Core Viewpoint - TILT Holdings Inc. is undergoing a strategic transformation to become a focused, asset-light business centered on its Jupiter platform, with key milestones achieved in regulatory approvals and management agreements, while also planning to exit plant-touching operations in Ohio and Massachusetts [2][3]. Financial Summary - Revenue from continuing operations, excluding Ohio and Massachusetts, was $10.5 million for Q2 2025, down from $19.0 million in the prior year, primarily due to lower revenue from the Jupiter segment and macroeconomic pressures [4]. - Gross profit from continuing operations was $1.8 million, with a gross margin of 17.4%, compared to $3.6 million and 18.9% in the prior year, reflecting price compression and a shift in product mix [4]. - Net loss from continuing operations was $9.2 million, an improvement from a net loss of $16.6 million in the prior year, driven by decreased income tax expense and operating expenses [4]. - Adjusted EBITDA from continuing operations was $(2.0) million, compared to $(1.2) million in Q2 2024, attributed to lower gross profit [4]. - Cash flow from continuing operations was $4.4 million for the period, compared to $2.1 million cash used in the same period last year [4]. Operational Highlights - The company received regulatory approval for a retail transaction in Massachusetts and entered a management services agreement with MariMed for Standard Farms Pennsylvania [9]. - TILT achieved EU MDR certification for its QMID™ handheld vaporizer, positioning it for expansion in global medical markets [9]. - New product SKUs were soft-launched to broaden the product portfolio and meet customer needs [9]. - The company received a $3.5 million refund related to the Employee Retention Credit from the IRS [9]. Strategic Focus - The planned exit from U.S. plant-touching operations in Massachusetts and Ohio is a significant strategic shift, qualifying these assets for reporting as discontinued operations [3]. - The transition to a commission-based model for certain customers is part of the strategy to simplify operations and improve capital efficiency [2][4]. Cash Position - As of June 30, 2025, the company had $2.0 million in cash and cash equivalents, down from $2.9 million at the end of 2024 [4].