Terra Tech Corp. (TRTC) saw its loss widen to $26.92 million, or $0.07 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $9.23 million, or $0.04 a share.

Revenue during the year surged 153.90 percent to $25.33 million from $9.98 million in the previous year. Gross margin for the year contracted 4 basis points over the previous year to 10.16 percent. Operating margin for the year stood at negative 71.65 percent as compared to a negative 88.39 percent for the previous year.

Operating loss for the year was $18.15 million, compared with an operating loss of $8.82 million in the previous year.

"2016 was a watershed year for both Terra Tech and the U.S. cannabis industry," said Derek Peterson, chief executive officer of Terra Tech. "We made significant progress establishing a strong retail presence in our key target markets by acquiring Blum, Oakland in California and opening of a total of four medical cannabis dispensaries in Nevada. This was also the first full year selling our proprietary IVXX-branded premium medical cannabis products, and we were pleased to see IVXX sales have ramped up throughout the year as our marketing campaign gained momentum and new IVXX-branded products were launched. IVXX products are now sold in 225 dispensaries across California and Nevada, compared with the 200 dispensaries that stocked IVXX at the end of 2015. These efforts contributed to revenues of $25 million, representing year-over-year growth of 154%, exceeding the financial guidance set at the start of the year."

For financial year 2017, Terra Tech Corp. projects revenue to be in the range of $38 million to $40 million.