Cannabis Company iAnthus Trims Net Loss In Q1, Reports YoY Increase In Revenue, Gross Profit

iAnthus Capital Holdings, Inc. IAN ITHUF reported its financial results on Tuesday for the first quarter ended March 31, 2024.

Q1 2024 Financial Highlights

• Revenue totaled $41.6 million, representing a sequential increase of 1.7% from the prior period and an increase of 13.1% year-over-year.
• Gross profit was $17.2 million, a sequential increase of 8.1% and an increase of 10.9% from the same quarter in the prior year.
• Gross margin of 41.4%, reflecting a sequential increase of 244bps when compared to the fourth quarter of 2023 and a decrease of 82bps from the same quarter in fiscal 2023.
• Net loss totaled $14 million, or a net loss of less than $0.01 per share, compared to a net loss of $18.7 million, or a net loss of less than $0.01 per share in the prior quarter, and compared to a net loss of $18.6 million, or a net loss of $0.01 per share, in the prior year's period.
• Adjusted EBITDA (a non-GAAP measure) came in positive at $3.2 million, representing a sequential increase from an adjusted EBITDA of $2.8 million in the prior quarter, and an increase from an adjusted EBITDA of $0.9 million from the same quarter in the prior year.

See also: Another Cannabis Company Benefits From Maryland’s Green Rush, iAnthus Cuts Q3 Net Loss While Growing Revenue

Richie Proud, CEO of iAnthus, gave some insight into his perspectives on the evolving cannabis market and the company's strategy across its multi-state operations, during last month's Beniznga event in Florida.

Proud stressed the importance of localized consumer care and product innovation. "We're a large retail business," Proud said. "I want to make sure we have personalized access to consumers and that patients feel they're taken care of by our products and innovative measures."

The 19th Benzinga Cannabis Capital Conference is returning to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.