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iAnthus Reports Q2 Revenue Of $25M: 'We Continue To Generate Operational Efficiencies'

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iAnthus Reports Q2 Revenue Of $25M: 'We Continue To Generate Operational Efficiencies'

Cannabis company iAnthus Capital Holdings, Inc (CSE: IAN) (OTC: ITHUF) reported fiscal second-quarter total pro forma revenue of $25 million, up 35% from one quarter earlier.

It also disclosed second-quarter reported revenues of $19.2 million, up by 100% from $9.6 million in the previous quarter.

Adjusted gross margin for the quarter was 52.4% and adjusted gross profit was $10.1 million, up by 23.4% and 347% from the first quarter, respectively. The company disclosed adjusted EBITDA loss of $4.7 million, versus adjusted EBITDA loss of $5.1 million in the prior quarter.

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“We continue to generate operational efficiencies without limiting growth. This is evidenced by our 35% sequential revenue growth, expanding gross margins and limited incremental G&A expenses. We are proud of our accomplishments thus far. Since opening our first Florida dispensary in December 2018, we have grown our market share to 3.5% and we are the third highest in the state in terms of THC volume per store,” Hadley Ford, CEO of iAnthus, said in a statement.

"Our recently announced commitment for up to $50 million Senior Secured financing from Torian Capital, once closed, will move us forward on that front. We will continue to prioritize our capital and operating expense investments to maximize returns for our shareholders. We are very excited about the remainder of 2019 and beyond and appreciate your continued support."

iAnthus’ stock closed Monday’s session at $2.53 per share.

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