iAnthus Second Quarter Revenue Declines 11% YoY, Here Are The Details

Marijuana company iAnthus Capital Holdings, Inc. IAN ITHUF reported Monday its financial results for the second quarter ended June 30, 2023, revealing revenue of $38.7 million, down by 11% from $43.48 million in the same period of 2022.

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Q2 Financial Highlights

• Gross profit of $18.4 million, a sequential increase of 18.7% from Q1 2023 and a decrease of 6.5% from the same quarter in the prior year.
• Gross margin of 47.5%, reflecting a sequential increase of 529bps when compared to Q1 2023 and an increase of 227bps from the same quarter in the prior year.
• Net loss of $20.1 million, or a net loss of $0.00 per share, compared to a net loss of $18.6 million, or a net loss of $0.00 per share in Q1 2023, and compared to a net loss of $373.6 million, or a net loss of $0.65 per share, in the same quarter in the prior year.
• Adjusted EBITDA was a loss of $400,000, a sequential decrease from an Adjusted EBITDA gain of $900,000 in Q1 2023, and down from adjusted EBITDA gain of $2.3 million from the same quarter in the prior year.

Price Action

iAnthus shares closed Monday market session 8.07% lower at $0.0148 per share.

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Photo: Courtesy of Richard T via Unslpash