Terra Tech Corp. (OTCMKTS:TRTC) Retreats to Eleven Cents
After a bit of a recovery in Monday’s session, Terra Tech Corp (OTCMKTS:TRTC) took another tumble yesterday. The stock dropped 7% to stop at $0.116 per share by the bell. Volume cooled off to 1.5 million shares traded.
The company published its latest financial report covering Q2 of 2015 only a few days ago. Since then TRTC has not been doing particularly well on the charts. The report went up when TRTC was trading at around $0.145 per share. The figures contained in it were as follows:
- $2.1 million in cash a/o June 30, 2015
- $5.3 million in current liabilities
- $5 million in Q2 revenues
- $2.79 million in Q2 net loss
The press release accompanying the filing highlighted the 35% increase in Q2 revenues in a YoY basis, against the same period of 2014. While this sounds most impressive, it should be noted that Edible Garden expanded its distribution network by quite a bit over the past 12 months. Additionally, it’s virtually impossible to calculate the exact amount IVXX contributed to Q2 2015 revenues.
In its Q1 report the company stated that its Q1 revenues were boosted by about $200 thousand on a YoY basis, and this boost came primarily from IVXX sales. TRTC CFO Michael James stated that the “cannabis division” of the company generated $432 thousand in the first six months of 2015.
Based on this information, it can be assumed that IVXX is probably still burning up more money for advertising and promoting the brand that it is actually generating, even though there has been a steady stream of PR about more and more dispensaries selling IVXX products.
Despite booming Edible Garden sales and TRTC supposedly making great strides with the extractor lab and IVXX, the company is still nearly $2.8 million in the red when all is said and done. How this performance will be impacted once the planned Nevada marijuana locations start opening their doors later in 2015 remains to be seen.
