iAnthus Reports Third Quarter 2025 Financial Results
iAnthus (OTCID: ITHUF) reported Q3 2025 results for the quarter ended September 30, 2025. Revenue was $35.4M, down $4.9M year-over-year and up $0.2M sequentially. Gross profit was $15.6M with a 44% gross margin. The company recorded a net loss of $12.5M and Adjusted EBITDA of $2.5M. Adjusted EBITDA improved versus Q2 2025 but declined versus Q3 2024. The release includes GAAP statements, reconciliations for EBITDA and Adjusted EBITDA, and notes on non-recurring charges, tax items, and Employee Retention Tax Credits.
iAnthus (OTCID: ITHUF) ha riportato i risultati del Q3 2025 per il trimestre terminato il 30 settembre 2025. Le entrate erano di 35,4 milioni di dollari, in calo di 4,9 milioni anno su anno e in rialzo di 0,2 milioni rispetto al trimestre precedente. Il utile lordo era di 15,6 milioni di dollari con una margine lordo del 44%. L'azienda ha registrato una perdita netta di 12,5 milioni di dollari e un EBITDA rettificato di 2,5 milioni. L'EBITDA rettificato è migliorato rispetto al Q2 2025 ma è diminuito rispetto al Q3 2024. Il comunicato include dichiarazioni GAAP, riconciliazioni per EBITDA e EBITDA rettificato, e note su oneri non ricorrenti, voci fiscali e crediti d'imposta per la retention dei dipendenti.
iAnthus (OTC: ITHUF) informó los resultados del tercer trimestre de 2025 para el trimestre que terminó el 30 de septiembre de 2025. Los ingresos fueron de 35,4 millones de dólares, una disminución de 4,9 millones respecto al año anterior y un incremento de 0,2 millones respecto al trimestre anterior. La ganancia bruta fue de 15,6 millones de dólares con un margen bruto del 44%. La empresa registró una pérdida neta de 12,5 millones de dólares y un EBITDA ajustado de 2,5 millones de dólares. El EBITDA ajustado mejoró frente al Q2 2025 pero disminuyó respecto al Q3 2024. El comunicado incluye estados GAAP, reconciliaciones de EBITDA y EBITDA ajustado, y notas sobre cargos no recurrentes, asuntos fiscales y Créditos Tributarios por Retención de Empleados.
iAnthus (OTCID: ITHUF)는 2025년 9월 30일 종료된 분기에 대한 2025년 3분기 실적을 발표했습니다. 매출은 3,540만 달러로 전년 동기 대비 490만 달러 감소했고 전분기 대비 20만 달러 증가했습니다. 총이익은 1,560만 달러였고 총이익률은 44%였습니다. 회사는 순손실 1,250만 달러를 기록했고 조정 EBITDA 250만 달러를 기록했습니다. 조정 EBITDA는 2025년 2분기 대비 개선되었지만 2024년 3분기 대비 감소했습니다. 보도자료에는 GAAP 재무제표, EBITDA 및 조정 EBITDA의 조정표, 비반복성 비용, 세무 항목 및 직원 유지 세액 공제에 대한 주석이 포함되어 있습니다.
iAnthus (OTC: ITHUF) a publié les résultats du T3 2025 pour le trimestre clos le 30 septembre 2025. Le chiffre d'affaires était de 35,4 millions de dollars, en baisse de 4,9 millions par rapport à l'année précédente et en hausse de 0,2 million par rapport au trimestre précédent. Le bénéfice brut était de 15,6 millions de dollars avec une marge brute de 44%. L'entreprise a enregistré une perte nette de 12,5 millions de dollars et un EBITDA ajusté de 2,5 millions de dollars. L'EBITDA ajusté s'est amélioré par rapport au T2 2025 mais a diminué par rapport au T3 2024. Le communiqué inclut des états GAAP, des rapprochements pour l'EBITDA et l'EBITDA ajusté, et des notes sur les charges non récurrentes, les éléments fiscaux et les crédits d'impôt à la rétention des employés.
iAnthus (OTC: ITHUF) berichtete die Ergebnisse des dritten Quartals 2025 für das Quartal zum 30. September 2025. Umsatz betrug 35,4 Mio. USD, -4,9 Mio. USD gegenüber dem Vorjahr und +0,2 Mio. USD gegenüber dem Vorquartal. Bruttogewinn betrug 15,6 Mio. USD mit einer Bruttomarge von 44%. Das Unternehmen verzeichnete eine Nettoloss von 12,5 Mio. USD und ein angepasstes EBITDA von 2,5 Mio. USD. Das angepasste EBITDA verbesserte sich gegenüber Q2 2025, fiel aber gegenüber Q3 2024. Die Mitteilung enthält GAAP-Bilanzen, Abgleiche für EBITDA und angepasstes EBITDA sowie Hinweise zu nicht wiederkehrenden Aufwendungen, Steuerthemen und Employee Retention Tax Credits.
iAnthus (OTC: ITHUF) أبلغت عن نتائج الربع الثالث 2025 للربع المنتهي في 30 سبتمبر 2025. بلغت الإيرادات 35.4 مليون دولار بانخفاض قدره 4.9 مليون دولار عن العام السابق وبزيادة قدرها 0.2 مليون دولار عن الربع السابق. بلغ الربح الإجمالي 15.6 مليون دولار وبهامش ربح إجمالي قدره 44%. سجلت الشركة خسارة صافية قدرها 12.5 مليون دولار و EBITDA معدل قدره 2.5 مليون دولار. تحسن EBITDA المعدل مقارنة بالربع الثاني 2025 ولكنه انخفض مقارنة بالربع الثالث 2024. ويتضمن البيان المالي مقاييس GAAP، وتقاربات EBITDA وEBITDA المعدل، وملاحظات حول المصروفات غير المتكررة، والمسائل الضريبية وائتمانات ضريبة الاحتفاظ بالموظفين.
- Adjusted EBITDA improved to $2.5M vs $1.9M in Q2 2025
- Net loss narrowed from $18.7M in Q2 2025 to $12.5M in Q3 2025
- Revenue declined $4.9M YoY to $35.4M (Q3 2024 $40.3M)
- Adjusted EBITDA fell from $5.3M in Q3 2024 to $2.5M
- Gross profit decreased $2.5M YoY to $15.6M
NEW YORK and TORONTO, Nov. 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 third quarter ended September 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 nine months ended September 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.
Third Quarter 2025 Financial Highlights
- Revenue of
$35.4 million , an increase of$0.2 million from Q2 2025 and a decrease of$4.9 million from the same quarter in the prior year. - Gross profit of
$15.6 million , a decrease of$0.6 million from Q2 2025 and a decrease$2.5 million from the same quarter in the prior year. - Gross margin of
44% , reflecting a decrease of 188 bps when compared to Q2 2025 and a decrease of 86 bps from the same quarter in the prior year. - Net loss of
$12.5 million , or a net loss of less than$0.00 per share, compared to a net loss of$18.7 million , or a net loss of less than$0.00 per share in Q2 2025, and compared to a net loss of$11.6 million , or a net loss of$0.00 per share, in the same quarter in the prior year. - Adjusted EBITDA(1) of
$2.5 million , an increase from an Adjusted EBITDA of$1.9 million in Q2 2025, and a decrease from an Adjusted EBITDA of$5.3 million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below.
| Table 1: Financial Results | |||||||||
| in thousands of US$, except per share amounts (unaudited) | Q3 2025 | Q2 2025 | Q3 2024 | ||||||
| Revenue | $ | 35,389 | $ | 35,185 | $ | 40,286 | |||
| Gross profit | 15,582 | 16,152 | 18,084 | ||||||
| Gross margin | 44.0 | % | 45.9 | % | 44.9 | % | |||
| Net loss | (12,545 | ) | (18,718 | ) | (11,642 | ) | |||
| 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 2025 | Q2 2025 | Q3 2024 | ||||||
| Net loss | $ | (12,545 | ) | $ | (18,718 | ) | $ | (11,642 | ) |
| Depreciation and amortization | 4,637 | 4,599 | 6,116 | ||||||
| Interest expense, net | 3,738 | 3,534 | 4,351 | ||||||
| Income tax expense(2) | 3,472 | 4,131 | 5,645 | ||||||
| EBITDA (Non-GAAP)(1) | $ | (698 | ) | $ | (6,454 | ) | $ | 4,470 | |
| Adjustments: | |||||||||
| Write-downs, (recoveries) and other charges, net | 686 | 1,630 | (1,925 | ) | |||||
| Inventory reserves and write-downs | (92 | ) | 91 | - | |||||
| Accretion expense | 1,237 | 1,212 | 1,187 | ||||||
| Share-based compensation | 453 | 544 | 524 | ||||||
| Losses from changes in fair value of financial instruments | - | 4 | 19 | ||||||
| (Gain) loss from equity method investments | (9 | ) | (5 | ) | 40 | ||||
| Non-recurring charges(3) | 952 | 5,622 | 1,113 | ||||||
| Other income(4) | (64 | ) | (751 | ) | (82 | ) | |||
| Total Adjustments | $ | 3,163 | $ | 8,347 | $ | 876 | |||
| Adjusted EBITDA (Non-GAAP)(1) | $ | 2,465 | $ | 1,893 | $ | 5,346 | |||
(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) Q3 2025 reflects
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
FAQ
What were iAnthus (ITHUF) Q3 2025 revenue and net loss?
How did iAnthus Adjusted EBITDA for Q3 2025 compare to Q2 2025 and Q3 2024?
What was iAnthus gross margin in Q3 2025 and how did it change?
Does iAnthus provide GAAP reconciliations for non-GAAP measures in Q3 2025?
Were there any notable one-time items mentioned in iAnthus Q3 2025 results?
