Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.1
Segment Information
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Information

Note 8 - Segment Information

The below table presents revenues by segment for the three months ended March 31, 2023 and 2022:

Reportable Segments

 

 

 

Three Months Ended March 31,

 

 

2023

 

2022

Revenues

 

 

 

 

 

 

Eastern Region

 

$

22,011

 

$

24,785

Western Region

 

 

14,565

 

 

17,716

Other(1)

 

 

177

 

 

289

Total

 

$

36,753

 

$

42,790

Gross profit (loss)

 

 

 

 

 

 

Eastern Region

 

$

10,621

 

$

16,068

Western Region

 

 

5,172

 

 

6,411

Other

 

 

(281)

 

 

13

Total

 

$

15,512

 

$

22,492

Depreciation and amortization

 

 

 

 

 

 

Eastern Region

 

$

4,472

 

$

5,258

Western Region

 

 

1,853

 

 

3,013

Other

 

 

129

 

 

135

Total

 

$

6,454

 

$

8,406

(Recoveries), write-downs and other charges, net

 

 

 

 

 

 

Eastern Region

 

$

(1)

 

$

69

Other

 

 

517

 

 

(12)

Total

 

$

516

 

$

57

Net (loss) income

 

 

 

 

 

 

Eastern Region

 

$

(5,914)

 

$

7,328

Western Region

 

 

(440)

 

 

(913)

Other

 

 

(12,241)

 

 

(16,517)

Total

 

$

(18,595)

 

$

(10,102)

Purchase of property, plant and equipment

 

 

 

 

 

 

Eastern Region

 

$

989

 

$

1,219

Western Region

 

 

10

 

 

351

Other

 

 

3

 

 

3

Total

 

$

1,002

 

$

1,573

Purchase of other intangible assets

 

 

 

 

 

 

Other

 

 

5

 

 

61

Total

 

$

5

 

$

61

 

(1)
Revenues from segments below the quantitative thresholds are attributable to an operating segment of the Company that includes revenue from the sale of CBD products throughout the United States. This segment has never met any of the quantitative thresholds for determining reportable segments nor does it meet the qualitative criteria for aggregation with the Company’s reportable segments.

 

 

 

As of March 31,

 

As of December 31,

 

 

 

2023

 

 

2022

Assets

 

 

 

 

 

 

Eastern Region

 

$

225,060

 

$

226,458

Western Region

 

 

59,981

 

 

60,896

Other

 

 

12,487

 

 

16,113

Total

 

$

297,528

 

$

303,467

 

Major Customers

Major customers are defined as customers that each individually accounted for greater than 10.0% of the Company’s annual revenues. For the three months ended March 31, 2023 and 2022, no sales were made to any one customer that represented in excess of 10.0% of the Company’s total revenues.

Geographic Information

As of March 31, 2023 and 2022, substantially all of the Company’s assets were located in the United States and all of the Company’s revenues were earned in the United States.

Disaggregated Revenues

The Company disaggregates revenues into categories that depict how the nature, amount, timing and uncertainty of the revenues and cashflows are affected by economic factors. For the three months ended March 31, 2023 and 2022, the Company disaggregated its revenues as follows:

 

 

 

Three Months Ended March 31,

 

 

2023

 

2022

Revenue

 

 

 

 

 

 

iAnthus branded products

 

$

20,919

 

$

22,158

Third party branded products

 

 

13,678

 

 

17,147

Wholesale/bulk/other products

 

 

2,156

 

 

3,485

Total

 

$

36,753

 

$

42,790