iAnthus Capital Holdings, Inc. (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.
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 of $42.1 million, up from $8.7 million from the prior year.
Q4 2021 Financial Highlights
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Revenue of $47.7 million, up 4% from the same quarter in the prior year.
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Gross profit of $24.2 million, up 8% from the same quarter in the prior year.
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Gross margin of 50.7%, reflecting an increase of 2.0% from the same quarter in the prior year.
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Net loss of $25.7 million, or a loss of $0.15 per share, compared to a loss of $26.7 million, or a loss of $0.16 per share, in the same quarter in the prior year.
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Adjusted EBITDA of $8.2 million, up from $5.2 million from the same quarter in the prior year.
Other Updates
The New Jersey Cannabis Regulatory Commission approved iAnthus New Jersey, LLC's acquisition of 100% of the equity interests of New Jersey license holder MPX New Jersey, LLC. On February 1, 2022, the company closed on its acquisition of MPX NJ.
iAnthus filed a notice of appeal in the Supreme Court of British Columbia appealing the BC Registrar of companies' decision dated November 19, 2021 to decline a further extension to the company's annual general meeting for the year 2020.
The company and the BC Registrar filed a consent order with the court pursuant to which the court ordered:
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The company's appeal be allowed,
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the BC Registrar's decision dated November 19, 2021 be set aside
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and the BC Registrar extend the deadline for iAnthus to hold the 2020 AGM to June 30, 2022 or some later date as the BC Registrar may, in accordance with the BC Business Corporations Act, decide.
The BC Registrar also extended the deadline for the company to hold its annual general meeting for the year 2021 to June 30, 2022.
Photo: Courtesy of Mackenzie Marco on Unsplash
