Terra Tech Corp (OTCMKTS:TRTC) has announced the financial and operating results for the previous quarter ended March 31, 2015. As per the reports, it showed an incredible growth in terms of revenues. Terra Tech’s previous quarter’s revenues totaled $763,353 as compared to $560,319 of 1Q2014.
Due to improved market conditions, it managed to grow at a flat rate of 36.23% in terms of revenues during the previous quarter. Terra Tech witnessed a hike in the sales of IVXX’s cannabis products, which led to an improvement in the revenues generated through sales activities. When it comes to gross profit, Terra Tech Corp (OTCMKTS:TRTC) managed to report $228,715 for the March quarter, which was significantly more than the gross margin of $2,090 for 1Q2014.
It witnessed 0.37% growth in growth margin during the March 2014 quarter, which elevated to 29.96% in March 2015 quarter. The primary reason for this hike in gross margin was due to various improvements regarding Dutch style hydroponic technology made at Edible Garden facility. In total, the company posted a net loss of $2.07 million or $0.03 per share for the March 2015 quarter as compared to previous year’s $4.91 million net loss.
The general and administrative expenses for the previous quarter were $2.33 million. It managed to post an operating loss of $2.102 million as compared to $2.201 million in 1Q2014. Non-operating expenses for March 2015 quarter were $44,455 as compared to $2.71 of March 2014 quarter. The primary reason behind this reduction was due to a hike in amortization of debt discount. Among others, the company also witnessed a reduction of $27,421 in its interest expenses.
The senior management of the company looks forward to lowering the expenses as well as investing in further operations to expand its market reach and grow further in the coming quarters. The complete financial results are available on the official website of the company.