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Ianthus Capital Holdings, Inc. (ITHUF) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Ianthus Capital Holdings, Inc.

CIK: 1643154 Ticker: ITHUF

Exhibit 99.1

 

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iAnthus Reports Third Quarter 2021 Financial Results and Provides Update on U.S. Class Action Complaint and Complaint Filed by Hi-Med, LLC

NEW YORK, NY and TORONTO, ON – November 8, 2021 –

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 three months and nine months ended September 30, 2021. The Company’s Quarterly Report on Form 10-Q, which includes its unaudited interim condensed consolidated financial statements for the three months and nine months ended September 30, 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”) 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.

Third Quarter 2021 Financial Highlights

 

   

Revenue of $49.3 million, up 21% from the same quarter in the prior year.

   

Gross Profit of $26.1 million, up 4% from the same quarter in the prior year.

   

Gross Margin of 52.9%, reflecting a decrease of 8.9% from 61.8% in the same quarter in the prior year.

   

Net loss of $15.8 million, or a loss of $0.09 per share, compared to a net loss of $25.5 million, or a loss of $0.15 per share, in the same quarter in the prior year.

   

Adjusted EBITDA(3) of $7.8 million, up from $6.4 million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables to GAAP of EBITDA and Adjusted EBITDA as used in this news release 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 September 30, 2021, consisted of principal amounts at face value of $97.5 million and $60.0 million, and accrued interest of $26.9 million and $8.4 million, on the Secured Notes and Unsecured Debentures, respectively. In addition, as a result of the default, as of September 30, 2021, the Company has accrued additional fees and interest of $15.0 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 Monday, November 8, 2021 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-Q Quarterly 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-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Shareholders' Equity
Commitments
Commitments (Tables)
Commitments - Additional Information (Detail)
Commitments - Summary Of Contractual Obligations And Commitments (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 Income Tax Expense And Effective Tax Rates (Detail)
Inventories
Inventories (Tables)
Inventories - Additional Information (Details)
Inventories - Summary Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Additional Information (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)
Overview And Basis Of Presentation
Overview And Basis Of Presentation (Policies)
Overview And Basis Of Presentation - Additional Information (Detail)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Additional Information (Detail)
Related Party Transactions - Summary Of Related Party Transactions (Detail)
Revision Of Prior Period Financial Statements
Revision Of Prior Period Financial Statements (Tables)
Revision Of Prior Period Financial Statements - Summary Of Restatement Of Balance Sheet (Detail)
Revision Of Prior Period Financial Statements -Summary Of Restatement Of Statement Of Operations (Detail)
Revision Of Prior Period Financial Statements -Summary Of Restatement Of Statement Of Operations (Parenthetical) (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)
Unaudited Interim Condensed Consolidated Statements Of Cash Flows Supplemental Information
Unaudited Interim Condensed Consolidated Statements Of Cash Flows Supplemental Information (Tables)
Unaudited Interim Condensed Consolidated Statements Of Cash Flows Supplemental Information - Additional Information (Detail)
Unaudited Interim Condensed Consolidated Statements Of Cash Flows Supplemental Information - Summary Of Asset Write-Downs And Other Charges (Detail)
Unaudited Interim Condensed Consolidated Statements Of Cash Flows Supplemental Information - Summary Of Cash Payments (Detail)
Unaudited Interim Condensed Consolidated Statements Of Cash Flows Supplemental Information - Summary Of Changes In Other Non-Cash Operating Assets And Liabilities (Detail)
Unaudited Interim Condensed Consolidated Statements Of Cash Flows Supplemental Information - Summary Of Depreciation And Amortization Of Assets (Detail)
Unaudited Interim Condensed Consolidated Statements Of Cash Flows Supplemental Information - Summary Of Reconciliation Of Cash And Restricted Cash (Detail)
Unaudited Interim Condensed Consolidated Statements Of Cash Flows Supplemental Information - Summary Of Significant Non-Cash Investing And Financing Activities (Detail)

Material Contracts, Statements, Certifications & more

Ianthus Capital Holdings, Inc. provided additional information to their SEC Filing as exhibits

Ticker: ITHUF
CIK: 1643154
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-21-323186
Submitted to the SEC: Mon Nov 08 2021 5:14:25 PM EST
Accepted by the SEC: Mon Nov 08 2021
Period: Thursday, September 30, 2021
Industry: Agricultural Production Crops

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