Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.24.2.u1
Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information

Note 7 - Segment Information

The below table presents results by segment for the three and six months ended June 30, 2024 and 2023:

Reportable Segments

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

2024

 

2023

 

 

2024

 

2023

Revenues, net of discounts

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

32,363

 

$

24,824

 

 

$

62,589

 

$

46,835

Western Region

 

10,636

 

 

13,841

 

 

 

21,974

 

 

28,406

Other(1)

 

—

 

 

50

 

 

 

—

 

 

227

Total

$

42,999

 

$

38,715

 

 

$

84,563

 

$

75,468

Gross profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

16,269

 

$

13,308

 

 

$

29,625

 

$

23,930

Western Region

 

4,421

 

 

5,079

 

 

 

8,266

 

 

10,251

Other

 

—

 

 

3

 

 

 

—

 

 

(279)

Total

$

20,690

 

$

18,390

 

 

$

37,891

 

$

33,902

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

3,831

 

$

4,342

 

 

$

7,838

 

$

8,813

Western Region

 

1,759

 

 

1,827

 

 

 

3,517

 

 

3,680

Other

 

114

 

 

125

 

 

 

232

 

 

255

Total

$

5,704

 

$

6,294

 

 

$

11,587

 

$

12,748

Write-downs and other charges, net

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

 

102

 

 

(20)

 

 

$

118

 

$

(20)

Western Region

 

204

 

 

(8)

 

 

 

265

 

 

(8)

Other

 

—

 

 

32

 

 

 

320

 

 

52

Total

$

306

 

$

4

 

 

$

703

 

$

24

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

(4,504)

 

$

(6,933)

 

 

$

(5,485)

 

$

(12,847)

Western Region

 

(4,864)

 

 

(1,131)

 

 

 

(5,499)

 

 

(1,571)

Other

 

(421)

 

 

(12,085)

 

 

 

(12,803)

 

 

(24,326)

Total

$

(9,789)

 

$

(20,149)

 

 

$

(23,787)

 

$

(38,744)

Purchase of property, plant and equipment

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

680

 

$

921

 

 

$

1,512

 

$

1,909

Western Region

 

83

 

 

23

 

 

 

122

 

 

34

Other

 

29

 

 

—

 

 

 

36

 

 

3

Total

$

792

 

$

944

 

 

$

1,670

 

$

1,946

Purchase of other intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

—

 

$

2,335

 

 

$

—

 

$

2,335

Other

 

46

 

 

5

 

 

 

62

 

 

10

Total

$

46

 

$

2,340

 

 

$

62

 

$

2,345

 

(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, CBD and Nevada operations as of March 8, 2023, May 8, 2023 and June 24, 2024, respectively.

 

 

 

 

 

 

 

 

As of June 30,

 

As of December 31,

 

 

 

 

 

 

 

 

 

2024

 

 

2023

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

 

 

 

 

 

 

 

$

214,506

 

$

215,743

Western Region

 

 

 

 

 

 

 

 

44,140

 

 

51,148

Other

 

 

 

 

 

 

 

 

13,788

 

 

10,516

Total

 

 

 

 

 

 

 

$

272,434

 

$

277,407

Major Customers

Major customers are defined as customers that each individually accounted for greater than 10.0% of the Company’s annual revenues. For the three and six months ended June 30, 2024 and 2023, no sales were made to any one customer that represented in excess of 10.0% of the Company’s total revenues.

Geographic Information

As of June 30, 2024 and 2023, substantially all of the Company’s assets were located in the United States and all of the Company’s revenues were earned in the United States.

Disaggregated Revenues

The Company disaggregates revenues into categories that depict how the nature, amount, timing and uncertainty of the revenues and cash flows are affected by economic factors. For the three and six months ended June 30, 2024 and 2023, the Company disaggregated its revenues as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

2024

 

2023

 

 

2024

 

2023

Revenues, net of discounts

 

 

 

 

 

 

 

 

 

 

 

 

iAnthus branded products

$

21,414

 

$

21,856

 

 

$

42,616

 

$

42,775

Third party branded products

 

17,412

 

 

14,524

 

 

 

33,280

 

 

28,202

Wholesale/bulk/other products

 

4,173

 

 

2,335

 

 

 

8,667

 

 

4,491

Total

$

42,999

 

$

38,715

 

 

$

84,563

 

$

75,468