ITHUF · Ianthus Capital Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Revenue | $143.99M | $167.57M | $159.24M | $163.21M | $151.67M |
| Cost of Revenue | $78.29M | $92.45M | $96.07M | $88.78M | $69.83M |
| Gross Profit | $65.70M | $75.11M | $63.17M | $74.43M | $81.84M |
| R&D | - | - | - | - | - |
| SG&A | $60.89M | $62.18M | $78.33M | $128.09M | $98.38M |
| Total Operating Expenses | $81.11M | $83.63M | $103.88M | $186.89M | $331.73M |
| D&A | $19.29M | $24.74M | $27.17M | $31.39M | $27.92M |
| Operating Income | ($15.42M) | ($8.51M) | ($40.71M) | ($112.45M) | ($249.89M) |
| Interest Expense | $16.60M | $17.17M | $15.74M | $800.0K | $3.40M |
| Income Tax | $17.04M | ($17.68M) | $16.70M | $10.69M | $18.63M |
| Net Income | ($40.20M) | ($7.64M) | ($76.62M) | ($449.39M) | ($313.36M) |
| EPS - Basic | ($0.01) | $0.00 | ($0.01) | ($0.13) | - |
| EPS - Diluted | ($0.01) | $0.00 | ($0.01) | ($0.45) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Cash & Equivalents | $11.87M | $19.10M | $13.18M | $14.41M | $16.58M |
| Accounts Receivable | $6.43M | $5.54M | $4.61M | $4.00M | $3.60M |
| Inventory | $22.25M | $22.47M | $25.38M | $29.80M | $30.45M |
| Accounts Payable | $16.27M | $12.83M | $14.40M | $10.69M | $13.64M |
| Current Assets | $48.73M | $74.64M | $45.51M | $50.62M | $55.40M |
| Total Assets | $255.99M | $271.04M | $277.41M | $303.47M | $346.74M |
| Current Liabilities | $68.51M | $75.29M | $125.43M | $92.57M | $285.82M |
| Long-term Debt | $193.99M | $182.26M | $165.22M | $147.26M | $28.00M |
| Total Liabilities | $359.03M | $336.58M | $339.07M | $292.48M | $369.14M |
| Stockholders' Equity | ($103.04M) | ($65.54M) | ($61.67M) | $10.99M | ($22.40M) |
| Retained Earnings | ($1.38B) | ($1.34B) | ($1.33B) | ($1.25B) | ($800.39M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Operating Cash Flow | $3.15M | $12.54M | $3.02M | ($19.50M) | ($9.83M) |
| Investing Cash Flow | $2.30M | ($6.28M) | ($3.63M) | ($4.74M) | ($14.74M) |
| Financing Cash Flow | ($12.67M) | ($339.0K) | ($618.0K) | $22.06M | $1.26M |
| CapEx | $23.78M | $5.52M | $3.57M | $6.94M | $13.44M |
| Free Cash Flow | ($20.63M) | $7.03M | ($555.0K) | ($26.43M) | ($23.26M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Profitability | |||||
| Gross margin | 45.6% | 44.8% | 39.7% | 45.6% | 54.0% |
| Operating margin | -10.7% | -5.1% | -25.6% | -68.9% | -164.8% |
| EBITDA margin | 2.7% | 9.7% | -8.5% | -49.7% | -146.4% |
| Net margin | -27.9% | -4.6% | -48.1% | -275.3% | -206.6% |
| Free cash flow margin | -14.3% | 4.2% | -0.3% | -16.2% | -15.3% |
| FCF / Net income | 0.51 | -0.92 | 0.01 | 0.06 | 0.07 |
| R&D / Revenue | - | - | - | - | - |
| SG&A / Revenue | 42.3% | 37.1% | 49.2% | 78.5% | 64.9% |
| Effective tax rate | - | - | - | - | - |
| Return on assets | -15.7% | -2.8% | -27.6% | -148.1% | -90.4% |
| Return on equity | 39.0% | 11.7% | 124.3% | -4089.5% | 1399.1% |
| Return on invested capital | -13.4% | -5.8% | -31.1% | -56.1% | -3524.0% |
| Liquidity | |||||
| Current ratio | 0.71 | 0.99 | 0.36 | 0.55 | 0.19 |
| Quick ratio | 0.39 | 0.69 | 0.16 | 0.22 | 0.09 |
| Cash ratio | 0.17 | 0.25 | 0.11 | 0.16 | 0.06 |
| Leverage | |||||
| Debt / Equity | -1.88 | -2.78 | -2.68 | 13.40 | -1.25 |
| Debt / Assets | 0.76 | 0.67 | 0.60 | 0.49 | 0.08 |
| Debt / EBITDA | 50.09 | 11.23 | - | - | - |
| Interest coverage | -0.9x | -0.5x | -2.6x | -140.6x | -73.5x |
| Equity multiplier | -2.48 | -4.14 | -4.50 | 27.62 | -15.48 |
| Liabilities / Assets | 1.40 | 1.24 | 1.22 | 0.96 | 1.06 |
| Efficiency | |||||
| Asset turnover | 0.56 | 0.62 | 0.57 | 0.54 | 0.44 |
| Inventory turnover | 3.52 | 4.12 | 3.78 | 2.98 | 2.29 |
| Days sales outstanding | 16d | 12d | 11d | 9d | 9d |
| Days inventory outstanding | 104d | 89d | 96d | 123d | 159d |
| Days payable outstanding | 76d | 51d | 55d | 44d | 71d |
| Cash conversion cycle | 44d | 50d | 52d | 88d | 97d |
| Valuation | |||||
| P / E | - | - | - | - | - |
| P / B | - | - | - | - | - |
| P / S | 0.2x | 0.2x | 0.0x | - | - |
| EV / EBITDA | 55.7x | 12.1x | - | - | - |
| Growth | |||||
| Revenue growth (YoY) | -14.1% | 5.2% | -2.4% | 7.6% | - |
| Revenue CAGR (3y) | -4.1% | 3.4% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - |
| Gross profit growth (YoY) | -12.5% | 18.9% | -15.1% | -9.1% | - |
| Operating income growth (YoY) | -81.1% | 79.1% | 63.8% | 55.0% | - |
| Net income growth (YoY) | -426.5% | 90.0% | 83.0% | -43.4% | - |
| EPS growth (YoY) | - | - | 97.8% | - | - |
| EPS CAGR (3y) | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - |
| FCF growth (YoY) | - | - | 97.9% | -13.6% | - |
| FCF CAGR (5y) | - | - | - | - | - |
| Book value growth (YoY) | -57.2% | -6.3% | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$143.99M totalEastern Region$133.60M · 92.8%
Western Region$10.38M · 7.2%
Product / service
$143.99M totalIanthus Branded Products$63.17M · 43.9%
Third Party Branded Products$55.13M · 38.3%
Wholesale Bulk Other Products$25.69M · 17.8%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-4.35
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Agricultural Production-Crops
| Company | Revenue (last FY) | Net margin | ROE |
|---|---|---|---|
| FDP | $4.32B | 2.1% | 4.5% |
| CTVA | $17.40B | 6.3% | 4.5% |
| VRNO | $821.50M | -31.4% | -36.6% |
| CBSTF | - | - | - |
| GTII/GTBIF | $1.18B | 9.7% | 6.0% |
Comparing iANTHUS CAPITAL HOLDINGS against the 5 most active filers in the same SIC group.