| Segment Information |
Note 8 - Segment Information
The below table presents results by segment for the three months ended March 31, 2025 and 2024:
Reportable Segments
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2025 |
|
2024 |
|
|
|
|
|
(Adjusted) |
Revenues, net of discounts |
|
|
|
|
|
Eastern Region(1) |
$ |
33,341 |
|
$ |
30,226 |
Western Region(2) |
|
4,779 |
|
|
11,338 |
Total |
$ |
38,121 |
|
$ |
41,564 |
Gross profit |
|
|
|
|
|
Eastern Region |
$ |
16,903 |
|
$ |
13,356 |
Western Region |
|
1,975 |
|
|
3,845 |
Total |
$ |
18,878 |
|
$ |
17,201 |
Operating expenses: |
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
Eastern Region |
|
9,960 |
|
|
8,797 |
Western Region |
|
1,408 |
|
|
2,301 |
Other |
|
5,450 |
|
|
4,786 |
Total |
|
16,818 |
|
|
15,884 |
Depreciation and amortization |
|
|
|
|
|
Eastern Region |
$ |
3,566 |
|
$ |
4,007 |
Western Region |
|
540 |
|
|
1,758 |
Other |
|
113 |
|
|
118 |
Total |
$ |
4,219 |
|
$ |
5,883 |
(Recoveries), write-downs and other charges, net |
|
|
|
|
|
Eastern Region |
$ |
(186) |
|
$ |
16 |
Western Region |
|
— |
|
|
61 |
Other |
|
38 |
|
|
320 |
Total |
$ |
(149) |
|
$ |
397 |
Income (loss) from operations |
|
|
|
|
|
Eastern Region |
$ |
3,563 |
|
$ |
537 |
Western Region |
|
27 |
|
|
(276) |
Other |
|
(5,600) |
|
|
(5,224) |
Total |
$ |
(2,010) |
|
$ |
(4,963) |
Other income and expenses, net: |
|
|
|
|
|
Eastern Region |
$ |
4,381 |
|
$ |
(189) |
Western Region |
|
28,286 |
|
|
41 |
Other |
|
(21,498) |
|
|
(4,531) |
Total |
$ |
11,169 |
|
$ |
(4,679) |
Income tax expense |
|
|
|
|
|
Eastern Region |
$ |
1,507 |
|
$ |
1,329 |
Western Region |
|
287 |
|
|
400 |
Other |
|
2,215 |
|
|
2,627 |
Total |
$ |
4,009 |
|
$ |
4,356 |
Net income (loss) |
|
|
|
|
|
Eastern Region |
$ |
6,159 |
|
$ |
(981) |
Western Region |
|
28,025 |
|
|
(635) |
Other |
|
(29,034) |
|
|
(12,382) |
Total |
$ |
5,150 |
|
$ |
(13,998) |
(1)Eastern region includes revenue from the sale of our new Cheetah brand of products in Illinois and Pennsylvania.
(2)Western region no longer includes Nevada operations as results were deconsolidated as of June 24, 2024.
|
|
|
|
|
|
Supplemental segment disclosures: |
|
|
|
|
|
|
Three Months Ended March 31, |
|
2025 |
|
2024 |
Purchase of property, plant and equipment |
|
|
|
|
|
Eastern Region |
$ |
4,518 |
|
$ |
833 |
Western Region |
|
6 |
|
|
39 |
Other |
|
252 |
|
|
6 |
Total |
$ |
4,776 |
|
$ |
878 |
Purchase of other intangible assets |
|
|
|
|
|
Other |
|
126 |
|
|
16 |
Total |
$ |
126 |
|
$ |
16 |
|
|
|
|
|
|
|
As of March 31, |
|
As of December 31, |
|
|
2025 |
|
|
2024 |
Assets |
|
|
|
|
|
Eastern Region |
$ |
220,527 |
|
$ |
212,007 |
Western Region |
|
24,184 |
|
|
40,124 |
Other |
|
27,815 |
|
|
18,912 |
Total |
$ |
272,526 |
|
$ |
271,043 |
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 months ended March 31, 2025 and 2024, no sales were made to any one customer that represented in excess of 10% of the Company’s total revenues.
Geographic Information
As of March 31, 2025 and 2024, 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, 2025 and 2024, the Company disaggregated its revenues as follows:
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2025 |
|
2024 |
Revenues, net of discounts |
|
|
|
|
|
iAnthus branded products |
$ |
17,514 |
|
$ |
21,201 |
Third party branded products |
|
15,792 |
|
|
15,868 |
Wholesale/bulk/other products |
|
4,815 |
|
|
4,495 |
Total |
$ |
38,121 |
|
$ |
41,564 |
|