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iAnthus Capital Holdings, Inc. — Q3 2026 Earnings Summary

ITHUF

  • Financial Performance:

    • Revenue was $38.4 million, representing a $3.0 million sequential increase from Q2 2026 ($35.3 million) and a $3.0 million year-over-year increase from Q3 2025 ($35.4 million).
    • Gross profit was $16.7 million, up $0.6 million sequentially from Q2 2026 and $1.1 million year-over-year from Q3 2025.
    • Gross margin was 43.5%, a decrease of 209 basis points sequentially from Q2 2026 (45.5%) and 58 basis points year-over-year from Q3 2025 (44.0%).
    • Net loss was $13.2 million, or less than $0.00 per share, compared to a net loss of $14.4 million in Q2 2026 and $12.5 million in Q3 2025.
    • Adjusted EBITDA was $5.2 million, an increase from $4.4 million in Q2 2026 and $2.5 million in Q3 2025.
    • EBITDA was $3.7 million for Q3 2026, compared to $1.5 million in Q2 2026 and a loss of $0.7 million in Q3 2025.
    • Depreciation and amortization was $5.5 million for Q3 2026, up from $4.7 million in Q2 2026 and $4.6 million in Q3 2025.
    • Interest expense, net, was $4.3 million for Q3 2026, up from $4.2 million in Q2 2026 and $3.7 million in Q3 2025.
    • Income tax expense was $7.0 million for Q3 2026, compared to $7.0 million in Q2 2026 and $3.5 million in Q3 2025.

  • Business Segments and Product Lines:

    • The company operates a vertically integrated cannabis business with a brand portfolio including MPX, Anthologie, Black Label, Cheetah, Frūtful, Last Resort, Moodz, Sunshine State, and The Vault.
    • The company leverages an acquisition-driven growth strategy across cultivation, production, and retail operations in the United States.

  • Other Key Points:

    • The Company appointed Macias Gini & O'Connell LLP ("MGO") as its independent registered public accounting firm effective November 12, 2026, following the resignation of PKF O'Connor Davies, LLP ("PKFOD").
    • PKFOD reported on the Company's consolidated financial statements for fiscal years 2023, 2024, and 2025; their reports for these years did not contain adverse opinions or disclaimers, except for an explanatory paragraph regarding the Company's ability to continue as a going concern.
    • There were no reportable disagreements between the Company and PKFOD regarding accounting principles, financial statement disclosure, or auditing scope during the three most recent fiscal years or subsequent interim periods through September 30, 2026.
    • Material weaknesses were identified in the Company's Annual Form 10-K for the years ended December 31, 2025, 2024, and 2023.
    • MGO was not consulted by the Company regarding matters set forth in Item 304(a)(2)(i) or (ii) of Regulation S-K prior to their appointment.