iAnthus Capital Holdings, Inc. reported a decline in financial performance for the second quarter of 2025, with revenues of $35.2 million, down from $43.0 million in the same period last year. For the first half of 2025, total revenues reached $73.3 million, compared to $84.6 million in the first half of 2024. The company experienced a gross profit of $16.2 million for the quarter, a decrease from $20.7 million year-over-year, and a gross profit margin of 45.8%, down from 50.3%. The net loss for the quarter was $18.7 million, compared to a loss of $9.8 million in the prior year, reflecting ongoing challenges in the cannabis market.
The company’s operational metrics showed significant changes, particularly in its Western region, where revenues plummeted by 81.6% to $2.0 million, primarily due to the deconsolidation of its Nevada operations and the sale of assets in Arizona. In contrast, the Eastern region saw a modest revenue increase of 2.7% to $33.2 million, driven by growth in New Jersey and new market entries in Illinois and Pennsylvania. The total operating expenses for the quarter rose slightly to $21.5 million, influenced by higher salaries and legal fees, while depreciation and amortization expenses decreased due to asset divestitures.
Strategically, iAnthus has focused on optimizing its asset portfolio through divestitures, including the sale of its Nevada operations and certain Arizona assets, which closed in early 2025. The company recognized gains from these transactions, contributing to a net cash inflow of $7.8 million from investing activities in the first half of 2025. Additionally, iAnthus completed the acquisition of Cheetah Enterprises, enhancing its product offerings in the cannabis market. The company now operates 38 dispensaries and four cultivation facilities across seven states, with plans to expand further in key markets.
Despite these strategic moves, iAnthus faces ongoing financial challenges, including a working capital deficit of $21.1 million and an accumulated deficit of $1.35 billion as of June 30, 2025. The company’s management has expressed concerns about its ability to continue as a going concern, emphasizing the need for additional capital to meet obligations and sustain operations. Looking ahead, iAnthus aims to leverage its divestiture proceeds and operational cash flows to stabilize its financial position, although uncertainties in the cannabis market and regulatory environment remain significant risks.
About iANTHUS CAPITAL HOLDINGS, INC.
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