ITHUF - Another Cannabis Company Benefits From Maryland's Green Rush iAnthus Cuts Q3 Net Loss While Growing Revenue | Benzinga
iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCQB: ITHUF) reported its financial results on Thursday for the third quarter ended September 30, 2023.
Q3 2023 Financial Highlights
- Revenue totaled $42.9 million, representing a quarter-over-quarter increase of 10.8% and an increase of 8.9% from the same quarter in the prior year.
- Gross profit was $17.4 million, a sequential decrease of 5.2% and an increase of 7.7% from the same quarter in the prior year.
- Gross margin was 40.6%, reflecting a sequential decrease of 687bps and a decrease of 47bps from the same quarter in the prior year.
- Net loss amounted to $15.6 million, compared to a net loss of $20.1 million in the previous quarter, compared to a net loss of $22 million in the same quarter of 2022.
- Adjusted EBITDA came in positive at $4.9 million, representing a sequential increase from an Adjusted EBITDA gain of $3.9 and an increase from a negative adjusted EBITDA of $0.3 million from the same quarter in the prior year.
Analyst Pablo Zuanic at research firm ...