Terra Tech Corp. (OTCMKTS:TRTC) Publishes Q3 Report, Investors Unimpressed

Last Friday Terra Tech Corp. (OTCMKTS:TRTC) submitted its due quarterly report. The best way to describe the market reaction to the filing and press release that accompanied it would be ‘lacking’. TRTC stock is $0.002 down this week on daily volumes sliding around the monthly average.

The press release that came on Sunday contained an update on the company’s operations surrounding their Nevada medical cannabis facilities. There’s still no real closure to the situation as the company posted different time frames within which it anticipated to complete each process, assuming everything goes as planned. It feels as though investors are unwilling to go all-in before the company comes up with a plainly worded PR stating they’re opening any of those facilities.

Here’s the rundown to the numbers reported in the quarterly:

• $3.4 million in cash
• $10.2 million in current liabilities
• $1.3 million in Q3 revenues
• $9.2 million in Q3 net loss

Quarterly revenue has scaled back significantly and is less than 50% of the Q2 figure. The company reiterated its 2014 target of $7 million in Sunday’s PR so it seems TRTC will need to make $1.5 million in its last quarter. This figure may be augmented by the launch of the company’s CBD extraction facility that was announced recently.

TRTC is slowly improving its gross margin but it’s also incurring serious expenses. Year to date the company has over $1 million in consulting fees in relation to its Nevada licensing procedures and the new distribution deals for Edible Gardens. Another major portion of the $14 million in YTD expenses comes in the form of a juicy $2.1 million in ‘compensation to officers and employees’, with $2.0 million for just Q3.

It will not be too surprising if TRTC keeps simmering until bigger PR starts coming out with news of construction and opening dates for their medical marijuana facilities in Nevada.