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Ianthus Capital Holdings, Inc. (ITHUF) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Ianthus Capital Holdings, Inc.

CIK: 1643154 Ticker: ITHUF

Exhibit 99.1

 

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iAnthus Reports First Quarter 2022 Financial Results

NEW YORK, NY and TORONTO, ON – May 12, 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 first quarter ended March 31, 2022. The Company’s Quarterly Report on Form 10-Q, which includes its unaudited condensed consolidated financial statements for the three months ended March 31, 2022 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. As a result of the Company becoming a U.S. reporting company in February 2021, 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.

First Quarter 2022 Financial Highlights

 

   

Revenue of $42.8 million, a sequential decrease of 10% from Q4 2021 and a decrease of 17% from the same period in the prior year.

 

   

Gross profit of $22.5 million, relatively flat when compared to Q4 2021 and a decrease of 24% from the same period in the prior year.

 

   

Gross margin of 52.6%, reflecting a sequential increase of 560bps from Q4 2021 and a decrease of 480bps from the same period in the prior year.

 

   

Net loss of $10.1 million, or a loss of $0.06 per share, compared to a loss of $26.9 million or a loss of $0.16 per share in Q4 2021, and compared to a loss of $19.5 million, or a loss of $0.11 per share, in the same period in the prior year.

 

   

Adjusted EBITDA(5) of $3.4 million, a sequential decrease from $8.2 million in Q4 2021 and decrease from $13.0 million from the same period in 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 by the Company, 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 March 31, 2022, consisted of principal amounts of $97.5 million and $60.0 million, and accrued interest of $34.8 million and $10.8 million, on the Secured Notes and Unsecured Debentures, respectively. In addition, as a result of the default, as of March 31, 2022, the Company has accrued additional fees and interest of $15.8 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 Thursday, May 12, 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-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 Sheet
Condensed Consolidated Balance Sheet (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Shareholders' (Deficit) Equity
Condensed Consolidated Statements Of Operations
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Summary Of Business Acquisitions Allocation Of The Purchase Price (Detail)
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 Companys 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)
Organization And Description Of Business
Organization And Description Of Business (Policies)
Organization And Description Of Business (Tables)
Organization And Description Of Business - Additional Information (Detail)
Organization And Description Of Business - Summary Of Effects Of Reclassification Adjustment On The Line Items Of Consolidated Statements Of Operations (Detail)
Organization And Description Of Business - Summary Of Effects Of The Adjustment On The Line Items Within Consolidated Financial Statements (Detail)
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)
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)
Ticker: ITHUF
CIK: 1643154
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-22-148753
Submitted to the SEC: Thu May 12 2022 4:41:31 PM EST
Accepted by the SEC: Thu May 12 2022
Period: Thursday, March 31, 2022
Industry: Agricultural Production Crops

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