iAnthus Reports 3rd Quarter 2022 Financial Results.

NEW YORK and TORONTO: iAnthus Capital Holdings, Inc. ("iAnthus" or the "Company") (CSE: IAN) (OTCPK: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the three and nine months ended September 30, 2022. The Company's Quarterly Report on Form 10-Q, which includes its unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2022 and the related management's discussion and analysis of financial condition and results of operations, can be accessed on the Securities and Exchange Commission's ("SEC's") website at www.sec.gov, the Company's SEDAR profile at www.sedar.com, and on the Company's website at www.iAnthus.com.

Third Quarter 2022 Financial Highlights

Revenue of $39.4 million, a sequential decrease of 10% from Q2 2022 and a decrease of 20% from the same period in the prior year.

Gross profit of $16.2 million, a sequential decrease of 18% when compared to Q2 2022 and a decrease of 38% from the same period in the prior year.

Gross margin of 41.1%, reflecting a sequential decrease of 4.1% from Q2 2022 and a decrease of 11.8% from the same period in the prior year.

Net loss of $22.0 million, or a loss of $0.00 per share, compared to a loss of $373.6 million or a loss of $0.65 per share in Q2 2022, and a loss of $15.8 million, or a loss of $0.09 per share, in the same period in the prior year.

Adjusted EBITDA(6) loss of $0.3 million, a sequential decrease from $2.3 million in Q2 2022 and a decrease from $8.1 million from the same period in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this news release to GAAP are included below.

Table 1: Financial Results

in thousands of US$, except share and per share amounts (unaudited)

Revenue

Q3 2022

$ 39,371

Q2 2022

$ 43,481

Q3 2021

$ 49,263

Gross profit

16,181

19,668

26,057

Gross margin

41.1 %

45.2 %

52.9 %

Net loss

(21,995)

(373,562)

(15,835)

Net loss per share

0.00

(0.65)

(0.09)

Table 2: Reconciliation of Net Income to Adjusted EBITDA

in thousands of US$

Q3 2022

Q2 2022

Q3 2021

Net loss

(21,995)

(373,562)

(15,835)

Depreciation and amortization

8,365

7,394

8,132

Interest expense, net

3,448

5,777

5,822

Income tax expense

4,325

5,391

4,090

EBITDA (Non-GAAP) (6)

$ (5,857)

$(355,000)

$ 2,209

Adjustments

Impairment loss

--

--

127

Write-downs and other charges

(1,139)

154

--

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