Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.22.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Summary of Reportable Segments
The below table presents revenues by segment for the three months ended March 31, 2022 and 2021:
Reportable Segments
 
    
Three Months Ended March 31,
  
    
2022
     
2021
  
Revenues
                  
Eastern Region    $ 24,785      $ 33,056  
Western Region      17,716        18,302  
Other
(1)
      289        447  
    
 
 
     
 
 
  
Total
   
$
42,790
 
   
$
51,805
 
    
 
 
     
 
 
  
Gross profit (loss)
                  
Eastern Region    $ 16,068      $ 21,162  
Western Region      6,411        8,580  
Other      13        (21 ) 
    
 
 
     
 
 
  
Total
   
$
22,492
 
   
$
29,721
 
    
 
 
     
 
 
  
Depreciation and amortization
                  
Eastern Region    $ 5,259      $ 5,876  
Western Region      3,012        757  
Other      135        199  
    
 
 
     
 
 
  
Total
   
$
8,406
 
   
$
6,832
 
    
 
 
     
 
 
  
Write-downs, (recoveries) and other charges, net
                  
Eastern Region    $ 69      $ 259  
Western Region      —          —    
Other      (12 )       —    
    
 
 
     
 
 
  
Total
   
$
57
 
   
$
259
 
    
 
 
     
 
 
  
Net income (loss)
                  
Eastern Region    $ 7,328      $ 2,916  
Western Region      (913 )       335  
Other      (16,517 )       (22,703 ) 
    
 
 
     
 
 
  
Total
   
$
(10,102
) 
   
$
(19,452
) 
    
 
 
     
 
 
  
Purchase of property, plant and equipment
                  
Eastern Region    $ 1,220      $ 4,745  
Western Region      351        3  
Other      2        4  
    
 
 
     
 
 
  
Total
   
$
1,573
 
   
$
4,752
 
    
 
 
     
 
 
  
Purchase of intangibles
                  
Eastern Region    $ —        $ —    
Western Region      —          —    
Other      61        —    
    
 
 
     
 
 
  
Total
   
$
61
 
   
$
—
 
    
 
 
     
 
 
  
(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.
 
 
  
March 31,
 
  
December 31,
 
 
  
2022
 
  
2021 (Revised)
 
Assets
                  
Eastern Region    $ 240,291      $ 222,350  
Western Region      103,441        106,485  
Other      15,963        16,154  
    
 
 
     
 
 
  
Total
   
$
359,695
 
   
$
344,989
 
    
 
 
     
 
 
  
Summary of Disaggregation of Revenue
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 months ended March 31, 2022 and 2021, the Company disaggregated its revenues as follows:
 
 
  
Three Months Ended March 31,
 
 
  
2022
 
  
2021
 
Revenue
                  
iAnthus branded products    $ 22,158      $ 31,182  
Third party branded products      17,147        15,207  
Wholesale/bulk/other products      3,485        5,416  
    
 
 
     
 
 
  
Total   
$
42,790
 
   
$
51,805