Cannabis MSO iAnthus Trims Net Loss In Q1, Reports YoY Increase In Revenue, Gross Profit – iAnthus Capita – Benzinga

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iAnthus Capital Holdings, Inc. IAN ITHUF reported its financial results on Tuesday for the first quarter ended March 31, 2024.

Q1 2024 Financial Highlights Revenue totaled $41.6 million, representing a sequential increase of 1.7% from the prior period and an increase of 13.1% year-over-year. Gross profit was $17.2 million, a sequential increase of 8.1% and an increase of 10.9% from the same quarter in the prior year. Gross margin of 41.4%, reflecting a sequential increase of 244bps when compared to the fourth quarter of 2023 and a decrease of 82bps from the same quarter in fiscal 2023. Net loss totaled $14 million, or a net loss of less than $0.01 per share, compared to a net loss of $18.7 million, or a net loss of less than $0.01 per share in the prior quarter, and compared to a net loss of $18.6 million, or a net loss of $0.01 per share, in the prior year’s period. Adjusted EBITDA (a non-GAAP measure) came in positive at $3.2 million, representing a sequential increase from an adjusted EBITDA of $2.8 million in the prior quarter, and an increase from an adjusted EBITDA of $0.9 million from the same quarter in the prior year.

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