Ianthus Financials
Ianthus (ITHUF) reported $144.0M in revenue for fiscal year 2025, down 14.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Debt-heavy financing keeps this business in a near-breakeven loop where operating cash is too thin to self-fund reinvestment.
FY2024's near-breakeven picture unraveled in FY2025: operating cash flow fell from$12.5M to$3.1M even though gross margin barely moved. Free cash flow swung from$7.0M to-$20.6M , showing the core business can approach break-even before reinvestment but not fully fund its asset needs from internal cash.
The balance sheet is now creditor-funded: FY2025 ended with negative equity of
Operationally, unit economics improved after FY2023, but scale still matters: gross margin rebounded from
Financial Health Signals
Ianthus does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Ianthus scores -7.20, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($29.8M) relative to total liabilities ($359.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ianthus passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Ianthus reported a net loss of $40.2M while generating $3.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Ianthus reported an operating loss of $15.4M against $16.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Ianthus generated $144.0M in revenue in fiscal year 2025. This represents a decrease of 14.1% from the prior year.
Ianthus's EBITDA was $3.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 76.1% from the prior year.
Ianthus reported -$40.2M in net income in fiscal year 2025. This represents a decrease of 426.5% from the prior year.
Cash & Balance Sheet
Ianthus recorded an outflow of $20.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 393.7% from the prior year.
Ianthus held $11.9M in cash against $194.0M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Ianthus's gross margin was 45.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the prior year.
Ianthus's operating margin was -10.7% in fiscal year 2025, reflecting core business profitability. This is down 5.6 percentage points from the prior year.
Ianthus's net profit margin was -27.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 23.4 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Ianthus invested $23.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 330.8% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
ITHUF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $139.5M | $144.0M-14.1% | $167.6M+5.2% | $159.2M-2.4% | $163.2M-19.6% | $203.0M+33.9% | $151.7M |
| Cost of Revenue | $76.9M | $78.3M-15.3% | $92.5M-3.8% | $96.1M+8.2% | $88.8M-5.0% | $93.5M+33.9% | $69.8M |
| Gross Profit | $62.7M | $65.7M-12.5% | $75.1M+18.9% | $63.2M-15.1% | $74.4M-32.0% | $109.5M+33.8% | $81.8M |
| SG&A Expenses | $56.1M | $60.9M-2.1% | $62.2M-8.4% | $67.9M-47.0% | $128.1M+32.1% | $97.0M-1.4% | $98.4M |
| Operating Income | -$12.6M | -$15.4M-81.1% | -$8.5M+71.4% | -$29.7M+73.6% | -$112.5M-372.9% | -$23.8M+90.5% | -$249.9M |
| Interest Expense | $16.7M | $16.6M-3.3% | $17.2M+9.1% | $15.7M-15.6% | $18.7M+997.5% | $1.7M-50.0% | $3.4M |
| Income Tax | $22.9M | $17.0M+196.4% | -$17.7M-165.1% | $27.2M+154.1% | $10.7M-50.8% | $21.7M+16.7% | $18.6M |
| Net Income | -$55.4M | -$40.2M-426.5% | -$7.6M+90.0% | -$76.6M+83.0% | -$449.4M-479.9% | -$77.5M+75.3% | -$313.4M |
| EPS (Diluted) | — | -$0.01 | $0.00+100.0% | -$0.01 | -$0.13 | -$0.45 | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ITHUF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $256.0M-5.6% | $271.0M-2.3% | $277.4M-8.6% | $303.5M-12.0% | $345.0M-2.3% | $353.1M |
| Current Assets | $48.7M-34.7% | $74.6M+64.0% | $45.5M-10.1% | $50.6M-5.6% | $53.6M+17.6% | $45.6M |
| Cash & Equivalents | $11.9M-37.9% | $19.1M+45.0% | $13.2M-8.5% | $14.4M-13.1% | $16.6M+44.0% | $11.5M |
| Inventory | $22.3M-1.0% | $22.5M-11.5% | $25.4M-14.8% | $29.8M+3.9% | $28.7M+12.7% | $25.5M |
| Accounts Receivable | $6.4M+16.1% | $5.5M+20.1% | $4.6M+15.3% | $4.0M+11.2% | $3.6M+7.3% | $3.4M |
| Goodwill | $1.6M-74.7% | $6.1M | $0 | $0 | $0 | $0 |
| Total Liabilities | $359.0M+6.7% | $336.6M-0.7% | $339.1M+15.9% | $292.5M-20.7% | $368.6M+20.5% | $305.8M |
| Current Liabilities | $68.5M-9.0% | $75.3M-40.0% | $125.4M+35.5% | $92.6M-67.6% | $285.3M+23.0% | $231.9M |
| Long-Term Debt | $194.0M+6.4% | $182.3M+10.3% | $165.2M+12.2% | $147.3M+426.0% | $28.0M+98.1% | $14.1M |
| Total Equity | -$103.0M-57.2% | -$65.5M-6.3% | -$61.7M-661.2% | $11.0M+146.5% | -$23.6M-149.9% | $47.3M |
| Retained Earnings | -$1.4B-3.0% | -$1.3B-0.6% | -$1.3B-6.1% | -$1.3B-56.1% | -$801.6M-10.7% | -$724.1M |
ITHUF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.4M | $3.1M-74.9% | $12.5M+232.1% | $3.8M+119.4% | -$19.5M-220.7% | $16.1M+264.3% | -$9.8M |
| Capital Expenditures | $21.0M | $23.8M+330.8% | $5.5M+54.5% | $3.6M-48.5% | $6.9M-64.3% | $19.4M+44.7% | $13.4M |
| Free Cash Flow | -$22.4M | -$20.6M-393.7% | $7.0M+3326.8% | $205K+100.8% | -$26.4M-703.0% | -$3.3M+85.8% | -$23.3M |
| Investing Cash Flow | -$10.6M | $2.3M+136.6% | -$6.3M-43.1% | -$4.4M+7.4% | -$4.7M+77.8% | -$21.3M-44.6% | -$14.7M |
| Financing Cash Flow | -$3.7M | -$12.7M-3638.1% | -$339K+45.1% | -$618K-102.8% | $22.1M+115.5% | $10.2M+714.5% | $1.3M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ITHUF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 45.6%+0.8pp | 44.8%+5.2pp | 39.7%-5.9pp | 45.6%-8.3pp | 53.9%0.0pp | 54.0% |
| Operating Margin | -10.7%-5.6pp | -5.1%+13.6pp | -18.7%+50.2pp | -68.9%-57.2pp | -11.7% | -164.8% |
| Net Margin | -27.9%-23.4pp | -4.6%+43.6pp | -48.1% | -275.3% | -38.2% | -206.6% |
| Return on Equity | N/A | N/A | N/A | -4089.5% | N/A | -662.1% |
| Return on Assets | -15.7%-12.9pp | -2.8%+24.8pp | -27.6%+120.5pp | -148.1%-125.6pp | -22.5%+66.3pp | -88.7% |
| Current Ratio | 0.71-0.3x | 0.99+0.6x | 0.36-0.2x | 0.55+0.4x | 0.190.0x | 0.20 |
| Debt-to-Equity | N/A | N/A | N/A | 13.40 | N/A | 0.30 |
| FCF Margin | -14.3%-18.5pp | 4.2%+4.1pp | 0.1%+16.3pp | -16.2%-14.6pp | -1.6%+13.7pp | -15.3% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$103.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.71), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Where Ianthus Ranks
Frequently Asked Questions
What is Ianthus's annual revenue?
Ianthus (ITHUF) reported $144.0M in total revenue for fiscal year 2025. This represents a -14.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ianthus's revenue growing?
Ianthus (ITHUF) revenue declined by 14.1% year-over-year, from $167.6M to $144.0M in fiscal year 2025.
Is Ianthus profitable?
No, Ianthus (ITHUF) reported a net income of -$40.2M in fiscal year 2025, with a net profit margin of -27.9%.
What is Ianthus's EBITDA?
Ianthus (ITHUF) had EBITDA of $3.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ianthus have?
As of fiscal year 2025, Ianthus (ITHUF) had $11.9M in cash and equivalents against $194.0M in long-term debt.
What is Ianthus's gross margin?
Ianthus (ITHUF) had a gross margin of 45.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ianthus's operating margin?
Ianthus (ITHUF) had an operating margin of -10.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ianthus's net profit margin?
Ianthus (ITHUF) had a net profit margin of -27.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ianthus's free cash flow?
Ianthus (ITHUF) recorded an outflow of $20.6M in free cash flow during fiscal year 2025. This represents a -393.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ianthus's operating cash flow?
Ianthus (ITHUF) generated $3.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ianthus's total assets?
Ianthus (ITHUF) had $256.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ianthus's capital expenditures?
Ianthus (ITHUF) invested $23.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Ianthus's current ratio?
Ianthus (ITHUF) had a current ratio of 0.71 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Ianthus's return on assets (ROA)?
Ianthus (ITHUF) had a return on assets of -15.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Ianthus's debt-to-equity ratio negative or not reported?
Ianthus (ITHUF) has negative shareholder equity of -$103.0M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Ianthus's Altman Z-Score?
Ianthus (ITHUF) has an Altman Z-Score of -7.20, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ianthus's Piotroski F-Score?
Ianthus (ITHUF) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ianthus's earnings high quality?
Ianthus (ITHUF) reported a net loss of $40.2M while generating $3.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ianthus cover its interest payments?
Ianthus (ITHUF) reported an operating loss of $15.4M against $16.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.