Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.2
Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information
Note 7 - Segment Information
The below table presents revenues by segment for the three and six months ended June 30, 2021, and 2020:
Reportable Segments
 
    
Three Months Ended June 30,
     
Six Months Ended June 30,
  
    
2021
     
2020
     
2021
     
2020
  
         
Revenues
                                    
Eastern Region
    $ 34,724      $ 19,589      $ 67,780      $ 37,638  
Western Region
      19,103        14,004        37,406        25,729  
Other
(1)
      401        1,053        847        1,705  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
54,228
 
   
$
34,646
 
   
$
106,033
 
   
$
65,072
 
    
 
 
     
 
 
     
 
 
     
 
 
  
         
Gross profit
                                    
Eastern Region
    $ 24,402      $ 12,199      $ 45,565      $ 22,960  
Western Region
      7,004        6,290        15,583        11,051  
Other
      (95 )       401        (116 )       331  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
31,311
 
   
$
18,890
 
   
$
61,032
 
   
$
34,342
 
    
 
 
     
 
 
     
 
 
     
 
 
  
         
Depreciation and amortization
                                    
Eastern Region
    $ 6,687      $ 5,797      $ 12,865      $ 11,317  
Western Region
      698        647        1,536        1,237  
Other
      374        321        732        625  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
7,759
 
   
$
6,765
 
   
$
15,133
 
   
$
13,179
 
    
 
 
     
 
 
     
 
 
     
 
 
  
         
Asset impairments and write-downs
                                    
Eastern Region
    $ —        $ 7      $ 259      $ 196,851  
Western Region
      —          1        —          253  
Other
      1,624        —          1,623        2,947  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
1,624
 
   
$
8
 
   
$
1,882
 
   
$
200,051
 
    
 
 
     
 
 
     
 
 
     
 
 
  
         
Net los
s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Eastern Region
 
$
2,746
 
 
$
(4,082
)
 
$
3,482
 
 
$
(208,917
)
Western Region
 
 
668
 
 
 
705
 
 
3,167
 
 
 
617
 
Other
 
 
(18,670
)
 
 
 
(21,448
)
 
 
(41,357
)
 
 
(52,866
)
Total
 
$
(15,256
)
 
 
$
(24,825
)
 
$
(34,708
)
 
$
(261,166
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
                                    
Eastern Region
    $ 4,992      $ 1,237      $ 9,523      $ 10,858  
Western Region
      64        80        68        468  
Other
      16        128        20        149  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
5,072
 
   
$
1,445
 
   
$
9,611
 
   
$
11,475
 
    
 
 
     
 
 
     
 
 
     
 
 
  
         
Purchase of intangibles
                                    
Eastern Region
    $ 31      $ 86      $ 31      $ 304  
Western Region
      —          —          —          —    
Other
      —          —          —          74  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
31
 
   
$
86
 
   
$
31
 
   
$
378
 
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(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.
 
    
June 30, 2021
     
December 31, 2020
  
           
(Revised)
  
Assets
                  
Eastern Region
    $ 228,596      $ 227,237  
Western Region
      108,893        109,039  
Other
      26,034        16,857  
    
 
 
     
 
 
  
Total
   
$
363,523
 
   
$
353,133
 
    
 
 
     
 
 
  
 
Major Customers
Major customers are defined as customers that each individually accounted for greater than 10%
of the Company’s annual revenues. For the three and six months ended June 30, 2021 and 2020,
 no sales were made to any one customer that represented in excess of 10% of the Company’s total revenues.
Geographic Information
As of June 30, 2021 and December 31, 2020, 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 and six months ended June 30, 2021 and 2020, the Company disaggregated its revenues as follows:
 
    
Three Months Ended June 30,
     
Six Months Ended June 30,
  
    
2021
     
2020
     
2021
     
2020
  
Revenue
                                    
iAnthus branded products
    $  32,298      $  16,278      $ 63,480      $  31,457  
Third party branded products
      16,394        12,910        31,601        23,368  
Wholesale/bulk/other products
      5,536        5,458        10,952        10,247  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
54,228
 
   
$
34,646
 
   
$
 106,033
 
   
$
65,072