Revenue falls as iAnthus (OTC: ITHUF) reports larger 2025 loss
Rhea-AI Filing Summary
iAnthus Capital Holdings reported weaker results for the year ended December 31, 2025. Full-year revenue was $144.0 million, down 14.1% from 2024, while gross profit fell to $65.7 million. Despite higher gross margin of 45.6%, profitability deteriorated.
The company posted a net loss of $40.2 million for 2025, compared with a net loss of $7.6 million in 2024. Adjusted EBITDA declined to $13.0 million from $23.9 million. In Q4 2025, revenue was $35.3 million and net loss was $14.1 million, with Adjusted EBITDA of $5.4 million.
Positive
- None.
Negative
- Revenue and profitability deteriorated materially in 2025 as revenue fell 14.1% to $144.0 million, net loss expanded to $40.2 million from $7.6 million, and Adjusted EBITDA declined to $13.0 million from $23.9 million.
Insights
iAnthus saw lower revenue and a sharply wider loss in 2025.
iAnthus generated full-year 2025 revenue of $143.986 million, down from $167.567 million, as both annual and Q4 revenue declined. Gross margin improved modestly to 45.6%, but this was not enough to offset weaker top-line performance.
Net loss widened significantly to $40.203 million from $7.636 million, reflecting higher overall expense burden relative to revenue. Adjusted EBITDA fell to $13.003 million from $23.947 million, and Q4 2025 Adjusted EBITDA slipped to $5.443 million versus $6.411 million a year earlier.
The company highlighted non-recurring charges of $8.862 million in 2025 and a $12.085 million gain from deconsolidation of certain assets, which both affect comparability. Future filings may clarify how revenue trends and cost controls evolve after these one-time items.
8-K Event Classification
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
|
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On March 27, 2026, iAnthus Capital Holdings, Inc. issued a press release announcing its financial results for the fiscal year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1, which is incorporated herein by reference.
The information furnished in this section of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Description
99.1 Press release dated March 27, 2026
104 Cover Page Interactive Data File (embedded within the inline XRBL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
IANTHUS CAPITAL HOLDINGS, INC. |
|
|
|
|
Date: |
March 27, 2026 |
By: |
/s/ Richard Proud |
|
|
|
Richard Proud |
Exhibit 99.1
iAnthus Reports Fiscal Fourth Quarter and Full Year 2025 Financial Results
NEW YORK, NY and TORONTO, ON – March 27, 2026 – 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 fourth quarter and year ended December 31, 2025. The Company’s Annual Report on Form 10-K (the “Annual Report”), which includes its audited consolidated financial statements for the year ended December 31, 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.
Fiscal Year 2025 Financial Highlights
Fourth Quarter 2025 Financial Highlights
Table 1: Financial Results |
||||||||
in thousands of US$, except per share amounts (audited) |
|
FY2025 |
|
FY2024 |
|
Q4 2025 |
|
Q4 2024 |
Revenue |
$ |
143,986 |
$ |
167,567 |
$ |
35,290 |
$ |
42,718 |
Gross profit |
|
65,697 |
|
75,114 |
|
15,085 |
|
19,139 |
Gross margin |
|
45.6% |
|
44.8% |
|
42.7% |
|
44.8% |
Net income (loss) |
|
(40,203) |
|
(7,636) |
|
(14,090) |
|
27,793 |
Net income (loss) per share |
|
(0.01) |
|
(0.00) |
|
(0.00) |
|
0.00 |
Table 2: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA(1) |
|
|
||||||
in thousands of US$ (audited) |
|
FY2025 |
|
FY2024 |
|
Q4 2025 |
|
Q4 2024 |
Net income (loss) |
$ |
(40,203) |
$ |
(7,636) |
$ |
(14,090) |
$ |
27,793 |
Depreciation and amortization |
|
19,290 |
|
24,736 |
|
5,345 |
|
6,045 |
Interest expense, net |
|
15,515 |
|
17,170 |
|
4,031 |
|
4,427 |
Income tax expense (benefit) (2) |
|
17,038 |
|
(17,678) |
|
5,427 |
|
(34,602) |
EBITDA (Non-GAAP)(1) |
$ |
11,640 |
$ |
16,592 |
$ |
713 |
$ |
3,663 |
Adjustments: |
|
|
|
|
|
|
|
|
Write-downs, (recoveries) and other charges, net |
|
3,013 |
|
(1,236) |
|
846 |
|
(14) |
Inventory reserves and write-downs |
|
111 |
|
430 |
|
2 |
|
247 |
Accretion expense |
|
4,889 |
|
4,624 |
|
1,251 |
|
1,200 |
Share-based compensation |
|
1,845 |
|
2,107 |
|
327 |
|
424 |
Losses from changes in fair value of financial instruments |
|
8 |
|
46 |
|
- |
|
18 |
Losses from equity method investments |
|
13 |
|
211 |
|
10 |
|
50 |
Non-recurring charges(3) |
|
8,862 |
|
3,911 |
|
1,914 |
|
994 |
Loss on debt extinguishment(4) |
|
- |
|
114 |
|
- |
|
- |
Gains from deconsolidation of subsidiaries(5) |
|
(12,085) |
|
(2,120) |
|
- |
|
- |
Other (income) expense(6) |
|
(4,482) |
|
(732) |
|
380 |
|
(171) |
Change in accounting estimate(7) |
|
(811) |
|
- |
|
- |
|
- |
Total Adjustments |
$ |
1,363 |
$ |
7,355 |
$ |
4,730 |
$ |
2,748 |
Adjusted EBITDA (Non-GAAP)(1) |
$ |
13,003 |
$ |
23,947 |
$ |
5,443 |
$ |
6,411 |
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 is a vertically integrated cannabis company on a mission to build premium brands through a network of cultivation, production, and retail operations across the United States. Backed by a leadership team with deep expertise in cultivation, operations, and capital markets, the company strategically leverages acquisition-driven growth and access to capital to create long-term competitive advantage. iAnthus’ brand portfolio includes: MPX, Anthologie, Black Label, Cheetah, Frūtful, Last Resort, Moodz, Sunshine State, and The Vault. 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