Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.24.1.1.u2
Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information

Note 7 - Segment Information

The below table presents results by segment for the three months ended March 31, 2024 and 2023:

Reportable Segments

 

 

Three Months Ended March 31,

 

2024

 

2023

Revenues, net of discounts

 

 

 

 

 

Eastern Region

$

30,226

 

$

22,011

Western Region

 

11,338

 

 

14,565

Other(1)

 

—

 

 

177

Total

$

41,564

 

$

36,753

Gross profit (loss)

 

 

 

 

 

Eastern Region

$

13,356

 

$

10,621

Western Region

 

3,845

 

 

5,172

Other

 

—

 

 

(281)

Total

$

17,201

 

$

15,512

Depreciation and amortization

 

 

 

 

 

Eastern Region

$

4,007

 

$

4,472

Western Region

 

1,758

 

 

1,853

Other

 

118

 

 

129

Total

$

5,883

 

$

6,454

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

 

 

 

 

 

Eastern Region

$

16

 

$

(1)

Western Region

 

61

 

 

—

Other

 

320

 

 

517

Total

$

397

 

$

516

Net loss

 

 

 

 

 

Eastern Region

$

(981)

 

$

(5,914)

Western Region

 

(635)

 

 

(440)

Other

 

(12,382)

 

 

(12,241)

Total

$

(13,998)

 

$

(18,595)

Purchase of property, plant and equipment

 

 

 

 

 

Eastern Region

$

833

 

$

989

Western Region

 

39

 

 

10

Other

 

6

 

 

3

Total

$

878

 

$

1,002

Purchase of other intangible assets

 

 

 

 

 

Other

 

16

 

 

5

Total

$

16

 

$

5

 

(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. The Company has deconsolidated results from its Vermont and CBD operations as of March 8, 2023 and May 8, 2023, respectively.

 

 

As of March 31,

 

As of December 31,

 

 

2024

 

 

2023

Assets

 

 

 

 

 

Eastern Region

$

213,700

 

$

215,743

Western Region

 

47,612

 

 

51,148

Other

 

12,464

 

 

10,516

Total

$

273,776

 

$

277,407

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, 2024 and 2023, 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, 2024 and 2023, 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 cash flows are affected by economic factors. For the three months ended March 31, 2024 and 2023, the Company disaggregated its revenues as follows:

 

 

Three Months Ended March 31,

 

2024

 

2023

Revenues, net of discounts

 

 

 

 

 

iAnthus branded products

$

21,201

 

$

20,919

Third party branded products

 

15,868

 

 

13,678

Wholesale/bulk/other products

 

4,495

 

 

2,156

Total

$

41,564

 

$

36,753