Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.3
Segment Information
9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Information

Note 8 - Segment Information

The below table presents results by segment for the three and nine months ended September 30, 2023 and 2022:

Reportable Segments

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

2023

 

2022

 

 

2023

 

2022

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

30,036

 

$

23,771

 

 

$

76,871

 

$

74,315

Western Region

 

12,854

 

 

15,331

 

 

 

41,260

 

 

50,476

Other(1)

 

 

 

269

 

 

 

227

 

 

851

Total

$

42,890

 

$

39,371

 

 

$

118,358

 

$

125,642

Gross profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

12,916

 

$

11,213

 

 

$

36,846

 

$

41,550

Western Region

 

4,511

 

 

4,878

 

 

 

14,762

 

 

16,501

Other

 

 

 

90

 

 

 

(279)

 

 

290

Total

$

17,427

 

$

16,181

 

 

$

51,329

 

$

58,341

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

4,185

 

$

4,659

 

 

$

12,999

 

$

13,595

Western Region

 

1,827

 

 

3,033

 

 

 

5,507

 

 

9,044

Other

 

123

 

 

132

 

 

 

377

 

 

401

Total

$

6,135

 

$

7,824

 

 

$

18,883

 

$

23,040

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

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

 

(1)

 

 

(778)

 

 

$

(21)

 

$

(702)

Western Region

 

(68)

 

 

 

 

 

(76)

 

 

Other

 

 

 

(361)

 

 

 

564

 

 

(226)

Total

$

(69)

 

$

(1,139)

 

 

$

467

 

$

(928)

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

(4,617)

 

$

(4,312)

 

 

$

(17,463)

 

$

374

Western Region

 

(925)

 

 

(2,557)

 

 

 

(2,497)

 

 

(5,491)

Other

 

(10,030)

 

 

(15,126)

 

 

 

(34,356)

 

 

(400,542)

Total

$

(15,572)

 

$

(21,995)

 

 

$

(54,316)

 

$

(405,659)

Purchase of property, plant and equipment

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

543

 

$

741

 

 

$

2,451

 

$

4,779

Western Region

 

 

 

292

 

 

 

34

 

 

982

Other

 

 

 

 

 

 

3

 

 

3

Total

$

543

 

$

1,033

 

 

$

2,488

 

$

5,764

Purchase of other intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

$

54

 

$

 

 

$

2,389

 

$

Western Region

 

 

 

 

 

 

 

 

Other

 

5

 

 

38

 

 

 

15

 

 

108

Total

$

59

 

$

38

 

 

$

2,404

 

$

108

 

(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. The Company has deconsolidated results from its Vermont and CBD operations as of March 8, 2023 and May 8, 2023, respectively.

 

 

 

 

 

 

 

 

 

As of September 30,

 

As of December 31,

 

 

 

 

 

 

 

 

 

2023

 

 

2022

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Region

 

 

 

 

 

 

 

$

224,518

 

$

226,458

Western Region

 

 

 

 

 

 

 

 

54,421

 

 

60,896

Other

 

 

 

 

 

 

 

 

11,254

 

 

16,113

Total

 

 

 

 

 

 

 

$

290,193

 

$

303,467

 

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, 2023 and 2022, 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, 2023 and 2022, 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, 2023 and 2022, the Company disaggregated its revenues as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

2023

 

2022

 

 

2023

 

2022

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

iAnthus branded products

$

22,791

 

$

20,809

 

 

$

65,565

 

$

66,145

Third party branded products

 

17,315

 

 

16,557

 

 

 

45,517

 

 

51,984

Wholesale/bulk/other products

 

2,784

 

 

2,005

 

 

 

7,276

 

 

7,513

Total

$

42,890

 

$

39,371

 

 

$

118,358

 

$

125,642