| Summary of Reportable Segments |
The below table presents results by segment for the three months ended March 31, 2024 and 2023:
Reportable Segments
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Revenues, net of discounts |
|
|
|
|
|
Eastern Region |
$ |
30,226 |
|
$ |
22,011 |
Western Region |
|
11,338 |
|
|
14,565 |
Other(1) |
|
— |
|
|
177 |
Total |
$ |
41,564 |
|
$ |
36,753 |
Gross profit (loss) |
|
|
|
|
|
Eastern Region |
$ |
13,356 |
|
$ |
10,621 |
Western Region |
|
3,845 |
|
|
5,172 |
Other |
|
— |
|
|
(281) |
Total |
$ |
17,201 |
|
$ |
15,512 |
Depreciation and amortization |
|
|
|
|
|
Eastern Region |
$ |
4,007 |
|
$ |
4,472 |
Western Region |
|
1,758 |
|
|
1,853 |
Other |
|
118 |
|
|
129 |
Total |
$ |
5,883 |
|
$ |
6,454 |
(Recoveries), write-downs and other charges, net |
|
|
|
|
|
Eastern Region |
$ |
16 |
|
$ |
(1) |
Western Region |
|
61 |
|
|
— |
Other |
|
320 |
|
|
517 |
Total |
$ |
397 |
|
$ |
516 |
Net loss |
|
|
|
|
|
Eastern Region |
$ |
(981) |
|
$ |
(5,914) |
Western Region |
|
(635) |
|
|
(440) |
Other |
|
(12,382) |
|
|
(12,241) |
Total |
$ |
(13,998) |
|
$ |
(18,595) |
Purchase of property, plant and equipment |
|
|
|
|
|
Eastern Region |
$ |
833 |
|
$ |
989 |
Western Region |
|
39 |
|
|
10 |
Other |
|
6 |
|
|
3 |
Total |
$ |
878 |
|
$ |
1,002 |
Purchase of other intangible assets |
|
|
|
|
|
Other |
|
16 |
|
|
5 |
Total |
$ |
16 |
|
$ |
5 |
(1)Revenues from segments below the quantitative thresholds are attributable to an operating segment of the Company that includes revenue from the sale of CBD products throughout the United States. This segment has never met any of the quantitative thresholds for determining reportable segments nor does it meet the qualitative criteria for aggregation with the Company’s reportable segments. The Company has deconsolidated results from its Vermont and CBD operations as of March 8, 2023 and May 8, 2023, respectively.
|
|
|
|
|
|
|
As of March 31, |
|
As of December 31, |
|
|
2024 |
|
|
2023 |
Assets |
|
|
|
|
|
Eastern Region |
$ |
213,700 |
|
$ |
215,743 |
Western Region |
|
47,612 |
|
|
51,148 |
Other |
|
12,464 |
|
|
10,516 |
Total |
$ |
273,776 |
|
$ |
277,407 |
|
| Summary of Disaggregation of Revenue |
For the three months ended March 31, 2024 and 2023, the Company disaggregated its revenues as follows:
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Revenues, net of discounts |
|
|
|
|
|
iAnthus branded products |
$ |
21,201 |
|
$ |
20,919 |
Third party branded products |
|
15,868 |
|
|
13,678 |
Wholesale/bulk/other products |
|
4,495 |
|
|
2,156 |
Total |
$ |
41,564 |
|
$ |
36,753 |
|