Tilt Holdings Inc. TILT TLLTF, reported its financial and operating results on late Monday for the three months and nine months ended September 30, 2022.

Q3 2022 financial overview

• Sales were $40.5 million for the three months ended September 30, 2022, compared to $53.4 million for the same period last year.
• Gross profit was $9.5 million for the three months ended September 30, 2022, or approximately 24% of revenue, compared to $12.6 million, or approximately 24% of revenue for the prior-year period.
• net loss for the quarter was $15.7 million for the three months ended September 30, 2022, compared to net income of $1.0 million for the prior year period.
• Adjusted EBITDA was $0.6 million for the three months ended September 30, 2022, compared to $5.0 million for the prior year period.
• cash since the beginning of the year Funds provided by operations increased significantly to $8.3 million compared to a cash burn of $3.9 million a year earlier.
• Total cash on hand as of September 30, 2022 was $16.6 million compared to $7.0 million as of December 31, 2021. This cash on hand included blocked cash of $10.0 million as of September 30, 2022 compared to blocked cash of $2.7 million dollars on December 31, 2021.

“The macroeconomic challenges facing operators in the cannabis sector have been well documented throughout 2022,” said the CEO Gary Santo. “Macroeconomic pressures have affected consumer spending habits, and retail and wholesale price volatility has been exacerbated by imbalances in cannabis supply and demand in key markets such as Massachusetts and Pennsylvania.”

Last funding update: Amendments were made to senior secured notes held by certain senior debt holders totaling $9.6 million in principal to extend the maturity date from November 14, 2022 to December 31, 2022.
Third quarter 2022 operational highlights

• Introducing innovative self-care brand 1906 to patients throughout Pennsylvania, Toast and Highsman in Massachusetts.
• Receive…