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Ianthus Capital Holdings, Inc. (ITHUF) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Ianthus Capital Holdings, Inc.

CIK: 1643154 Ticker: ITHUF

Exhibit 99.1

 

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iAnthus Reports Fiscal Fourth Quarter, Full Year 2021 Financial Results and Provides Update on Annual General Meeting

NEW YORK, NY and TORONTO, ON – March 18, 2022 –

iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN, OTCPK: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the fourth quarter and year-ended December 31, 2021. The Company’s Annual Report on Form 10-K, which includes its audited consolidated financial statements for the year-ended December 31, 2021 and the related management’s discussion and analysis of financial condition and results of operations, can be accessed on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov, the Company’s SEDAR profile at www.sedar.com, and on the Company’s website at www.iAnthus.com. The Company became a U.S. reporting company effective February 5, 2021. As such, the Company’s financial statements are reported in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). All currency is expressed in U.S. dollars.

2021 Financial Highlights

 

   

Revenue of $203.0 million, up 34% from the prior year.

 

   

Gross profit of $111.3 million, up 36% from the prior year.

 

   

Gross margin of 54.8%, reflecting an increase of 0.8% from the prior year.

 

   

Net loss of $76.2 million, or a loss of $0.44 per share, compared to a loss of $313.4 million, or a loss of $1.83 per share, in the prior year.

 

   

Adjusted EBITDA(4) of $42.1 million, up from $8.7 million from the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this news release to GAAP are included below.

 

   

Due to liquidity constraints experienced by the Company, the Company did not make applicable interest payments due on its 13% senior secured convertible debentures (“Secured Notes”) and its 8% convertible unsecured debentures (“Unsecured Debentures”) due during 2020. As previously disclosed, the non-payment of interest in March 2020 triggered an event of default with respect to these components of the Company’s long-term debt, which, as of December 31, 2021, consisted of principal amounts of $97.5 million and $60.0 million, and accrued interest of $30.9 million and $9.6 million, on the Secured Notes and Unsecured Debentures, respectively. In addition, as a result of the default, as of December 31, 2021, the Company has accrued additional fees and interest of $15.4 million (“Exit Fees”) in excess of the aforementioned amounts that are further detailed in the Company’s financial statements.


The following information was filed by Ianthus Capital Holdings, Inc. (ITHUF) on Friday, March 18, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Operations
Commitments
Commitments (Tables)
Commitments - Additional Information (Detail)
Commitments - Summary Of Contractual Obligations And Commitments (Detail)
Consolidated Statements Of Cash Flows Supplemental Information
Consolidated Statements Of Cash Flows Supplemental Information (Tables)
Consolidated Statements Of Cash Flows Supplemental Information - Summary Of Asset Impairment Charges (Detail)
Consolidated Statements Of Cash Flows Supplemental Information - Summary Of Asset Write-Downs And Other Charges (Detail)
Consolidated Statements Of Cash Flows Supplemental Information - Summary Of Cash Payments (Detail)
Consolidated Statements Of Cash Flows Supplemental Information - Summary Of Changes In Other Non-Cash Operating Assets And Liabilities (Detail)
Consolidated Statements Of Cash Flows Supplemental Information - Summary Of Depreciation And Amortization Of Assets (Detail)
Consolidated Statements Of Cash Flows Supplemental Information - Summary Of Significant Non-Cash Investing And Financing Activities (Detail)
Contingencies And Guarantees
Contingencies And Guarantees - Additional Information (Detail)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Summary Of Fair Value Hierarchy Of Company's Financial Assets And Financial Liabilities (Detail)
Financial Instruments - Summary Of Changes In Level One Financial Assets (Detail)
Financial Instruments - Summary Of Changes In Level Three Financial Assets And Liabilities (Detail)
Financial Instruments - Summary Of Company's Long-Term Debt Instruments At Their Carrying Value And Fair Value (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Summary Of Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Summary Of Effective Income Tax Rate Reconciliation (Detail)
Income Taxes - Summary Of Income Tax Expense And Effective Tax Rates (Detail)
Intangible Assets
Intangible Assets (Table)
Intangible Assets - Additional Information (Details)
Intangible Assets - Summary Of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
Intangible Assets - Summary Of Other Intangible Assets (Details)
Inventories
Inventories (Tables)
Inventories - Additional Information (Details)
Inventories - Summary Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Summary Of Lease Cost (Detail)
Leases - Summary Of Maturities Of Lease Liabilities For Operating Leases (Detail)
Leases - Summary Of Supplemental Balance Sheet Information Related To Leases (Detail)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Detail)
Long-Term Debt - Summary Of Long-Term Debt Instruments (Detail)
Long-Term Debt - Summary Of Long-Term Debt Instruments (Parenthetical) (Detail)
New Accounting Standards And Accounting Changes
Organization And Description Of Business
Property, Plant And Equipment
Property, Plant And Equipment - Summary Of Property, Plant And Equipment (Details)
Property, Plant And Equipment - Additional Information (Details)
Property, Plant And Equipment (Table)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Additional Information (Detail)
Related Party Transactions - Summary Of Related Party Transactions (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Summary Of Disaggregation Of Revenue (Detail)
Segment Information - Summary Of Reportable Segments (Detail)
Share Capital
Share Capital (Tables)
Share Capital - Summary Of Potentially Dilutive Securities (Parenthetical) (Detail)
Share Capital - Additional Information (Detail)
Share Capital - Summary Of Assumptions Used To Record Fair Value Of Warrants (Detail)
Share Capital - Summary Of Option Activity (Detail)
Share Capital - Summary Of Potentially Dilutive Securities (Detail)
Share Capital - Summary Of Warrants Activity (Detail)
Share Capital - Summary Of Warrants Outstanding (Detail)
Subsequent Events
Subsequent Events (Tables)
Subsequent Events - Additional Information (Detail)
Subsequent Events - Schedule Of Debt Restructuring As Per Restructuring Agreement For Subsequent Periods (Detail)
Subsequent Events - Schedule Of Debt Restructuring As Per Restructuring Agreement For Subsequent Periods (Parenthetical) (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Summary Of Cash And Cash Equivalents Restricted Cash And Restricted Cash Equivalents (Detail)
Summary Of Significant Accounting Policies - Summary Of Effect Of The Adjsutment On The Line Items Within Inventories (Detail)
Summary Of Significant Accounting Policies - Summary Of Effects Of Reclassification Adjustment On The Line Items Of Consolidated Statements Of Operations (Detail)
Summary Of Significant Accounting Policies - Summary Of Effects Of Reclassification Adjustment On The Line Items Of Consolidated Statements Of Cashflows (Detail)
Summary Of Significant Accounting Policies - Summary Of Effects Of The Adjustment On The Line Items Within Consolidated Financial Statements (Detail)
Summary Of Significant Accounting Policies - Summary Of Property Plant And Equipment Useful Life (Detail)
Summary Of Significant Accounting Policies - Summary Of Subsidiaries (Detail)
Ticker: ITHUF
CIK: 1643154
Form Type: 10-K Annual Report
Accession Number: 0001193125-22-078648
Submitted to the SEC: Thu Mar 17 2022 9:58:05 PM EST
Accepted by the SEC: Fri Mar 18 2022
Period: Friday, December 31, 2021
Industry: Agricultural Production Crops

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