iAnthus Capital Holdings Reports Fiscal Year 2024 Financial Results

LOS ANGELES- iAnthus Capital Holdings, Inc, a company engaged in regulated cannabis operations across the United States, has released its financial outcomes for the fourth quarter and full year ending December 31, 2024.​

Annual Financial Performance

The company reported annual revenue of $167.6 million, marking a 5.2% increase compared to the prior year. Gross profit reached $75.1 million, reflecting an 18.9% rise from the previous year, with a gross margin of 45%, up by 516 basis points. The net loss for the year was $7.6 million, a significant improvement from the $76.6 million net loss reported in 2023. Adjusted EBITDA stood at $23.9 million, an increase of $15.6 million from the prior year. ​

Fourth Quarter Highlights

In the fourth quarter of 2024, iAnthus reported revenue of $42.7 million, an increase of $2.4 million sequentially and $1.8 million year-over-year. Gross profit for the quarter was $19.1 million, with a gross margin of 45%. Notably, the company achieved a net income of $27.8 million for the quarter, contrasting with a net loss of $18.7 million in the same period the previous year. Adjusted EBITDA for the quarter was $6.4 million, up from $3.3 million in the corresponding quarter of the prior year. ​

Operational Developments

As of December 31, 2024, iAnthus operated 40 dispensaries across eight states: Arizona, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, and New York. The company has outlined plans to expand its retail footprint and enhance cultivation and processing capacities, particularly focusing on the Florida and New York markets.

In January 2025, iAnthus acquired the Illinois-based cannabis vape brand Cheetah in an all-stock transaction valued at $1.5 million. Subsequently, in February, the company sold select Arizona assets for $36.5 million, aiming to strengthen its financial position.

Financial Position

At the end of 2024, iAnthus reported total assets of $271 million, including $18.5 million in cash, against total liabilities of $336.5 million.

The financial results indicate notable improvements for iAnthus, with reduced net losses and positive net income in the fourth quarter, positioning the company for potential growth in the evolving cannabis market.