iAnthus Reports Third Quarter 2024 Financial Results
iAnthus Capital Holdings reported its Q3 2024 financial results, showing mixed performance. Revenue decreased to $40.3 million, down 6.3% from Q2 2024 and 6.1% year-over-year. Gross profit reached $18.1 million with a margin of 44.9%, showing a quarterly decline but yearly improvement. The company reported a net loss of $11.6 million, wider than Q2's $9.8 million loss. Adjusted EBITDA was $5.3 million, decreasing from $8.9 million in Q2 2024 but improving from $0.8 million in Q3 2023.
iAnthus Capital Holdings ha riportato i risultati finanziari del terzo trimestre del 2024, mostrando performance miste. I ricavi sono diminuiti a $40,3 milioni, in calo del 6,3% rispetto al secondo trimestre del 2024 e del 6,1% rispetto allo stesso trimestre dell'anno scorso. L'utile lordo ha raggiunto $18,1 milioni con un margine del 44,9%, evidenziando un calo rispetto al trimestre precedente ma un miglioramento rispetto all'anno passato. L'azienda ha riportato una perdita netta di $11,6 milioni, più ampia rispetto alla perdita di $9,8 milioni del secondo trimestre. EBITDA rettificato è stato di $5,3 milioni, in diminuzione rispetto agli $8,9 milioni del secondo trimestre 2024 ma in miglioramento rispetto agli $0,8 milioni del terzo trimestre 2023.
iAnthus Capital Holdings reportó sus resultados financieros del tercer trimestre de 2024, mostrando un desempeño mixto. Los ingresos disminuyeron a $40.3 millones, una caída del 6.3% en comparación con el segundo trimestre de 2024 y del 6.1% interanual. La utilidad bruta alcanzó $18.1 millones con un margen del 44.9%, mostrando un declive trimestral pero una mejora anual. La compañía reportó una pérdida neta de $11.6 millones, más amplia que la pérdida de $9.8 millones del segundo trimestre. EBITDA ajustado fue de $5.3 millones, disminuyendo desde $8.9 millones en el segundo trimestre de 2024 pero mejorando desde $0.8 millones en el tercer trimestre de 2023.
아이앤투스 캐피탈 홀딩스는 2024년 3분기 재무 결과를 발표했으며, 혼합된 성과를 보였습니다. 매출은 $40.3 백만으로 감소했으며, 2024년 2분기 대비 6.3% 감소했고, 전년 동기 대비 6.1% 감소했습니다. 총 이익은 $18.1 백만에 달하며 44.9%의 마진을 기록했지만, 분기별로는 하락했지만 연간 기준으로는 개선되었습니다. 회사는 $11.6 백만의 순손실을 보고했으며, 이는 2분기의 $9.8 백만 손실보다 더 큰 수치입니다. 조정된 EBITDA는 $5.3 백만으로, 2024년 2분기의 $8.9 백만에서 감소했지만 2023년 3분기의 $0.8 백만에서 개선되었습니다.
iAnthus Capital Holdings a publié ses résultats financiers pour le troisième trimestre 2024, montrant une performance mitigée. Les revenus ont diminué à $40,3 millions, soit une baisse de 6,3% par rapport au deuxième trimestre 2024 et de 6,1% d'une année sur l'autre. Le bénéfice brut a atteint $18,1 millions avec une marge de 44,9%, montrant un déclin trimestriel mais une amélioration annuelle. La société a rapporté une perte nette de $11,6 millions, plus large que la perte de $9,8 millions du deuxième trimestre. EBITDA ajusté s'est établi à $5,3 millions, en baisse par rapport à $8,9 millions au deuxième trimestre 2024 mais en amélioration par rapport à $0,8 millions au troisième trimestre 2023.
iAnthus Capital Holdings hat seine finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Umsatz ging auf $40,3 Millionen zurück, was einem Rückgang von 6,3% gegenüber dem 2. Quartal 2024 und 6,1% im Jahresvergleich entspricht. Der Bruttogewinn erreichte $18,1 Millionen mit einer Marge von 44,9%, was einen vierteljährlichen Rückgang, aber einen jährlichen Fortschritt zeigt. Das Unternehmen berichtete von einem Nettoverlust von $11,6 Millionen, der größer ist als der Verlust von $9,8 Millionen im 2. Quartal. Bereinigtes EBITDA betrug $5,3 Millionen, was einen Rückgang von $8,9 Millionen im 2. Quartal 2024 zeigt, aber eine Verbesserung gegenüber $0,8 Millionen im 3. Quartal 2023 darstellt.
- Gross profit increased 35.5% year-over-year to $18.1 million
- Gross margin improved significantly by 1,377 basis points year-over-year to 44.9%
- Adjusted EBITDA improved to $5.3 million from $0.8 million in Q3 2023
- Revenue declined 6.3% quarter-over-quarter to $40.3 million
- Net loss widened to $11.6 million from $9.8 million in Q2 2024
- Gross margin decreased 323 basis points sequentially
- Adjusted EBITDA decreased from $8.9 million in Q2 2024 to $5.3 million
Third Quarter 2024 Financial Highlights
- Revenue of
$40.3 million 6.3% from Q2 2024 and a decrease of6.1% from the same quarter in the prior year. - Gross profit of
$18.1 million 12.6% from Q2 2024 and an increase of35.5% from the same quarter in the prior year. - Gross margin of
44.9% , reflecting a sequential decrease of 323bps when compared to Q2 2024 and an increase of 1,377bps from the same quarter in the prior year. - Net loss of
$11.6 million $0.01 $9.8 million $0.01 $19.2 million $0.01 - Adjusted EBITDA(1) of
$5.3 million $8.9 million $0.8 million
Table 1: Financial Results | ||||||
in thousands of US$, except per share amounts (unaudited) | Q3 2024 | Q2 2024 | Q3 2023 | |||
Revenue | $ | 40,286 | $ | 42,999 | $ | 42,890 |
Gross profit | 18,084 | 20,690 | 13,348 | |||
Gross margin | 44.9 % | 48.1 % | 31.1 % | |||
Net loss | (11,642) | (9,789) | (19,182) | |||
Net loss per share | (0.00) | (0.00) | (0.00) | |||
Table 2: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA(1) | ||||||
in thousands of US$ (unaudited) | Q3 2024 | Q2 2024 | Q3 2023 | |||
Net loss | $ | (11,642) | $ | (9,789) | $ | (19,182) |
Depreciation and amortization | 6,116 | 6,204 | 6,597 | |||
Interest expense, net | 4,351 | 4,241 | 4,009 | |||
Income tax expense(2) | 5,645 | 6,923 | 6,412 | |||
EBITDA (Non-GAAP)(1) | $ | 4,470 | $ | 7,579 | $ | (2,164) |
Adjustments: | ||||||
(Recoveries), write-downs and other charges, net | (1,925) | 306 | (69) | |||
Inventory reserves and write-downs | - | 183 | 566 | |||
Accretion expense | 1,187 | 1,165 | 994 | |||
Share-based compensation | 524 | 726 | 473 | |||
Losses / (gains) from changes in fair value of financial instruments | 19 | 16 | (59) | |||
Loss on equity method investments | 40 | 60 | - | |||
Non-recurring charges(3) | 1,113 | 1,084 | 1,508 | |||
Gains from deconsolidation of subsidiaries(4) | - | (2,120) | - | |||
Other income(5) | (82) | (52) | (472) | |||
Total Adjustments | $ | 876 | $ | 1,368 | $ | 2,941 |
Adjusted EBITDA (Non-GAAP)(1) | $ | 5,346 | $ | 8,947 | $ | 777 |
(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 "selling, general and administrative expenses" within its unaudited interim condensed consolidated statement of operations. |
(3) | Includes one-time, non-recurring costs related to strategic review processes, ongoing legal disputes, severance and other non-recurring costs. |
(4) | Q2 2024 reflects a gain of |
(5) | Q3 2024 and Q2 2024 reflects approximately |
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
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
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SOURCE iAnthus Capital Holdings Inc.
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