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iAnthus Capital Holdings Inc (ITHUF-10.99%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $167.6 million for 2024, an increase from $159.2 million in 2023. The Eastern region, including operations in Florida, Maryland, Massachusetts, New York, and New Jersey, contributed $128.6 million to the total revenue, while the Western region, including operations in Arizona and Nevada, contributed $39.0 million.
Gross profit for 2024 was reported at $75.1 million, up from $63.2 million in 2023. The Eastern region's gross profit increased to $60.2 million, while the Western region's gross profit decreased to $14.9 million.
Operating expenses for 2024 were $83.6 million, a decrease from $92.9 million in 2023. This includes selling, general, and administrative expenses of $62.2 million, down from $67.9 million in 2023.
The company reported a net loss of $7.6 million for 2024, significantly reduced from a net loss of $76.6 million in 2023.
Cash provided by operating activities was $12.5 million for 2024, compared to $3.8 million in 2023. Cash used in investing activities was $6.3 million, primarily for capital expenditures and acquisitions.
The company completed the acquisition of Cheetah Enterprises, Inc., which contributed to an increase in goodwill. The purchase price was approximately $3.5 million, including cash and stock considerations.
iAnthus also entered into agreements to sell certain Arizona assets for $36.5 million, with the transaction closing in February 2025.
The company continues to face challenges related to its debt obligations and has undertaken a financial restructuring to address these issues. The restructuring included the issuance of new secured and unsecured debentures.
iAnthus operates in a highly regulated industry and faces significant risks related to compliance with state and federal laws, particularly given the federal prohibition on cannabis.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iAnthus Capital Holdings Inc annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.