Terra Tech Corp (OTCMKTS:TRTC) Publishes Quarterly Report
Yesterday, seconds after the closing bell, Terra Tech Corp (OTCMKTS:TRTC) published its new quarterly report. How will the market react to the information contained in the filing?
The 10-Q was published along with a press release containing financial and general business and operations highlights, giving a nice condensed view of important achievements. First of all, here is a brief summary of the balance sheet:
- $1.3 million in cash
- $3.2 million in current liabilities
- $2.0 million in Q3 revenues
- $1.9 million in Q3 net loss
The PR highlighted the YoY revenue growth and gross margin improvement, and those are indeed there, and significant. The revenue figure is significantly deflated on a QoQ basis, but that is due to the seasonal nature of Edible Garden revenues, which still comprise the better part of TRTC‘s revenue machine – Q2 traditionally brings in a lot more that Q3.
IVXX is the highlight of the filing and PR and it is now starting to show its teeth and make some real money for the company. The segment revenue rundown shows cannabis-derived revenues went up from $127 thousand in Q2 to the fitting figure of $420 thousand.
In less pleasant news, TRTC‘s convertible debt is being turned into shares, diluting the company’s common stock at a rate that is not exactly alarming but is no cause for celebration either. As of early August the company had 251 million OS. In early November that figure was 285 million, with another 12.5 million new shares issued in the fourth quarter. Sadly, those 12.5 million shares came at $0.069 a pop.
It remains to be seen whether the market will react in any meaningful way to the filing. TRTC‘s big year is shaping up to be 2016, when the majority of its Nevada-based marijuana facilities are expected to finally launch after multiple delays.
