Ianthus Capital Holdings, Inc. (ITHUF) 10-K Annual Report Fri Mar 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

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

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

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

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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.

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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.

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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

Material Contracts, Statements, Certifications & more

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

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

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

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