iAnthus Capital Holdings, Inc. reported a decline in financial performance for the third quarter of 2025, with revenues of $35.4 million, down from $40.3 million in the same period last year. For the nine months ending September 30, 2025, total revenues were $108.7 million, compared to $124.8 million for the same period in 2024. The company recorded a net loss of $12.5 million for the quarter and $26.1 million for the nine months, reflecting a slight increase in losses compared to $11.6 million and $35.4 million, respectively, in the previous year. The decrease in revenue was attributed to lower sales in the western region, particularly following the deconsolidation of operations in Nevada and the sale of assets in Arizona.
In terms of operational changes, iAnthus has been focusing on strategic acquisitions and divestitures to optimize its portfolio. The company completed the acquisition of Cheetah Enterprises, which added cannabis distillate vapor products to its offerings in Illinois and Pennsylvania. The purchase price for this acquisition was approximately $3.5 million, which included cash and stock considerations. Additionally, iAnthus has divested certain assets in Massachusetts and Nevada, which has impacted its revenue streams but is expected to strengthen its balance sheet and focus on key markets with growth potential.
The company reported a total of 39 dispensaries and four cultivation facilities across seven U.S. states as of September 30, 2025. The eastern region, which includes operations in states like Florida and New Jersey, generated $33.5 million in revenue for the quarter, a 5.9% increase year-over-year. This growth was driven by higher sales in New Jersey and the introduction of new products from the Cheetah brand. However, the western region saw a significant decline in revenue, dropping to $1.8 million from $8.6 million, primarily due to the divestiture of its Nevada operations.
iAnthus's financial position remains challenging, with an accumulated deficit of $1.36 billion and a working capital deficit of $17.8 million as of September 30, 2025. The company has indicated that it may need to raise additional capital to support its operations and growth initiatives. Despite these challenges, management remains optimistic about generating positive cash flows from operations in the near future, particularly as it continues to focus on its core markets and optimize its asset portfolio. The company is also working to address material weaknesses in its internal controls, which could impact its financial reporting and operational efficiency.
About iANTHUS CAPITAL HOLDINGS, INC.
iAnthus Capital Holdings, Inc. is a holding company operating in the U.S. cannabis industry through subsidiaries that own and manage licensed cultivation, processing, and dispensary facilities across multiple states. It develops, produces, and distributes a variety of cannabis products, serving both medical and adult-use markets. The company focuses on expanding its retail footprint, increasing cultivation capacity, and acquiring strategic assets within a highly regulated and competitive environment.
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