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Earnings

iAnthus Reports Fiscal Fourth Quarter and Full Year 2025 Financial Results

By The Northwire Desk — AI Analysis Mar 27, 2026 · 16:12 IAN · 0.005 iAnthus Capital Holdings Inc.
IAN · Price

Executive Summary

  • iAnthus Capital Holdings reported a full‑year net loss of $40.2 M (≈ $0.01 per share) for FY 2025, widening from a $7.6 M loss in FY 2024.
  • Revenue fell 14.1% year‑over‑year to $144.0 M; gross profit declined 12.5% to $65.7 M, though gross margin improved modestly to 45.6%.
  • Adjusted EBITDA dropped sharply to $13.0 M, down $10.9 M from the prior year, reflecting higher non‑recurring charges and a loss on debt extinguishment.

Key Details

  • FY 2025 Revenue: $144.0 M (−14.1% YoY)
  • FY 2025 Gross Profit: $65.7 M (−12.5% YoY)
  • FY 2025 Gross Margin: 45.6% (+80 bps YoY)
  • FY 2025 Net Loss: $40.2 M, or $(0.01) per share (vs. $7.6 M loss in FY 2024)

  • FY 2025 Adjusted EBITDA: $13.0 M (−$10.9 M YoY)

  • Q4 2025 Revenue: $35.3 M (−$0.1 M sequential, −$7.4 M YoY)

  • Q4 2025 Gross Profit: $15.1 M (−$0.5 M sequential, −$4.1 M YoY)
  • Q4 2025 Gross Margin: 42.7% (−128 bps sequential, −206 bps YoY)
  • Q4 2025 Net Loss: $14.1 M, or $(0.00) per share (vs. $12.5 M loss in Q3 2025; prior‑year quarter was a $27.8 M profit)

  • Q4 2025 Adjusted EBITDA: $5.4 M (↑ from $2.5 M in Q3 2025, ↓ from $6.4 M YoY)

  • Non‑Recurring Charges FY 2025: $8.9 M (includes strategic review costs, legal settlements, severance).

  • Loss on Debt Extinguishment: $0.1 M related to amendment of $11.0 M senior secured bridge notes (Feb 16 2024).

  • Gains from Deconsolidation: $12.1 M gain from sale of Nevada assets and de‑consolidation of Arizona assets.

  • Reconciliation Highlights (FY 2025):

  • Depreciation & amortization: $19.3 M
  • Interest expense, net: $15.5 M
  • Income tax expense (benefit): $17.0 M
  • Write‑downs & other charges: $3.0 M
  • Inventory reserves/write‑downs: $0.1 M
  • Accretion expense: $4.9 M

  • Share‑based compensation: $1.8 M

  • Accounting Change: Effective Jan 2025, inventory valuation method changed from weighted average to standard costing (impact disclosed in “Change in accounting estimate”).

Notable Quotes

(No executive quotes were provided in the release.)

Read the original news release →

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Earnings