| 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
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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(Restated) |
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(Restated) |
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Revenues |
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Eastern Region |
$ |
30,036 |
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$ |
23,771 |
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$ |
76,871 |
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$ |
74,315 |
Western Region |
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12,854 |
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15,331 |
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41,260 |
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50,476 |
Other(1) |
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— |
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|
269 |
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|
227 |
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|
851 |
Total |
$ |
42,890 |
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$ |
39,371 |
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$ |
118,358 |
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$ |
125,642 |
Gross profit (loss) |
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Eastern Region |
$ |
8,837 |
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$ |
11,213 |
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$ |
32,767 |
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$ |
41,550 |
Western Region |
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4,511 |
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|
4,878 |
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14,762 |
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16,501 |
Other |
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— |
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90 |
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(279) |
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|
290 |
Total |
$ |
13,348 |
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$ |
16,181 |
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$ |
47,250 |
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$ |
58,341 |
Depreciation and amortization |
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Eastern Region |
$ |
4,185 |
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$ |
4,659 |
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$ |
12,999 |
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$ |
13,595 |
Western Region |
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1,827 |
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|
3,033 |
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5,507 |
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9,044 |
Other |
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123 |
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132 |
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377 |
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|
401 |
Total |
$ |
6,135 |
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$ |
7,824 |
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$ |
18,883 |
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$ |
23,040 |
(Recoveries), write-downs and other charges, net |
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Eastern Region |
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(1) |
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(778) |
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$ |
(21) |
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$ |
(702) |
Western Region |
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(68) |
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— |
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(76) |
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— |
Other |
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— |
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(361) |
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564 |
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(226) |
Total |
$ |
(69) |
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$ |
(1,139) |
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$ |
467 |
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$ |
(928) |
Net (loss) income |
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Eastern Region |
$ |
(8,227) |
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$ |
(4,312) |
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$ |
(21,073) |
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$ |
374 |
Western Region |
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(925) |
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(2,557) |
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(2,497) |
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(5,491) |
Other |
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(10,030) |
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(15,126) |
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(34,356) |
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(400,542) |
Total |
$ |
(19,182) |
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$ |
(21,995) |
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$ |
(57,926) |
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$ |
(405,659) |
Purchase of property, plant and equipment |
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Eastern Region |
$ |
543 |
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$ |
741 |
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$ |
2,451 |
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$ |
4,779 |
Western Region |
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— |
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|
292 |
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34 |
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|
982 |
Other |
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— |
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— |
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3 |
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|
3 |
Total |
$ |
543 |
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$ |
1,033 |
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$ |
2,488 |
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$ |
5,764 |
Purchase of other intangible assets |
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Eastern Region |
$ |
54 |
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$ |
— |
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$ |
2,389 |
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$ |
— |
Western Region |
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— |
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— |
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— |
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— |
Other |
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5 |
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38 |
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15 |
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|
108 |
Total |
$ |
59 |
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$ |
38 |
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$ |
2,404 |
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$ |
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.
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As of September 30, |
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As of December 31, |
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2023 |
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2022 |
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(Restated) |
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(Audited) |
Assets |
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Eastern Region |
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$ |
220,439 |
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$ |
226,458 |
Western Region |
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54,421 |
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60,896 |
Other |
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11,254 |
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16,113 |
Total |
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$ |
286,114 |
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$ |
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:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
Revenue |
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iAnthus branded products |
$ |
22,791 |
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$ |
20,809 |
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$ |
65,565 |
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$ |
66,145 |
Third party branded products |
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17,315 |
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|
16,557 |
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|
45,517 |
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|
51,984 |
Wholesale/bulk/other products |
|
2,784 |
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|
2,005 |
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|
7,276 |
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|
7,513 |
Total |
$ |
42,890 |
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$ |
39,371 |
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$ |
118,358 |
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$ |
125,642 |
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