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

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.