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TILT is a business solutions provider to the global cannabis industry offering a diverse range of value-added products and services to industry participants. Through a portfolio of companies providing technology, hardware, cultivation, production, TILT services brands and cannabis retailers in regulated markets across 40 states in the U.S., as well as Canada, South America, and the European Union.
The business is unprofitable at the operating level (-60.05% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 30.3% YoY. Margins deteriorated 34.1pp alongside, both lines moving the wrong way.
Free cash flow declined 123% versus the prior year, cash generation momentum has weakened. ROIC dropped from -19.87% to -77.90%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$92M
▼ -30.3% YoY
Net Income (TTM)
-$79M
▼ -59.8% YoY
Op. Margin
-75.45%
▼ -34.1pp YoY
ROIC
-84.62%
▼ -58.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$3M
▼ -123.2% YoY
Op. Cash Flow (TTM)
$6M
▼ -103.5% YoY
Net Debt
$80M
Cash & Equiv.
$3M
3Y CAGR: -17.1%
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