Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.2
Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Information
Note 7 - Segment Information
The below table presents revenues by segment for the three and nine months ended September 30, 2021, and 2020:
Reportable Segments
 
    
Three Months Ended
September 30,
     
Nine Months Ended
September 30,
  
    
2021
     
2020 (Revised)
     
2021
     
2020 (Revised)
  
Revenues
                                    
Eastern Region
    $ 31,518      $ 23,759      $ 99,298      $ 61,397  
Western Region
      17,361        16,216        54,767        41,945  
Other
(1)
      384        641        1,231        2,346  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
49,263
 
   
$
40,616
 
   
$
155,296
 
   
$
105,688
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Gross profit
                                    
Eastern Region
    $ 19,460      $ 16,716      $ 65,025      $ 39,676  
Western Region
      6,231        7,944        21,814        18,996  
Other
      366        443        250        773  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
26,057
 
   
$
25,103
 
   
$
87,089
 
   
$
59,445
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Depreciation and amortization
                                    
Eastern Region
    $ 5,056      $ 3,506      $ 13,379      $ 10,755  
Western Region
      2,702        3,280        8,755        8,551  
Other
      375        451        1,132        1,110  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
8,133
 
   
$
7,237
 
   
$
23,266
 
   
$
20,416
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Asset impairments and write-downs
                                    
Eastern Region
    $ 127      $ —        $ 386      $ 45,385  
Western Region
      —          4,100        —          155,875  
Other
      —          3        1,624        2,894  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
127
 
   
$
4,103
 
   
$
2,010
 
   
$
204,154
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Net loss
                                    
Eastern Region
    $ 581      $ (5,291 )     $ 8,911      $ (52,302 ) 
Western Region
      (637 )       (13,864 )       (1,679 )       (165,340 ) 
Other
      (15,779 )       (6,316 )       (57,775 )       (68,995 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
(15,835
) 
   
$
(25,471
) 
   
$
(50,543
) 
   
$
(286,637
) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Purchase of property, plant and equipment
                                    
Eastern Region
    $ 5,255      $ 1,237      $ 14,778      $ 11,663  
Western Region
      1,635        80        1,703        408  
Other
      26        128        47        226  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
6,916
 
   
$
1,445
 
   
$
16,528
 
   
$
12,297
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Purchase of intangibles
                                    
Eastern Region
    $ —        $ 86      $ 31      $ 385  
Western Region
      —          —          —          —    
Other
      432        —          432        74  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
432
 
   
$
86
 
   
$
463
 
   
$
459
 
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(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.
 
    
September 30,
2021
     
December 31,
2020
  
           
(Revised)
  
Assets
                  
Eastern Region
    $ 226,362      $ 227,237  
Western Region
      109,580        109,039  
Other
      28,062        16,857  
    
 
 
     
 
 
  
Total
   
$
364,004
 
   
$
353,133
 
    
 
 
     
 
 
  
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, 2021 and 2020, 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, 2021 and December 31, 2020, 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 cashflows are affected by economic factors. For the three and nine months ended September 30, 2021 and 2020, the Company disaggregated its revenues as follows:
 
    
Three Months Ended
September 30,
     
Nine Months Ended
September 30,
  
    
2021
     
2020
     
2021
     
2020
  
Revenue
                                    
iAnthus branded products
    $ 25,925      $ 20,911      $ 89,404      $ 52,369  
Third party branded products
      15,692        13,248        47,294        36,615  
Wholesale/bulk/other products
      7,646        6,457        18,598        16,704  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
49,263
 
   
$
40,616
 
   
$
155,296
 
   
$
105,688