TLLTFCigarettesIFRS · EUR

TILT Holdings Inc.

TILT Holdings Inc. is a U.S.-based cannabis and inhalation technology company organized around two operating divisions: Cannabis and Inhalation Technology. Through its subsidiaries, it sells vape and accessory products, and it also operates cannabis cultivation, processing, wholesale, and retail activities in regulated markets.

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Revenue116m EUR
−30.3 %y/y
Operating profit (EBIT)-69.4m EUR
−60.9 %y/y
EBIT margin-60.1%
−34.1 ppy/y
Net income-99.7m EUR
−59.8 %y/y
Free cash flow-1.1m EUR
−123.2 %y/y

Fiscal year 2024 · change from previous year

Development 2021–2024

-1000100200300m EUR2021: 203 m EUR2021: EBIT -40 m EUR20212022: 174 m EUR2022: EBIT -91 m EUR20222023: 166 m EUR2023: EBIT -43 m EUR20232024: 116 m EUR2024: EBIT -69 m EUR2024116-69
RevenueOperating profit (EBIT)

Business

Share of revenue
Inhalation Technology55 %

Vape and accessory products sold through Jupiter to regulated markets and distributors.

Cannabis Wholesale25 %

Cannabis products sold to wholesale customers in regulated state markets.

Cannabis Retail15 %

Dispensary sales to adult-use and medical consumers through company-operated stores.

Cannabis Operations and Services5 %

Cultivation, processing, and related operating activities supporting the cannabis business.

Customers

TILT sells to regulated-market customers across both B2B and B2C channels. Its inhalation technology business serves vape brands, distributors, and other commercial customers, while its cannabis business serves dispensary shoppers and wholesale buyers in state-regulated markets.

Regulated-market vape and accessory customers

Buy Jupiter vape and accessory products for resale or use in compliant cannabis and nicotine-adjacent channels.

Cannabis wholesale buyers

Purchase cannabis products for resale through licensed dispensaries and other regulated outlets.

Dispensary consumers

Buy cannabis products directly at company-operated retail locations for adult-use or medical needs.

State-licensed cannabis operators

Source cultivation, processing, and branded products to support local market distribution.

Strategy

TILT’s strategy centers on simplifying its operating footprint and focusing on businesses that can be served with a lighter asset base. The company is also managing its mix between inhalation technology and cannabis operations, while reducing exposure to lower-return retail and wholesale assets where appropriate.

Shift toward an asset-light modelShort term

Lower inventory and capital intensity can improve flexibility and reduce cash needs.

Refocus the business portfolioShort term

Reducing exposure to lower-performing or non-core assets can simplify operations.

Support regulated-market distributionMedium term

Jupiter’s channel access across many jurisdictions broadens customer reach.

Geography

Q2/2025

TILT operates primarily in the United States, with cannabis activities centered in Massachusetts and Pennsylvania and inhalation technology sales across many U.S. states. Its Jupiter business also reaches Canada, Israel, Mexico, South America, and the European Union, making the company exposed to both U.S. state regulation and cross-border market access.

United States95 %
Canada5.3 %

Share of the revenue the company reports by geography.

Risks

TILT faces material business and financial risk from its dependence on regulated cannabis markets, where licensing, pricing, and operating rules can change by jurisdiction. The company also carries going-concern and liquidity risk, while its revenue base is exposed to customer transitions, wholesale volume swings, and lease or debt obligations tied to operating assets.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Going-concern uncertainty1Lease and debt covenant pressure2
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Going-concern uncertaintyImpact: CriticalLikelihood: High

    The company states that existing cash and cash flows may not support operations for a meaningful period.

    Exposure: Corporate liquidity and financing access

  2. Lease and debt covenant pressureImpact: HighLikelihood: High

    Defaults or near-term obligations can disrupt retail and operating continuity.

    ExposureDispensary and facility leasesNotes payable
  3. Cannabis regulatory riskImpact: High

    Cannabis operations depend on state and federal rules that can restrict sales, licensing, and expansion.

    ExposureMassachusettsPennsylvaniaOther U.S. cannabis markets
  4. Customer and volume concentration in JupiterImpact: High

    Revenue can fall when customers move to different invoicing or commission structures.

    Exposure: Inhalation Technology division

Accounting

Judgemental items
Revenue recognition timing

Revenue is recorded when control transfers, which differs for dispensary sales and wholesale deliveries.

Impact: Affects quarterly revenue timing and comparability

Discontinued operations and held-for-sale accounting

Retail and wholesale disposal groups are presented separately once classified as held for sale.

Impact: Changes operating income presentation and trend analysis

Inventory valuation

Cannabis and hardware inventories can require adjustments for obsolescence or market conditions.

Impact: Affects cost of goods sold and gross profit

Impairment and amortization

Prior asset impairments reduce future amortization and can signal lower asset values.

Impact: Affects operating expenses and balance sheet carrying values

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Last updated: 24/09/2026