Irvine, CA-based cannabis and agriculture company Terra Tech Corp. (OTCQX: TRTC), today released financial results for the Q3 period ended September 30, 2017. Its revenue increased 46% versus 3Q last year, to $10.1 million.
The increase was driven by introducing their Blüm cannabis brand into Nevada’s adult use market for the first time. To support the growing demand in Nevada, Terra Tech is expanding its facilities there in partnership with NuLeaf. They expect to start production in Sparks, NV and Reno, NV by the end of 2017.
The company is also expanding the Blüm brand in California via a new dispensary in Santa Ana (previously known as The Reserve), and constructing a new Blüm dispensary in San Leandro, expected to open in early 2018.
The company got 86% of revenues from cannabis this quarter. They also produce Edible Garden™, a retail brand of herbs and leafy greens, which also saw improved gross profits and margins year over year.
Gross profits for the Q3 were $2.3 million, up from $1.3 million in the prior year period. Gross margin was 23%, compared with 18% for Q3 of 2016. Selling, general and administrative expenses were $6.2 million, compared to $5.9 million for Q3 of 2016.
Total operating loss was $3.9 million for the quarter, compared to $4.7 million in 2016.
The net loss was $7.8 million, or $0.01 per share, compared with a net loss of $5.6 million, or $0.02 per share for the same quarter year ago.
The Company had no short-term debt as of September 30, 2017. Long-term debt was $2.1 million as of September 30, 2017, compared with $1.4 million as of December 31, 2016.
All figures are approximate until finalized.
The company hosted an earnings call today. If you missed it, a replay will be available at http://smallcapvoice.com/blog/trtc
Source: Terra Tech