Boston, MA, 08/14/2014 (medicalmarijuanareporter) – Terra Tech Cop. (OTCMKTS:TRTC) released its financial results for the quarter ended on June 30, 2014, where by it reported total revenues to the tune of $3,711,801. The company said that its revenues jumped by a whopping 458% or $3,046,436 as against the previous year’s revenue of $665,365. The dramatic increase in the company’s revenues was on account of Edible Garden sales.
Impressive Revenues; Weak Margins
Further, for the period ended June 30, 2014 that is the second quarter, the net loss came in at $0.03 per share, in comparison to $0.01 per share in the previous year’s quarter. The cash position of the company stood robust at $2.6 million, while its total assets accounted $8.8 million. Terra Tech Cop. (OTCMKTS:TRTC) surpassed its revenue guidance by as much as $3.5 million in the reported quarter, while it reiterated full year guidance at $7 million. Commenting on the results, Terra Tech Cop. (OTCMKTS:TRTC)’s CEO Derek Peterson said that during the year 2014, the company’s main focus was on growing revenues and increasing production, which has impacted the profitability. He added that since the revenues have increased impressively, thus, the company would shift focus towards improving margins, reducing costs and boosting profitability for the remaining part of the year and throughout 2015.
Peterson went on to add that the company has been able to add several of the key retailers as well as distribution points for its living produce product range. Moreover, Terra Tech Cop. (OTCMKTS:TRTC) has been able to secure a permit in Nevada to open a Medical marijuana enterprise. For the rest of the year, the company will concentrate on extending market share for its Edible Garden, expand into marijuana space and explore potential merger and acquisitions deals. Recently, the company has worked on a term sheet so as to acquire Naturally Beautiful Plants LLC. The shares of the company traded below by more than 7% yesterday.