| Summary of Reportable Segments |
The below table presents results by segment for the three and nine months ended September 30, 2024 and 2023:
Reportable Segments
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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|
2024 |
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2023 |
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(Restated and adjusted) |
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(Restated and adjusted) |
Revenues, net of discounts |
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Eastern Region(1) |
$ |
31,690 |
|
$ |
30,036 |
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|
$ |
94,279 |
|
$ |
76,871 |
Western Region(2) |
|
8,596 |
|
|
12,854 |
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|
|
30,570 |
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|
41,260 |
Other(3) |
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— |
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— |
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— |
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|
227 |
Total |
$ |
40,286 |
|
$ |
42,890 |
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|
$ |
124,849 |
|
$ |
118,358 |
Gross profit (loss) |
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Eastern Region |
$ |
14,684 |
|
$ |
8,837 |
|
|
$ |
44,309 |
|
$ |
32,767 |
Western Region |
|
3,400 |
|
|
4,511 |
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|
|
11,666 |
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|
14,762 |
Other |
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— |
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— |
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— |
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(279) |
Total |
$ |
18,084 |
|
$ |
13,348 |
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|
$ |
55,975 |
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$ |
47,250 |
Depreciation and amortization |
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Eastern Region |
$ |
3,744 |
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$ |
4,185 |
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$ |
11,582 |
|
$ |
12,999 |
Western Region |
|
1,758 |
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|
1,827 |
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|
5,275 |
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|
5,507 |
Other |
|
115 |
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|
121 |
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|
|
347 |
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|
376 |
Total |
$ |
5,617 |
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$ |
6,133 |
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|
$ |
17,204 |
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$ |
18,882 |
(Recoveries), write-downs and other charges, net |
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Eastern Region |
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(1,974) |
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|
(1) |
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|
$ |
(1,857) |
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$ |
(518) |
Western Region |
|
49 |
|
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(68) |
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|
|
315 |
|
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(76) |
Other |
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— |
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— |
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|
|
320 |
|
|
549 |
Total |
$ |
(1,925) |
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$ |
(69) |
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|
$ |
(1,222) |
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$ |
(45) |
Net loss |
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Eastern Region |
$ |
(1,419) |
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$ |
(8,227) |
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$ |
(6,904) |
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$ |
(21,073) |
Western Region |
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(1,639) |
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|
(925) |
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(7,138) |
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(2,497) |
Other |
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(8,584) |
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(10,030) |
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(21,387) |
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|
(34,356) |
Total |
$ |
(11,642) |
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$ |
(19,182) |
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|
$ |
(35,429) |
|
$ |
(57,926) |
Purchase of property, plant and equipment |
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Eastern Region |
$ |
1,030 |
|
$ |
543 |
|
|
$ |
2,542 |
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$ |
2,451 |
Western Region |
|
30 |
|
|
— |
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|
|
152 |
|
|
34 |
Other |
|
37 |
|
|
— |
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|
72 |
|
|
3 |
Total |
$ |
1,097 |
|
$ |
543 |
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|
$ |
2,766 |
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$ |
2,488 |
Purchase of other intangible assets |
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Eastern Region |
$ |
20 |
|
$ |
54 |
|
|
$ |
20 |
|
$ |
2,389 |
Other |
|
160 |
|
|
5 |
|
|
|
222 |
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|
15 |
Total |
$ |
180 |
|
$ |
59 |
|
|
$ |
242 |
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$ |
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.
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As of September 30, |
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As of December 31, |
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2024 |
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2023 |
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(Audited) |
Assets |
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Eastern Region |
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$ |
213,774 |
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$ |
215,743 |
Western Region |
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|
|
|
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|
43,047 |
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|
51,148 |
Other |
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|
14,358 |
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|
10,516 |
Total |
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$ |
271,179 |
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$ |
277,407 |
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| Summary of Disaggregation of Revenue |
For the three and nine months ended September 30, 2024 and 2023, the Company disaggregated its revenues as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
|
2024 |
|
2023 |
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|
2024 |
|
2023 |
Revenues, net of discounts |
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iAnthus branded products |
$ |
20,207 |
|
$ |
22,791 |
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$ |
62,823 |
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$ |
65,565 |
Third party branded products |
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15,549 |
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|
17,315 |
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|
48,829 |
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|
45,517 |
Wholesale/bulk/other products |
|
4,530 |
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|
2,784 |
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|
13,197 |
|
|
7,276 |
Total |
$ |
40,286 |
|
$ |
42,890 |
|
|
$ |
124,849 |
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$ |
118,358 |
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