Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information

Note 7 - Segment Information

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

Reportable Segments

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

2024

 

2023

 

 

2024

 

2023

 

 

 

 

 

(Restated and adjusted)

 

 

 

 

 

 

(Restated and adjusted)

Revenues, net of discounts

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region(1)

$

31,690

 

$

30,036

 

 

$

94,279

 

$

76,871

Western Region(2)

 

8,596

 

 

12,854

 

 

 

30,570

 

 

41,260

Other(3)

 

—

 

 

—

 

 

 

—

 

 

227

Total

$

40,286

 

$

42,890

 

 

$

124,849

 

$

118,358

Gross profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

14,684

 

$

8,837

 

 

$

44,309

 

$

32,767

Western Region

 

3,400

 

 

4,511

 

 

 

11,666

 

 

14,762

Other

 

—

 

 

—

 

 

 

—

 

 

(279)

Total

$

18,084

 

$

13,348

 

 

$

55,975

 

$

47,250

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

3,744

 

$

4,185

 

 

$

11,582

 

$

12,999

Western Region

 

1,758

 

 

1,827

 

 

 

5,275

 

 

5,507

Other

 

115

 

 

121

 

 

 

347

 

 

376

Total

$

5,617

 

$

6,133

 

 

$

17,204

 

$

18,882

(Recoveries), write-downs and other charges, net

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

 

(1,974)

 

 

(1)

 

 

$

(1,857)

 

$

(518)

Western Region

 

49

 

 

(68)

 

 

 

315

 

 

(76)

Other

 

—

 

 

—

 

 

 

320

 

 

549

Total

$

(1,925)

 

$

(69)

 

 

$

(1,222)

 

$

(45)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

(1,419)

 

$

(8,227)

 

 

$

(6,904)

 

$

(21,073)

Western Region

 

(1,639)

 

 

(925)

 

 

 

(7,138)

 

 

(2,497)

Other

 

(8,584)

 

 

(10,030)

 

 

 

(21,387)

 

 

(34,356)

Total

$

(11,642)

 

$

(19,182)

 

 

$

(35,429)

 

$

(57,926)

Purchase of property, plant and equipment

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

1,030

 

$

543

 

 

$

2,542

 

$

2,451

Western Region

 

30

 

 

—

 

 

 

152

 

 

34

Other

 

37

 

 

—

 

 

 

72

 

 

3

Total

$

1,097

 

$

543

 

 

$

2,766

 

$

2,488

Purchase of other intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

20

 

$

54

 

 

$

20

 

$

2,389

Other

 

160

 

 

5

 

 

 

222

 

 

15

Total

$

180

 

$

59

 

 

$

242

 

$

2,404

 

(1)
Eastern region no longer includes Vermont operations as results were deconsolidated as of March 8, 2023.
(2)
Western region no longer includes Nevada operations as results were deconsolidated as of June 24, 2024.
(3)
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 CBD operations as of May 8, 2023.

 

 

 

 

 

 

 

 

As of September 30,

 

As of December 31,

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

(Audited)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

 

 

 

 

 

 

 

$

213,774

 

$

215,743

Western Region

 

 

 

 

 

 

 

 

43,047

 

 

51,148

Other

 

 

 

 

 

 

 

 

14,358

 

 

10,516

Total

 

 

 

 

 

 

 

$

271,179

 

$

277,407

Major Customers

Major customers are defined as customers that each individually accounted for greater than 10% of the Company’s annual revenues. For the three and nine months ended September 30, 2024 and 2023, no sales were made to any one customer that represented in excess of 10% of the Company’s total revenues.

Geographic Information

As of September 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 nine months ended September 30, 2024 and 2023, the Company disaggregated its revenues as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

2024

 

2023

 

 

2024

 

2023

Revenues, net of discounts

 

 

 

 

 

 

 

 

 

 

 

 

iAnthus branded products

$

20,207

 

$

22,791

 

 

$

62,823

 

$

65,565

Third party branded products

 

15,549

 

 

17,315

 

 

 

48,829

 

 

45,517

Wholesale/bulk/other products

 

4,530

 

 

2,784

 

 

 

13,197

 

 

7,276

Total

$

40,286

 

$

42,890

 

 

$

124,849

 

$

118,358