Terra Tech Corp. (OTCMKTS:TRTC) Remains Red
After another red session and an intra-day slip to $0.13 per share, Terra Tech Corp. (OTCMKTS:TRTC) found itself sitting at yet another 52-week low. After trading its biggest share volume for the past month, the ticker stopped at $0.141 per share, or 3.8% down.
Over the past few months the company has been going through a rough patch that just doesn’t seem to end. March, April and May each brought new 52-week lows and the quarterly report that was published in mid-May did absolutely nothing to revive the slipping price.
The brief summary of TRTC‘s Q1 balance sheet is as follows:
- $274 thousand in cash
- $5.4 million in current liabilities
- $763 thousand in Q1 revenues
- $2.1 million in Q1 net loss
Those results are not exactly surprising, at least in terms of revenue. The figure is up compared to Q1 of 2014 due to the addition of IVXX sales in multiple California dispensaries. However, the company is relatively low on cash once again and is still losing multiple millions over a single quarter.
Investors on discussion boards are turning to a form of denial that we have seen with multiple other pot stocks over the past year. The mantra is unchanged – “this is a long-term investment” or “look at where this is in a couple of years, not just another six months”. This would have been a very valid sentiment if it had not been nearly two years already since TRTC made a big splash and rode the pot stock hype, even though back then it was anything but a pot stock.
It remains to be seen whether the company delivers on its Nevada bid to open a number of marijuana facilities within 2015, starting with multiple dispensaries in summer and with production and cultivation facilities to follow in Q4, if all goes according to plan.
