iAnthus Capital Holdings (CSE:IAN) provided shareholders with its financial results for the third quarter of 2018.
As quoted in the press release:
Hadley Ford, CEO of iAnthus, provided the following statement on the company’s Q3 2018 results:
“iAnthus continues to execute. The Company has expanded its footprint and added to its industry leading-team while maintaining a prudent balance sheet throughout the process. We are now generating revenue in five of the six markets in which we operate, with a significant number of dispensaries expected to open within the next few months. Assets are up 344 [percent] year-over-year as we grow the iAnthus platform across the United States. This performance, combined with the outlook for our Massachusetts, New York and Florida operations and the pending acquisition of MPX, position us very well for 2019.”
Third Quarter 2018 Financial Highlights
- With the full scale launch of the Company’s Massachusetts operation, iAnthus is now fully operational and successfully generating revenue in five of its six markets. With the anticipated opening of its Brooklyn dispensary by year end 2018, all six of the Company’s markets are expected to generate revenue.
- The Company showed significant revenue growth during the quarter. Consolidated revenues for the Company increased 101 [percent] quarter-over-quarter, increasing to $1,074,398 in Q3 from $533,545 in Q2. System-wide revenues, including the revenues from iAnthus’ investments in New Mexico and Colorado, were $5,139,769 in Q3, up 16 [percent] quarter-over-quarter from $4,415,368 in Q2. System-wide revenues from New Mexico and Colorado are unaudited and are not consolidated by the Company at present due to certain regulatory restrictions.
- The net loss for the three months ended September 30, 2018 was approximately $10.0 million. After adjusting for non-cash expenses, our adjusted net loss was approximately $4.9 million for the quarter. These non-cash expenses include $1.7 million from share-based compensation, $2.1 million from accretion expenses, and $1.0 million from revaluations on the fair value of derivative instruments as a result of the significant increase in the Company’s share price since the issuance of the instruments.