iAnthus Reports Second Quarter 2025 Financial Results
iAnthus Capital Holdings (OTCID: ITHUF) has reported its Q2 2025 financial results, showing significant declines across key metrics. The company posted revenue of $35.2 million, down $2.9 million from Q1 2025 and $7.8 million year-over-year. The quarter resulted in a net loss of $18.7 million, compared to a net income of $5.1 million in Q1 2025.
Financial performance deteriorated with gross profit falling to $16.2 million (down $2.7M QoQ) and gross margin declining to 46% (down 362 bps QoQ). Adjusted EBITDA decreased to $1.9 million, compared to $3.2 million in Q1 2025 and $8.9 million in Q2 2024, indicating continued operational challenges.
iAnthus Capital Holdings (OTCID: ITHUF) ha annunciato i risultati del secondo trimestre 2025, registrando cali significativi nei principali indicatori. La società ha riportato ricavi per $35,2 milioni, in diminuzione di $2,9 milioni rispetto al 1° trimestre 2025 e di $7,8 milioni su base annua. Il trimestre si è chiuso con una perdita netta di $18,7 milioni, rispetto a un utile netto di $5,1 milioni nel 1° trimestre 2025.
La performance finanziaria è peggiorata: il utile lordo è sceso a $16,2 milioni (‑$2,7M rispetto al trimestre precedente) e il margine lordo si è ridotto al 46% (in calo di 362 punti base rispetto al trimestre precedente). L'EBITDA rettificato è sceso a $1,9 milioni, rispetto a $3,2 milioni nel 1° trimestre 2025 e $8,9 milioni nel 2° trimestre 2024, a indicare persistenti difficoltà operative.
iAnthus Capital Holdings (OTCID: ITHUF) informó sus resultados del 2T 2025, mostrando descensos significativos en métricas clave. La compañía registró ingresos de $35.2 millones, $2.9 millones menos que en el 1T 2025 y $7.8 millones menos interanual. El trimestre cerró con una pérdida neta de $18.7 millones, frente a un beneficio neto de $5.1 millones en el 1T 2025.
El desempeño financiero se deterioró: el beneficio bruto cayó a $16.2 millones (‑$2.7M trimestre a trimestre) y el margen bruto se redujo al 46% (‑362 puntos básicos respecto al trimestre anterior). El EBITDA ajustado descendió a $1.9 millones, frente a $3.2 millones en el 1T 2025 y $8.9 millones en el 2T 2024, lo que indica desafíos operativos continuos.
iAnthus Capital Holdings (OTCID: ITHUF)는 2025년 2분기 실적을 발표했으며 주요 지표들이 크게 악화되었습니다. 회사는 매출 $35.2 million을 기록했으며, 이는 2025년 1분기보다 $2.9 million, 전년 동기 대비 $7.8 million 감소한 수치입니다. 해당 분기는 순손실 $18.7 million을 기록했으며, 이는 2025년 1분기의 순이익 $5.1 millionと 비교됩니다.
재무 성과는 악화되어 매출총이익이 $16.2 million으로 떨어졌습니다(전분기 대비 -$2.7M)이고 총이익률은 46%로 하락했습니다(전분기 대비 362 베이시스 포인트 감소). 조정 EBITDA는 $1.9 million으로 감소해 2025년 1분기의 $3.2 million 및 2024년 2분기의 $8.9 million과 비교해 지속적인 운영상의 어려움을 시사합니다.
iAnthus Capital Holdings (OTCID: ITHUF) a publié ses résultats du 2e trimestre 2025, montrant des baisses marquées sur les indicateurs clés. La société a enregistré un chiffre d'affaires de $35,2 millions, en baisse de $2,9 millions par rapport au T1 2025 et de $7,8 millions en glissement annuel. Le trimestre s'est soldé par une perte nette de $18,7 millions, contre un bénéfice net de $5,1 millions au T1 2025.
Les performances financières se sont détériorées: le résultat brut est tombé à $16,2 millions (‑$2,7M par rapport au trimestre précédent) et la marge brute a diminué à 46% (‑362 points de base par rapport au trimestre précédent). L'EBITDA ajusté est retombé à $1,9 million, contre $3,2 millions au T1 2025 et $8,9 millions au T2 2024, indiquant des difficultés opérationnelles persistantes.
iAnthus Capital Holdings (OTCID: ITHUF) hat die Finanzergebnisse für das 2. Quartal 2025 vorgelegt und weist deutliche Rückgänge bei den wichtigsten Kennzahlen auf. Das Unternehmen meldete Umsatz in Höhe von $35,2 Millionen, ein Rückgang um $2,9 Millionen gegenüber Q1 2025 und um $7,8 Millionen im Jahresvergleich. Das Quartal schloss mit einem Nettoverlust von $18,7 Millionen, gegenüber einem Nettogewinn von $5,1 Millionen im Q1 2025.
Die finanzielle Entwicklung verschlechterte sich weiter: Bruttogewinn fiel auf $16,2 Millionen (‑$2,7M gegenüber dem Vorquartal) und die Bruttomarge sank auf 46% (Rückgang um 362 Basispunkte gegenüber dem Vorquartal). Das bereinigte EBITDA ging auf $1,9 Millionen zurück, gegenüber $3,2 Millionen im Q1 2025 und $8,9 Millionen im Q2 2024, was anhaltende operative Herausforderungen signalisiert.
- Employee Retention Tax Credits and tax refunds of $0.7 million received during Q2 2025
- Maintained positive Adjusted EBITDA of $1.9 million despite market challenges
- Revenue declined by $7.8 million (18.1%) year-over-year to $35.2 million
- Net loss increased to $18.7 million, compared to $5.1 million net income in Q1 2025
- Gross margin deteriorated by 362 basis points quarter-over-quarter to 45.9%
- Adjusted EBITDA decreased by 78.8% year-over-year from $8.9M to $1.9M
NEW YORK and TORONTO, Aug. 12, 2025 (GLOBE NEWSWIRE) -- iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN, OTCID: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the second quarter ended June 30, 2025. The Company’s Quarterly Report on Form 10-Q (the “Quarterly Report”), which includes its unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2025 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.
Second Quarter 2025 Financial Highlights
- Revenue of
$35.2 million , a decrease of$2.9 million from Q1 2025 and a decrease of$7.8 million from the same quarter in the prior year. - Gross profit of
$16.2 million , a decrease of$2.7 million from Q1 2025 and a decrease$4.5 million from the same quarter in the prior year. - Gross margin of
46% , reflecting a decrease of 362 bps when compared to Q1 2025 and a decrease of 221 bps from the same quarter in the prior year. - Net loss of
$18.7 million , or a net loss of less than$0.00 per share, compared to a net income of$5.1 million , or a net income of less than$0.00 per share in Q1 2025, and compared to a net loss of$9.8 million , or a net loss of$0.00 per share, in the same quarter in the prior year. - Adjusted EBITDA(1) of
$1.9 million , a decrease from an Adjusted EBITDA of$3.2 million in Q1 2025, and a decrease from an Adjusted EBITDA of$8.9 million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below.
| Table 1: Financial Results | ||||||||
| in thousands of US$, except per share amounts (unaudited) | Q2 2025 | Q1 2025 | Q2 2024 | |||||
| Revenue | $ | 35,185 | $ | 38,121 | $ | 42,999 | ||
| Gross profit | 16,152 | 18,878 | 20,690 | |||||
| Gross margin | ||||||||
| Net income (loss) | (18,718) | 5,150 | (9,789) | |||||
| Net income (loss) per share | (0.00) | 0.00 | (0.00) | |||||
| Table 2: Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA(1) | ||||||||
| in thousands of US$ (unaudited) | Q2 2025 | Q1 2025 | Q2 2024 | |||||
| Net income (loss) | $ | (18,718) | $ | 5,150 | $ | (9,789) | ||
| Depreciation and amortization | 4,599 | 4,709 | 6,204 | |||||
| Interest expense, net | 3,534 | 4,212 | 4,241 | |||||
| Income tax expense(2) | 4,131 | 4,009 | 6,923 | |||||
| EBITDA (Non-GAAP)(1) | $ | (6,453) | $ | 18,080 | $ | 7,579 | ||
| Adjustments: | ||||||||
| Write-downs and other charges, net | 1,630 | (149) | 306 | |||||
| Inventory reserves and write-downs | 91 | 110 | 183 | |||||
| Accretion expense | 1,212 | 1,189 | 1,165 | |||||
| Share-based compensation | 544 | 521 | 726 | |||||
| Losses from changes in fair value of financial instruments | 4 | 4 | 16 | |||||
| (Gain) loss from equity method investments | (5) | 17 | 60 | |||||
| Non-recurring charges(3) | 5,622 | 374 | 1,084 | |||||
| Gains from deconsolidation of subsidiaries(4) | - | (12,085) | (2,120) | |||||
| Other income(5) | (751) | (4,047) | (52) | |||||
| Change in accounting estimate(6) | - | (811) | - | |||||
| Total Adjustments | $ | 8,349 | $ | (14,877) | $ | 1,368 | ||
| Adjusted EBITDA (Non-GAAP)(1) | $ | 1,896 | $ | 3,203 | $ | 8,947 | ||
| (1) See “Non-GAAP Financial Information” below for more information regarding the Company’s use of non-GAAP financial measures. | ||||||||
| (2) 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 unaudited interim condensed consolidated statement of operations. | ||||||||
| (3) Non-recurring charges includes one-time, non-recurring costs related to strategic review processes, ongoing legal disputes, severance and other non-recurring costs. | ||||||||
| (4) Q1 2025 reflects a gain of | ||||||||
| (5) Q2 2025 reflects | ||||||||
| (6) In January 2025, the Company implemented a change in accounting estimate with respect to inventory valuation from weighted average to standard costing. | ||||||||
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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