rosin traction, and the company’s plan to keep simplifying the structure and reducing debt.

Brad Hoch emphasized that lower reported revenue was largely expected because of the new commission-based model and supply chain issues abroad, but said the model should support higher gross margins, better cash flow, and less working capital intensity. He cited Q1 gross margin of 15%, adjusted gross margin of 18%, operating expenses of $7.3 million excluding certain non-cash items, and positive operating cash flow of $1.9 million. He also noted $4.3 million of cash, cash equivalents, and restricted cash at quarter-end and notes payable net of discount of $77.2 million.

There was no formal analyst Q&A section in the transcript, so no analyst questions or follow-up concerns were raised on the call. Management instead used prepared remarks to address likely investor issues, especially the revenue decline from the commission-based model, tariff uncertainty, and the company’s plan to exit plant-touching operations. They also explained that customer inventory buying could slow because of tariff-driven uncertainty and that diversification of suppliers is being expanded in response.