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09.11.2023 17:30
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iAnthus Reports Third Quarter 2023 Financial Results
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PR Newswire
NEW YORK and TORONTO, Nov. 9, 2023
NEW YORK and TORONTO, Nov. 9, 2023 /PRNewswire/ - iAnthus Capital Holdings, Inc. ("iAnthus" or the "Company") (CSE: IAN) (OTCQB: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the third quarter ended September 30, 2023. The Company's Quarterly Report on Form 10-Q, which includes its unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2023 and the related management's discussion and analysis of financial condition and results of operations, can be accessed on the Securities and Exchange Commission's ("SEC's") website at www.sec.gov, the Company's SEDAR profile at www.sedar.com, and on the Company's website at www.iAnthus.com. The Company's financial statements are reported in accordance with U.S. generally accepted accounting principles ("GAAP"). All currency is expressed in U.S. dollars.
Third Quarter 2023 Financial Highlights
- Revenue of $42.9 million, a sequential increase of 10.8% from Q2 2023 and an increase of 8.9% from the same quarter in the prior year.
- Gross profit of $17.4 million, a sequential decrease of 5.2% from Q2 2023 and an increase of 7.7% from the same quarter in the prior year.
- Gross margin of 40.6%, reflecting a sequential decrease of 687bps when compared to Q2 2023 and a decrease of 47bps from the same quarter in the prior year.
- Net loss of $15.6 million, or a net loss of $0.00 per share, compared to a net loss of $20.1 million, or a net loss of $0.00 per share in Q2 2023, and compared to a net loss of $22.0 million, or a net loss of $0.00 per share, in the same quarter in the prior year.
- Adjusted EBITDA(1) of $4.9 million, a sequential increase from an Adjusted EBITDA of $3.9 million in Q2 2023, and an increase from ($0.3) million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below.
| Table 1: Financial Results | ||||||
| in thousands of US$, except per share amounts (unaudited) | | Q3 2023 | | Q2 2023 | | Q3 2022 |
| Revenue | $ | 42,890 | $ | 38,715 | $ | 39,371 |
| Gross profit | | 17,427 | | 18,390 | | 16,181 |
| Gross margin | | 40.6 % | | 47.5 % | | 41.1 % |
| Net loss | | (15,572) | | (20,149) | | (21,995) |
| Net loss per share | | (0.00) | | (0.00) | | (0.00) |
| Table 2: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA | ||||||
| in thousands of US$ | | Q3 2023 | | Q2 2023 | | Q3 2022 |
| Net loss | $ | (15,572) | $ | (20,149) | $ | (21,995) |
| Depreciation and amortization | | 6,597 | | 6,809 | | 8,365 |
| Interest expense, net | | 4,009 | | 3,895 | | 3,448 |
| Income tax expense | | 3,780 | | 5,442 | | 4,325 |
| EBITDA (Non-GAAP) (1) | $ | (1,186) | $ | (4,003) | $ | (5,857) |
| Adjustments: | | | | | | |
| (Recoveries), write-downs and other charges, net | | (69) | | 20 | | (1,139) |
| Inventory reserves and write-downs | | 566 | | - | | (19) |
| Accretion expense | | 994 | | 974 | | 1,020 |
| Share-based compensation | | 473 | | 1,593 | | 4,657 |
| (Gains) and losses from change in fair value of financial instruments | | (59) | | 11 | | 134 |
| Non-recurring charges (2) | | 1,508 | | 1,092 | | 1,087 |
| Other income (3) | | (472) | | (117) | | (190) |
| Interest and penalties related to income tax | | 3,101 | | 4,292 | | - |
| Total Adjustments | $ | 6,042 Werbung Mehr Nachrichten zur Ianthus Capital Holdings Aktie kostenlos abonnieren
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