iAnthus Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results
iAnthus Capital Holdings (OTCQB: ITHUF) has released its financial results for Q4 and full year 2024. The company reported annual revenue of $167.6 million, marking a 5.2% increase from the previous year, with a gross profit of $75.1 million (up 18.9%). The gross margin improved by 516 basis points to 45%.
For Q4 2024, revenue reached $42.7 million, showing sequential growth of $2.4 million from Q3 and a year-over-year increase of $1.8 million. The quarter's gross profit was $19.1 million, with a 45% gross margin. Notable improvements include reduced net losses, with annual net loss decreasing to $7.6 million from $76.6 million in 2023. The company's Adjusted EBITDA for 2024 reached $23.9 million, a significant increase of $15.6 million from the prior year.
iAnthus Capital Holdings (OTCQB: ITHUF) ha pubblicato i risultati finanziari per il quarto trimestre e l'intero anno 2024. L'azienda ha riportato un fatturato annuale di 167,6 milioni di dollari, con un aumento del 5,2% rispetto all'anno precedente, e un utile lordo di 75,1 milioni di dollari (in aumento del 18,9%). Il margine lordo è migliorato di 516 punti base, raggiungendo il 45%.
Per il quarto trimestre del 2024, il fatturato ha raggiunto 42,7 milioni di dollari, mostrando una crescita sequenziale di 2,4 milioni di dollari rispetto al terzo trimestre e un incremento anno su anno di 1,8 milioni di dollari. L'utile lordo del trimestre è stato di 19,1 milioni di dollari, con un margine lordo del 45%. Tra i miglioramenti notevoli si segnala la riduzione delle perdite nette, con la perdita netta annuale scesa a 7,6 milioni di dollari rispetto ai 76,6 milioni del 2023. L'EBITDA rettificato dell'azienda per il 2024 ha raggiunto i 23,9 milioni di dollari, con un incremento significativo di 15,6 milioni di dollari rispetto all'anno precedente.
iAnthus Capital Holdings (OTCQB: ITHUF) ha publicado sus resultados financieros para el cuarto trimestre y el año completo 2024. La compañía reportó un ingreso anual de 167,6 millones de dólares, marcando un aumento del 5,2% con respecto al año anterior, y una ganancia bruta de 75,1 millones de dólares (aumento del 18,9%). El margen bruto mejoró en 516 puntos básicos, alcanzando el 45%.
Para el cuarto trimestre de 2024, los ingresos alcanzaron 42,7 millones de dólares, mostrando un crecimiento secuencial de 2,4 millones de dólares desde el tercer trimestre y un aumento interanual de 1,8 millones de dólares. La ganancia bruta del trimestre fue de 19,1 millones de dólares, con un margen bruto del 45%. Las mejoras notables incluyen la reducción de las pérdidas netas, con la pérdida neta anual disminuyendo a 7,6 millones de dólares desde los 76,6 millones de dólares en 2023. El EBITDA ajustado de la compañía para 2024 alcanzó los 23,9 millones de dólares, un aumento significativo de 15,6 millones de dólares con respecto al año anterior.
아이앤더스 캐피탈 홀딩스 (OTCQB: ITHUF)가 2024년 4분기 및 연간 재무 결과를 발표했습니다. 회사는 연간 수익 1억 6,760만 달러를 보고하며, 이는 전년도 대비 5.2% 증가한 수치이며, 총 이익 7,510만 달러 (18.9% 증가)로 나타났습니다. 총 마진은 516 베이시스 포인트 개선되어 45%에 달했습니다.
2024년 4분기 동안 수익은 4,270만 달러에 달했으며, 이는 3분기 대비 240만 달러 증가하고, 전년 대비 180만 달러 증가한 수치입니다. 분기의 총 이익은 1,910만 달러로, 총 마진은 45%였습니다. 주목할 만한 개선 사항으로는 순손실 감소가 있으며, 연간 순손실은 2023년 7,660만 달러에서 760만 달러로 감소했습니다. 회사의 2024년 조정 EBITDA는 2,390만 달러에 달하며, 이는 전년도 대비 1,560만 달러의 상당한 증가입니다.
iAnthus Capital Holdings (OTCQB: ITHUF) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024. L'entreprise a rapporté un chiffre d'affaires annuel de 167,6 millions de dollars, enregistrant une augmentation de 5,2 % par rapport à l'année précédente, avec un bénéfice brut de 75,1 millions de dollars (augmentation de 18,9 %). La marge brute s'est améliorée de 516 points de base pour atteindre 45 %.
Pour le quatrième trimestre 2024, le chiffre d'affaires a atteint 42,7 millions de dollars, montrant une croissance séquentielle de 2,4 millions de dollars par rapport au troisième trimestre et une augmentation de 1,8 million de dollars d'une année sur l'autre. Le bénéfice brut du trimestre était de 19,1 millions de dollars, avec une marge brute de 45 %. Parmi les améliorations notables, on note la réduction des pertes nettes, la perte nette annuelle étant passée de 76,6 millions de dollars en 2023 à 7,6 millions de dollars. L'EBITDA ajusté de l'entreprise pour 2024 a atteint 23,9 millions de dollars, soit une augmentation significative de 15,6 millions de dollars par rapport à l'année précédente.
iAnthus Capital Holdings (OTCQB: ITHUF) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Das Unternehmen berichtete von einem Jahresumsatz von 167,6 Millionen Dollar, was einem Anstieg von 5,2% im Vergleich zum Vorjahr entspricht, sowie einem Bruttogewinn von 75,1 Millionen Dollar (ein Anstieg von 18,9%). Die Bruttomarge verbesserte sich um 516 Basispunkte auf 45%.
Im vierten Quartal 2024 erreichte der Umsatz 42,7 Millionen Dollar, was einem sequenziellen Wachstum von 2,4 Millionen Dollar im Vergleich zum dritten Quartal und einem Anstieg von 1,8 Millionen Dollar im Jahresvergleich entspricht. Der Bruttogewinn des Quartals betrug 19,1 Millionen Dollar, mit einer Bruttomarge von 45%. Zu den bemerkenswerten Verbesserungen gehört die Reduzierung der Nett Verluste, wobei der jährliche Nettoverlust auf 7,6 Millionen Dollar von 76,6 Millionen Dollar im Jahr 2023 gesenkt wurde. Das bereinigte EBITDA des Unternehmens für 2024 erreichte 23,9 Millionen Dollar, was einem signifikanten Anstieg von 15,6 Millionen Dollar im Vergleich zum Vorjahr entspricht.
- Revenue increased 5.2% YoY to $167.6 million
- Gross profit grew 18.9% YoY to $75.1 million
- Gross margin improved by 516 bps to 45%
- Net loss reduced significantly from $76.6M to $7.6M YoY
- Adjusted EBITDA increased by $15.6M to $23.9M
- Q4 showed profitable quarter with $27.8M net income
- Company still reported annual net loss of $7.6 million
NEW YORK and TORONTO, March 24, 2025 (GLOBE NEWSWIRE) -- 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 fourth quarter and year ended December 31, 2024. The Company’s Annual Report on Form 10-K (the “Annual Report”), which includes its audited consolidated financial statements for the year ended December 31, 2024 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, on the System for Electronic Document Analysis and Retrieval's (SEDAR+) website at www.sedarplus.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.
Fiscal Year 2024 Financial Highlights
- Revenue of
$167.6 million , increased5.2% from the prior year. - Gross profit of
$75.1 million , increased18.9% from the prior year. - Gross margin of
45% , reflecting an increase of 516 bps from the prior year. - Net loss of
$7.6 million , or a net loss of less than$0.00 per share, compared to a net loss of$76.6 million , or a net loss of less than$0.01 per share in the prior year. - Adjusted EBITDA(1) of
$23.9 million , up$15.6 million from 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.
Fourth Quarter 2024 Financial Highlights
- Revenue of
$42.7 million , a sequential increase of$2.4 million from Q3 2024 and an increase of$1.8 million from the same quarter in the prior year. - Gross profit of
$19.1 million , a sequential increase of$1.1 million from Q3 2024 and an increase of$3.2 million from the same quarter in the prior year. - Gross margin of
45% , reflecting a sequential decrease of 9 bps when compared to Q3 2024 and an increase of 586 bps from the same quarter in the prior year. - Net income of
$27.8 million , or a net income of less than$0.00 per share, compared to a net loss of$11.6 million , or a net loss of less than$0.00 per share in Q3 2024, and compared to a net loss of$18.7 million , or a net loss of$0.00 per share, in the same quarter in the prior year. - Adjusted EBITDA(1) of
$6.4 million , a sequential increase from Adjusted EBITDA of$5.3 million in Q3 2024, and an increase from Adjusted EBITDA of$3.3 million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below.
| Table 1: Financial Results | ||||||||||||
| in thousands of US$, except per share amounts (audited) | FY2024 | FY 2023 | Q4 2024 | Q4 2023 | ||||||||
| Revenue | $ | 167,567 | $ | 159,237 | $ | 42,718 | $ | 40,880 | ||||
| Gross profit | 75,114 | 63,169 | 19,139 | 15,919 | ||||||||
| Gross margin | 44.8 | % | 39.7 | % | 44.8 | % | 38.9 | % | ||||
| Net income (loss) | (7,636 | ) | (76,621 | ) | 27,793 | (18,695 | ) | |||||
| Net income (loss) per share | (0.00 | ) | (0.01 | ) | 0.00 | (0.00 | ) | |||||
| Table 2: Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA(1) | ||||||||||||
| in thousands of US$ (audited) | FY2024 | FY 2023 | Q4 2024 | Q4 2023 | ||||||||
| Net income (loss) | $ | (7,636 | ) | $ | (76,621 | ) | $ | 27,793 | $ | (18,695 | ) | |
| Depreciation and amortization | 24,736 | 27,170 | 6,045 | 6,773 | ||||||||
| Interest expense, net | 17,170 | 15,741 | 4,427 | 4,105 | ||||||||
| Income tax (benefit) expense(2) | (17,678 | ) | 27,163 | (34,602 | ) | 7,218 | ||||||
| EBITDA (Non-GAAP)(1) | $ | 16,592 | $ | (6,547 | ) | $ | 3,663 | $ | (599 | ) | ||
| Adjustments: | ||||||||||||
| (Recoveries), write-downs and other charges, net(3) | (1,236 | ) | (102 | ) | (14 | ) | (57 | ) | ||||
| Inventory reserves and write-downs | 430 | 946 | 247 | 24 | ||||||||
| Accretion expense | 4,624 | 3,950 | 1,200 | 1,004 | ||||||||
| Share-based compensation | 2,107 | 4,535 | 424 | 980 | ||||||||
| Losses from changes in fair value of financial instruments | 46 | 74 | 18 | 89 | ||||||||
| Loss on equity method investments | 211 | 183 | 50 | 183 | ||||||||
| Non-recurring charges(4) | 3,911 | 4,467 | 994 | 1,338 | ||||||||
| Loss on debt extinguishment(5) | 114 | 1,288 | - | - | ||||||||
| (Gains) losses from deconsolidation of subsidiaries(6) | (2,120 | ) | 512 | - | 496 | |||||||
| Other income(7) | (732 | ) | (973 | ) | (171 | ) | (164 | ) | ||||
| Total Adjustments | $ | 7,355 | $ | 14,880 | $ | 2,748 | $ | 3,893 | ||||
| Adjusted EBITDA (Non-GAAP)(1) | $ | 23,947 | $ | 8,333 | $ | 6,411 | $ | 3,294 | ||||
(1) See “Non-GAAP Financial Information” below for more information regarding the Company’s use of non-GAAP financial measures.
(2) Current and prior period amounts have been conformed to follow an accounting policy change made by the Company to aggregate interest and penalties related to accrued income taxes within "income tax expense" from within "selling, general and administrative expenses" in its consolidated statement of operations.
(3) Prior period amounts related to gains and losses from deconsolidation have been reclassified to "selling, general, and administrative expenses" from "(recoveries), write-downs and other charges, net" on the consolidated statement of operations to conform with current year presentation.
(4) Includes one-time, non-recurring costs related to strategic review processes, ongoing legal disputes, severance and other non-recurring costs.
(5) FY2024 reflects a loss of
(6) FY2024 reflects a gain of
(7) Other income primarily includes accounts payable write-offs, vendor credits, and Employee Retention Tax Credits received from the Internal Revenue Service.
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures as defined by the SEC and the Canadian Securities Administrators. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the tables above. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.
In evaluating our business, we consider and use EBITDA and Adjusted EBITDA as supplemental measures of operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before share-based compensation, accretion expense, write-downs and impairments, gains and losses from changes in fair values of financial instruments, income or losses from equity-accounted investments, the effect of changes in accounting policy, non-recurring costs related to the Company’s Recapitalization Transaction, litigation costs related to ongoing legal proceedings, and other income. We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance of other similarly situated companies in our industry, and we present Adjusted EBITDA because it removes non-recurring, irregular and one-time items that we believe may distort the comparability of EBITDA from period-to-period and with other industry participants.
EBITDA and Adjusted EBITDA are not standardized financial measures defined under GAAP, and are not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and when assessing the Company’s operating performance, investors should not consider EBITDA or Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than us, limiting their usefulness as comparative tools. We compensate for these limitations by relying on GAAP results and using EBITDA and Adjusted EBITDA only as supplemental information.
About iAnthus
iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States. For more information, visit www.iAnthus.com.
Forward Looking Statements
Statements in this press release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in the Company’s reports that it files from time to time with the SEC and the Canadian Securities Regulators, which you should review, including, but not limited to, the Annual Report filed with the SEC. When used in this press release, words such as “will,” “could,” “plan,” “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should” and similar expressions identify forward-looking statements.
Forward-looking statements may include, without limitation, statements relating to the Company’s financial performance, business development and results of operations.
These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.
Neither the Canadian Securities Exchange nor the U.S. Securities and Exchange Commission has reviewed, approved or disapproved the content of this press release.
Contact Information Corporate/Media/Investors: Justin Vu, Chief Financial Officer iAnthus Capital Holdings, Inc. 1-646-518-9418 investors@ianthuscapital.com
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