NEW YORK and TORONTO — iAnthus Capital Holdings, Inc., which owns, operates, and partners with regulated cannabis operations across the United States, reported its financial results for the fourth quarter and year ended December 31, 2024. The Company’s Annual Report on Form 10-K, which includes its audited consolidated financial statements for the year 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, on the System for Electronic Document Analysis and Retrieval’s (SEDAR+) website, and on the Company’s website. 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, increased 5.2% from the prior year.
- Gross profit of $75.1 million, increased 18.9% 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 of $23.9 million, up $15.6 million from the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures.
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 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.
About iAnthus
iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States.
