iAnthus Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results
NEW YORK and TORONTO, March 24, 2025 (GLOBE NEWSWIRE) -- iAnthus Capital Holdings, Inc. ("iAnthus" or the "Company") (CSE:IAN, OTCQB: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, 2024. 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, 2024 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 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(1) of $23.9 million, up $15.6 million from 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.
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(1) of $6.4 million, a sequential increase from Adjusted EBITDA of $5.3 million in Q3 2024, and an increase from Adjusted EBITDA of $3.3 million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below.
Table 1: Financial Results
in thousands of US$, except per share amounts (audited)
FY2024
FY 2023
Q4 2024
Q4 2023
Revenue
$
167,567
$
159,237
$
42,718
$
40,880
Gross profit
75,114
63,169
19,139
15,919
Gross margin
44.8
%
39.7
%
44.8
%
38.9
%
Net income (loss)
(7,636
)
(76,621
)
27,793
(18,695
)
Net income (loss) per share
(0.00
)
(0.01
)
0.00
(0.00
)
Table 2: Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA(1)
in thousands of US$ (audited)
FY2024
