Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.2.2
Segment Information
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Information
Note 8 - Segment Information
The below table presents revenues by segment for the three and nine months ended September 30, 2022 and 2021:
Reportable Segments
 

    
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
    
2022
    
2021
    
2022
    
2021
  
Revenues
                                 
Eastern Region
    $ 23,771     $ 31,518     $ 74,315     $ 99,298  
Western Region      15,331       17,361       50,476       54,767  
Other
(1)
      269       384       851       1,231  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
$
39,371
 
  
$
49,263
 
  
$
125,642
 
  
$
155,296
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross profit
                                 
Eastern Region
    $ 11,213     $ 19,460     $ 41,550     $ 65,025  
Western Region      4,877       6,231       16,501       21,814  
Other      91       366       290       250  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
$
16,181
 
  
$
26,057
 
  
$
58,341
 
  
$
87,089
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Depreciation and amortization
                                 
Eastern Region
    $ 4,659     $ 283     $ 13,595     $ 12,618  
Western Region      3,033       7,117       9,044       8,478  
Other      132       203       401       603  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
$
7,824
 
  
$
7,603
 
  
$
23,040
 
  
$
21,699
 
    
 
 
    
 
 
    
 
 
    
 
 
  
(Recoveries), write-downs and other charges, net
 
                        
Eastern Region
    $ (778 )    $ 127     $ (702 )    $ 386  
Western Region      —       —         —       —    
Other      (361 )      —         (226 )      1,623  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
$
(1,139
) 
  
$
127
 
  
$
(928
) 
  
$
2,009
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net (loss) income
                                 
Eastern Region
    $ (4,312 )    $ 581     $ 374     $ 8,911  
Western Region      (2,557 )      (637 )      (5,491 )      (1,679 ) 
Other      (15,126 )      (15,779 )      (400,542 )      (57,775 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
$
(21,995
) 
  
$
(15,835
) 
  
$
(405,659
) 
  
$
(50,543
) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Purchase of property, plant and equipment
                                 
Eastern Region
    $ 741     $ 5,255     $ 4,779     $ 14,778  
Western Region      292       1,635       982       1,703  
Other      —       26       3       47  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
$
1,033
 
  
$
6,916
 
  
$
5,764
 
  
$
16,528
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Purchase of intangibles
                                 
Eastern Region
    $ —     $ —       $ —     $ 31  
Western Region      —       —         —       —    
Other      38       432       108       432  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
$
38
 
  
$
432
 
  
$
108
 
  
$
463
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(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,
     
December 31,
  
    
2022
     
2021 (Revised)
  
Assets
                  
Eastern Region
    $ 229,169      $ 222,350  
Western Region      92,786        106,485  
Other      26,074        16,154  
    
 
 
     
 
 
  
Total
   
$
348,029
 
   
$
344,989
 
    
 
 
     
 
 
  
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 nine months ended September 30, 2022 and 2021, 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 September 30, 2022 and 2021, 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, 2022 and 2021, the Company disaggregated its revenues as follows:
 
    
Three Months Ended September 30,
     
Nine Months Ended September 30,
  
    
2022
     
2021
     
2022
     
2021
  
Revenue
                                    
iAnthus branded products
    $ 20,809      $ 25,925      $ 66,145      $ 89,404  
Third party branded products      16,557        15,692        51,984        47,294  
Wholesale/bulk/other products      2,005        7,646        7,513        18,598  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
39,371
 
   
$
49,263
 
   
$
125,642
 
   
$
155,296