iAnthus Reports 17% Drop In Revenue For Q1 2022, Here Are The Details
iAnthus Capital Holdings, Inc. (OTCPK:ITHUF) (CSE:IAN) reported its financial results for the first quarter ended March 31, 2022.
Q1 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 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.
On May 4, 2022, the company announced the resignation of co-founder and interim CEO, Randy Maslow from his executive positions with the company, including all positions with the company's subsidiaries and its affiliates, and from the company's board of directors and committees, effective as of May 6, 2022. Maslow will continue to serve the company in a consulting role for a period of six months following the Resignation Date.
On May 6, 2022, the company appointed Robert Galvin as interim CEO and member of the board, effective as of May 6, 2022.
Opening of Atlantic City, New Jersey Dispensary
On May 5, 2022, the company opened its first dispensary in the state of New Jersey. The dispensary, which operates under the MPX NJ brand, is located in Atlantic City, New Jersey.