Terra Tech Corp. (TRTC)
| Previous close | 0.2610 |
| Open | 0.2610 |
| Bid | 0.0000 x 0 |
| Ask | 0.0000 x 0 |
| Day's range | 0.2610 - 0.2990 |
| 52-week range | 0.0500 - 0.8200 |
| Volume | 996,351 |
| Avg. volume | 2,810,438 |
| Market cap | 63.756M |
| Beta (5Y monthly) | 2.34 |
| PE ratio (TTM) | N/A |
| EPS (TTM) | -0.1570 |
| Earnings date | 30 Mar 2021 |
| Forward dividend & yield | N/A (N/A) |
| Ex-dividend date | N/A |
| 1y target est | N/A |
- GlobeNewswire
Terra Tech Corp. Announces New Board Member
Tiffany Davis Appointed to Terra Tech’s Board of DirectorsIRVINE, Calif., April 08, 2021 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”) today announced the appointment of Tiffany Davis to its Board of Directors. Tiffany Davis has over 20 years of experience as a financial professional working as an executive in the cannabis sector and prior to that, in consulting and private equity. Ms. Davis currently serves as Chief Executive Officer and Chief Financial Officer of Generation Alpha and prior to her appointment as CEO in October 2019, was Generation Alpha’s Chief Operating Officer from February 2018. From 2016 through 2017, Ms. Davis worked as a senior executive for a US based cannabis consulting group supporting legal grows, assisting in license applications, developing programs for cultivators, business structuring for medical dispensaries, including developing M&A opportunities, and development of plans for several cannabis start-up ventures. Beginning in 2012 into 2016 Ms. Davis worked as a Group Vice President for a US based private equity group, performing due diligence tasks resulting in placing hundreds of millions of dollars in equity and debt instruments. From 2009 to 2011 Ms. Davis was a Manger of Corporate Advisory for Grant Thornton, focusing on accounting and supply chain services during the automotive crisis in the US, specifically on the Chrysler turnaround project. From 2005-2008 Ms. Davis worked for an international technology sector company with $500 million in revenues as a Vice President of Special Projects for an automobile parts sourcing project in India from the company’s headquarters in Chicago, Il. Ms. Davis received her B.S. from DePaul University in 2002 and an MBA from University of Chicago Graduate School of Business in 2009. Mr. Knuettel said, “We are extraordinarily pleased to have Tiffany Davis join the Terra Tech Board of Directors. Her experiences both within and outside the cannabis sector in M&A, operations, supply chain management and finance will provide considerable value to our team. Further, her joining is another step in both improving our corporate governance and tightening our operational management and broadens the scope of our board. I am confident that she brings the right perspective to Terra Tech as we continue to rebuild the company and integrate additional businesses to our platform.” Ms. Davis added, “I am honored to join the board and team at Terra Tech and assist in moving the company forward on its growth trajectory. They have a very clear strategy, with a dedicated team focused on promulgating the plan and working on behalf of the shareholders.” About Terra Tech Terra Tech is a vertically integrated company focused on the cannabis sector with operations in California and Nevada. In California, Terra Tech operates two dispensaries and a cultivation facility and has two additional cultivation facilities and a dispensary under development. In Nevada, by way of a joint venture, Terra Tech operates a cultivation and manufacturing facility. Cautionary Language Concerning Forward-Looking Statements Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management's intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Terra Tech undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "continue," "guidance," and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors. New factors emerge from time-to-time and it is not possible for us to predict all such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks, as well as other risks associated with the combination, will be more fully discussed in our reports with the SEC. Additional risks and uncertainties are identified and discussed in the "Risk Factors" section of Terra Tech's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Forward-looking statements included in this release are based on information available to Terra Tech as of the date of this release. Terra Tech undertakes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this release. ContactJason AssadLR Advisors LLC.Jassad@terratchcorp.com678-570-6791
- GlobeNewswire
Terra Tech Corp. Reports Fourth Quarter and 2020 Fiscal Year End Financial Results
IRVINE, Calif., March 30, 2021 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCQX:TRTC) ("Terra Tech" or the "Company") today reported its fourth quarter and 2020 fiscal year end financial results for the quarter ended December 31, 2020. Frank Knuettel, newly named Chief Executive Officer of Terra Tech, stated, “2020 was a challenging year for Terra Tech. Following the dispensary closures in 2020 and the difficult capital markets, Terra Tech underperformed both operationally and financially, during which time we were forced to make certain arrangements to maintain our business. Fortunately, I believe our most challenging days now lay behind us. Since I recently took over the CEO role, we have been hard at work positioning the company for what we believe is a very opportunistic future, including our recent announcement that we had entered into a transaction to acquire Unrivaled. This mutually beneficial transaction, which leads to immediate scale, is driven by strong brands and revenue growth. Unrivaled has grown markedly since inception, led by a strong management team, including Dallas Imbimbo, co-founder of KushCo Holdings, Inc. and Unrivaled. We intend to integrate Unrivaled’s management team into Terra Tech, whose robust leadership is capable of executing on high revenue growth and additional accretive acquisitions.” Knuettel continued, “Following the restructuring of our balance sheet and bringing in new capital in January, this is the first of our anticipated strategic acquisitions building on the foundation formed by my predecessors. Our short-term goal is to become the premier West Coast and Southwest operator of cannabis assets with a focus on brands and dispensaries. Based on our growth trajectories and new operations coming online during 2021, we believe that the combined companies will generate revenues in excess of $70 million in 2021.” Financial Update For the year ended December 31, 2020, we generated revenues from continuing operations of approximately $14.29 million, compared to approximately $16.49 million for the year ended December 31, 2019, a decrease of $2.20 million. The year-over-year decrease was driven by a dispensary revenue decline of $5.98 million which was partially offset by cultivation and manufacturing revenue increases of which totaled $3.78 million. The dispensary revenue was hit by a customer traffic decline from COVID-19 and six combined months of store closures for our two Bay area dispensaries due to civil unrest.Terra Tech's gross profit for the year ended December 31, 2012 was approximately $3.60 million, compared to a gross profit of approximately $10.35 million for the year ended December 31, 2019, a decrease of approximately $6.75 million. Gross margin for the year ended December 31, 2020 was approximately 25.2%, compared to approximately 62.8% for the year ended December 31, 2019.Selling, general and administrative expenses for the year ended December 31, 2020 were approximately $24.60 million, compared to approximately $36.68 million for the year ended December 31, 2019, a decrease of $12.08 million.The net loss attributable to Terra Tech for the twelve months ending December 31, 2020 was $30.12 million, or $0.164 per share, compared to a net loss of $46.93 million, or $0.44 per share, for the twelve months ending December 31, 2019.The Company had $888 thousand in cash as of December 31, 2020, compared with $1.23 million as of December 31, 2019.Stockholders' equity for the period ending December 31, 2020 amounted to approximately $59.13 million compared to approximately $75.33 million as of December 31, 2019. The Company will host a conference call at 4:30 p.m. Eastern Time today to discuss its financial results and business highlights. Interested parties may listen to the call by dialing the following: Toll-Free: 1-877-407-3982 Toll / International: 1-201-493-6780 Conference ID: 13717868 The conference call will also be available via a live, listen-only webcast and can be accessed through the Investor Relations section of Terra Tech’s website at www.terratechcorp.com Securities Disclosure This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of the Company's securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Terra Tech Terra Tech is a vertically integrated company focused on the cannabis sector with operations in California and Nevada. In California, Terra Tech operates two dispensaries and a cultivation facility and has two additional cultivation facilities and a dispensary under development. In Nevada, by way of a joint ventures, Terra Tech operates a cultivation and manufacturing facility. Cautionary Language Concerning Forward-Looking Statements Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management's intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Terra Tech undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "continue," "guidance," and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors. New factors emerge from time-to-time and it is not possible for us to predict all such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks, as well as other risks associated with the combination, will be more fully discussed in our reports with the SEC. Additional risks and uncertainties are identified and discussed in the "Risk Factors" section of Terra Tech's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Forward-looking statements included in this release are based on information available to Terra Tech as of the date of this release. Terra Tech undertakes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this release. ContactJason AssadLR Advisors LLC.Jassad@terratchcorp.com678-570-6791 TERRA TECH CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per-share info) Year Ended December 31, 2020 2019 Total revenues $14,287 $16,488 Cost of goods sold 10,687 6,139 Gross profit 3,600 10,349 Selling, general and administrative expenses 24,602 36,676 Impairment of assets 19,910 8,313 (Gain) / Loss on sale of assets (35) (802)(Gain) / Loss on interest in joint venture - 1,067 Loss from operations (40,877) (34,905) Other income / (expense) Interest expense, net (2,932) (9,293)Unrealized gain/(loss) on investments 29,045 - Other income / (loss) 964 50 Total other income / (expense) 27,077 (9,243) Income / (loss) from continuing operations (13,800) (44,148)Income / (loss) from discontinued operations, net of tax (17,071) (3,704) NET INCOME / (LOSS) (30,871) (47,852) Less: Income / (Loss) attributable to non-controlling interest from continuing operations (754) (921) NET LOSS ATTRIBUTABLE TO TERRA TECH CORP. $(30,117) $(46,931) Income / ( Loss) from continuing operations per common share attributable to Terra Tech Corp. common stockholders – basic and diluted $(0.07) $(0.45)Net Income / ( Loss) per common share attributable to Terra Tech Corp. common stockholders – basic and diluted $(0.16) $(0.44)Weighted-Average Number of Common Shares Outstanding – Basic and Diluted 191,978,187 106,037,631 TERRA TECH CORP. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS (in thousands, except shares) December 31, December 31, 2020 2019 ASSETS Current assets: Cash $888 $1,226 Accounts receivable, net 835 693 Short term investments 34,045 - Inventory 1,602 4,334 Prepaid expenses and other current assets 234 675 Current assets of discontinued operations 2 2,440 Total current assets 37,606 9,368 Property, equipment and leasehold improvements, net 32,480 35,469 Intangible assets, net 7,714 14,871 Goodwill 6,171 21,471 Other assets 13,040 10,272 Investments 330 5,000 Assets of discontinued operations 2,953 22,799 TOTAL ASSETS $ 100,294 $ 119,250 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES: Current liabilities: Accounts payable and other accrued expenses $8,621 $9,526 Short-term debt 8,033 11,022 Current liabilities of discontinued operations 9,768 7,035 Total current liabilities 26,422 27,583 Long-term liabilities: Long-term debt, net of discounts 6,632 6,570 Long-term lease liabilities 8,082 8,902 Long-term liabilities of discontinued operations 28 869 Total long-term liabilities 14,742 16,341 Total liabilities 41,164 43,924 STOCKHOLDERS’ EQUITY: Preferred stock, convertible series A, par value $0.001: - - 100 Shares authorized as of December 31, 2020 and 2019; 8 Shares issued as of December 31, 2020 and 2019, respectively - - Preferred stock, convertible series B, par value $0.001: - - 41,000,000 Shares authorized as of December 31, 2020 and 2019; 0 shares issued as of December 31, 2020 and 2019, respectively - - Common stock, par value $0.001: 990,000,000 Shares authorized as of December 31, 2020 and 2019; 196,512,867 shares issued and 194,204,459 shares outstanding as of December 31, 2020; 120,313,386 shares issued and 118,004,978 shares outstanding as of December 31, 2019. 218 120 Additional paid-in capital 275,060 260,516 Treasury stock (808) (808)Accumulated deficit (219,803) (189,686) Total Terra Tech Corp. stockholders’ equity 54,667 70,142 Non-controlling interest 4,463 5,184 Total stockholders’ equity 59,130 75,326 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 100,294 $ 119,250
- GlobeNewswire
Terra Tech Corp. to Report Fourth Quarter and Fiscal Year 2020 Year End Financial Results
IRVINE, Calif., March 23, 2021 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCQX:TRTC) ("Terra Tech" or the "Company") today announced that the Company will report financial results for the quarter ended December 31, 2020, on Tuesday, March 30, 2021. The Company will host a conference call at 4:30 p.m. Eastern Time on Tuesday, March 30, 2021 to discuss its financial results and business highlights. Interested parties may listen to the call by dialing the following: Toll-Free: 1-877-407-3982 Toll / International: 1-201-493-6780 Conference ID: 13717868 The conference call will also be available via a live, listen-only webcast and can be accessed through the Investor Relations section of Terra Tech’s website at www.terratechcorp.com. Securities Disclosure This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of the Company's securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Terra Tech Terra Tech is a vertically integrated company focused on the cannabis sector with operations in California and Nevada. In California, Terra Tech operates two dispensaries and a cultivation facility and has two additional cultivation facilities and a dispensary under development. In Nevada, by way of a joint venture, Terra Tech operates a cultivation and manufacturing facility. Cautionary Language Concerning Forward-Looking Statements Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management's intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Terra Tech undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "continue," "guidance," and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors. New factors emerge from time-to-time and it is not possible for us to predict all such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks, as well as other risks associated with the combination, will be more fully discussed in our reports with the SEC. Additional risks and uncertainties are identified and discussed in the "Risk Factors" section of Terra Tech's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Forward-looking statements included in this release are based on information available to Terra Tech as of the date of this release. Terra Tech undertakes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this release. ContactJason AssadLR Advisors LLC.Jassad@terratchcorp.com678-570-6791
