iANTHUS CAPITAL HOLDINGS, INC. financial statements
Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data iANTHUS CAPITAL HOLDINGS, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
152
203
163
159
168
144
Cost of revenue
69.8
93.5
88.8
96.1
92.5
78.3
Gross profit
81.8
110
74.4
63.2
75.1
65.7
Selling, general and administrative
98.4
97
128
67.9
62.2
60.9
Operating expenses
332
133
187
92.9
83.6
81.1
Operating income
-250
-23.8
-112
-29.7
-8.51
-15.4
Interest expense
3.4
1.7
18.7
15.7
17.2
16.6
Interest income
0.4
0.52
0.09
Pre-tax income
-295
-55.8
-439
-49.5
-25.3
-23.2
Income tax
18.6
21.7
10.7
27.2
-17.7
17
Net income
-313
-77.5
-449
-76.6
-7.64
-40.2
EBITDA
-222
7.26
-81.1
-2.57
16.2
3.87
EPS, basic
-1.83
-0.45
-0.13
-0.01
0.00
-0.01
EPS, diluted
-1.83
-0.45
-0.13
-0.01
0.00
-0.01
Shares, basic (weighted)
172
0.17
3.37
6,437
6,540
6,702
Shares, diluted (weighted)
172
0.17
3.37
6,437
6,540
6,702
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
11.5
16.6
14.4
13.2
19.1
11.9
Receivables
3.35
3.6
4
4.61
5.54
6.43
Inventory
25.5
28.7
29.8
25.4
22.5
22.3
Other current assets
1.7
1.6
0.2
0.24
1.64
4.64
Total current assets
45.6
53.6
50.6
45.5
74.6
48.7
Property, plant and equipment
107
113
103
94
87.5
105
Lease right-of-use assets
33.1
30.4
28.4
27.4
24
29.4
Goodwill
0
0
0
0
6.15
1.56
Intangible assets
159
139
117
105
72.9
67.5
Long-term investments
0.51
0.57
0.23
0.74
0.86
0.84
Other non-current assets
8.14
8.65
3.85
4.41
5.03
3.21
Total assets
353
345
303
277
271
256
Accounts payable
12.1
13.6
10.7
14.4
12.8
16.3
Accrued liabilities
55.1
98.9
74
103
53.5
45
Short-term debt
157
165
0.05
0.06
0.07
0
Total current liabilities
232
285
92.6
125
75.3
68.5
Long-term debt
14.1
28
147
165
182
194
Lease liabilities
27.7
27.8
28.8
28
21.6
26.8
Other non-current liabilities
0
2.91
Total liabilities
306
369
292
339
337
359
Total debt
171
193
147
165
182
194
Paid-in capital
770
776
1,262
1,266
1,270
1,272
Retained earnings
-724
-802
-1,251
-1,328
-1,335
-1,375
Shareholders' equity
47.3
-23.6
11
-61.7
-65.5
-103
Total equity
47.3
-23.6
11
-61.7
-65.5
-103
Total liabilities and equity
353
345
303
277
271
256
Shares outstanding
172
172
6.4
6,511
6,678
6,859
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-313
-77.5
-449
76.6
-7.64
-40.2
Depreciation and amortization
27.9
31
31.4
27.2
24.7
19.3
Stock-based compensation
11.5
6.52
30.4
4.54
2.11
1.85
Deferred income tax
-4.54
-4.62
-7.78
-3.43
-20.3
0
Change in payables
3.8
Cash from operations
-9.83
16.1
-19.5
3.78
12.5
3.15
Capital expenditures
-13.4
-19.4
-6.94
-3.57
-5.52
-23.8
Purchases of investments
-0.76
-0.39
0
Sales and maturities of investments
2.48
0
Cash from investing
-14.7
-21.3
-4.74
-4.39
-6.28
2.3
Debt issued
14.7
11
24.3
0
Debt repaid
-11.3
-0.07
-0.36
-0.05
-0.06
-7.37
Cash from financing
1.26
10.2
22.1
-0.62
-0.34
-12.7
Net change in cash
-23.3
5.07
-2.17
-1.23
5.92
-7.23
Free cash flow
-23.3
-3.29
-26.4
0.21
7.03
-20.6
Interest paid
0.16
0.09
0.1
0.13
1.53
1.49
Income taxes paid
2.2
4.5
6.02
4.43
4.4
7.67
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.00 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
44.9%
Gross profit / revenue.
Operating margin
-9.0%
Operating income / revenue.
EBITDA margin
4.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-23.2%
Pre-tax income / revenue.
Net margin
-39.7%
Net income / revenue.
FCF margin
-16.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-1.0%
Cash from operations / revenue.
Return on assets (ROA)
-21.4%
Net income / average total assets.
Return on invested capital (ROIC)
-15.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue
40.2%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
1.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
15.1%
Capital expenditures / revenue.
D&A / revenue
13.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-14.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-4.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-1.0%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-12.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-4.1%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-4.3%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y
-76.1%
EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
-74.9%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-393.7%
Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-5.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-5.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-6.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
2.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
1,157.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
108.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.17x
Current assets / current liabilities.
Quick ratio
0.05x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.03x
(Cash + short-term investments) / current liabilities.
Debt / assets
78.8%
Total debt / total assets.
Liabilities / assets
150.6%
Total liabilities / total assets.
Net debt
$195.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
28.9x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.01
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.02
Revenue / diluted weighted shares.
FCF per share
-$0.00
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.00
Cash from operations / diluted weighted shares.
Book value per share
-$0.02
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.19x
Market cap / revenue.
EV/Sales
1.59x
Enterprise value / revenue.
EV/EBITDA
32.8x
Enterprise value / EBITDA, when both are positive.
FCF yield
-84.5%
Free cash flow / market cap.
Earnings yield
-208.9%
Net income / market cap (the inverse of P/E).
What was iANTHUS CAPITAL HOLDINGS, INC.'s revenue in fiscal 2025?
iANTHUS CAPITAL HOLDINGS, INC. reported revenue of $144.0M for fiscal 2025, 14.1% lower than the year before.
Was iANTHUS CAPITAL HOLDINGS, INC. profitable in fiscal 2025?
No. It reported a net loss of $40.2M.
How much free cash flow did iANTHUS CAPITAL HOLDINGS, INC. generate in fiscal 2025?
Cash from operations of $3.1M minus capital expenditures of $23.8M left free cash flow of -$20.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.