New York-based iAnthus Capital Holdings (CSE: IAN) (OTCQB: ITHUF) on Monday reported a $7.6 million net loss for 2024, a vast improvement from the year prior, when the company lost $76.6 million.
iAnthus posted $167.6 million in revenue for the year, up 5.2% year-over-year. That included $42.7 million in the fourth quarter alone, an uptick both sequentially and year-over-year.
Despite the year-end tally landing in the red, the company reported net income of $27.8 million for the fourth quarter. That’s up year-over-year from a net loss of $18.7 million, suggesting that iAnthus may be poised to turn its fortunes around.
The company said in its quarterly filing with the U.S. Securities and Exchange Commission that it intends to expand operations in several states, with particular focus on Florida and New York.
At the end of 2024, iAnthus had 40 dispensaries across Arizona, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey and New York, but said it plans to boost its retail presence in all but two. The company also plans to expand its cultivation and processing capabilities in several markets as well.
“We currently have the ability to harvest approximately 35,000 pounds of biomass annually in our existing cultivation space, and we believe that we will have the ability to harvest approximately 144,000 pounds of biomass annually if we are able to use all of our projected cultivation space,” the company reported.
iAnthus also is keeping its eyes open for new licensing opportunities and acquisition target, the company said. In January, iAnthus purchased Illinois cannabis vape brand Cheetah in an all-stock deal valued at $1.5 million, and in February it sold off some of its Arizona properties for $36.5 million to bolster its balance sheet.
As of Dec. 31, iAnthus had $271 million in total assets, including $18.5 million in cash, against $336.5 million in total liabilities.
[[{“value”:”Despite the annual loss, the company turned a solid profit for the fourth quarter.
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