Terra Tech Corp (OTCMKTS:TRTC) released its financial report for the year closing December 31, 2015. For FY2015, the revenue came at $9.98 million, a jump of 40.6% from the same period, a year earlier. The revenue in 4Q2015 surged 44% to $2.17 million.

The highlights

Terra Tech reported that gross margin for FY2015 amounted to almost 10.2% compared to around 2.2% in the comparable period. This increase can be attributed to better margins from Edible Garden and also from the revenue recorded from IVXX from the segment of cannabis products. S, G & A expenses for the year closed December 2015 came at nearly $9.83 million, a decline of almost 46.4% compared to about $18.34 million for the fiscal closed December 2014.

For FY2015, the net loss amounted to approximately $9.23 million compared to a loss of nearly $21.89 million for the fiscal closed December 2014, a decline of approximately $12.66 million. This positive change in net loss can be attributed to a jump in revenue, a decline in expenses, and drop in cost of goods sold. Stockholders’ equity for the fiscal ended December 2015 amounted to nearly $6.34 million, a jump of almost $5.06 million against around $1.28 million as of December 2014.

The management speaks

Derek Peterson, the CEO of Terra Tech, reported that after a strong year of growth in the cannabis industry, the company entered into this year with continued optimism related to what the future looks for Terra Tech. Last year, the company took several important measures to position itself for growth as the cannabis industry continues to lessen hurdles to the supply of medical cannabis.

Terra Tech launched IVXX, its medical cannabis brand, which made the company as a leading provider of premium cannabis products. It encouraged the company to move at the forefront of innovation in the cannabis industry.

In last trading session, the stock price of Terra Tech surged 1.61% to close the day at $0.315.