iAnthus Capital Holdings Reports Fiscal Year 2025 Financial Results

**iAnthus Capital Holdings Reports Fiscal Year 2025 Results**

iAnthus Capital Holdings, Inc., a vertically integrated cannabis company, released its financial results for the fiscal year ended December 31, 2025. The company reported total revenues of $144.0 million, a decrease from $167.6 million in the prior fiscal year. Gross profit for the year was $65.7 million, representing 45.7% of sales revenues, compared to $75.1 million, or 44.8% of sales revenues, in the previous year. The company attributed the revenue decrease primarily to the deconsolidation of its Nevada operations and certain Arizona assets, as well as competitive pressures in Florida.

Operating expenses totaled $81.1 million, a slight decrease from $83.6 million in the prior year. This decrease was mainly due to lower selling, general, and administrative expenses, and reduced depreciation and amortization expenses, partially offset by increased write-downs and other charges. The company reported a net loss of $40.2 million for the year, a significant increase from the $7.6 million net loss in the previous fiscal year. This increase in net loss was primarily driven by the decrease in revenue, the increase in write-downs, and a higher income tax expense.

Key operational developments included the acquisition of Cheetah Enterprises, Inc., expanding the company's wholesale business in Illinois and Pennsylvania. iAnthus also completed the acquisition of LMS Wellness, Benefit LLC in Maryland. Strategic dispositions included the sale of certain Massachusetts assets, Nevada assets, and certain Arizona assets, as part of a portfolio optimization strategy. As of December 31, 2025, iAnthus operated 40 dispensaries and four cultivation and/or processing facilities across seven U.S. states.

Looking ahead, iAnthus intends to expand its retail footprint within its existing dispensary license portfolio, particularly in Florida and New York. The company also plans to increase cultivation and processing capacity, with approximately 32,000 square feet of additional facility space under construction. Management also aims to increase patient and customer counts per location through targeted marketing and sales strategies, and to develop and introduce new products to increase wallet share. The company also intends to pursue strategic acquisitions to enhance its footprint, product offerings, and operations, and to secure additional operating licenses throughout the United States.