$ITHUF Ianthus Capital Holdings Inc

What Do They Do?

Cultivates, processes and sells cannabis products through wholesale distribution and dispensaries to medical and adult-use customers across the United States.

How Do They Make Money?

The largest revenue category is iAnthus-branded products. Customers pay for cannabis products at retail checkout or, for wholesale orders, before shipment or within the agreed payment period after delivery and acceptance.

revenue

Segment	Share	How money arrives
iAnthus branded products Sold outright	44% FY2022: 53%	Sold outright
Third party branded products Sold outright	38% FY2022: 41%	Sold outright
Wholesale/bulk/other products Sold outright	18% FY2022: 5.9%	Sold outright

Who Are Their Customers?

Wholesale customers include the company’s own dispensaries and third-party dispensaries; retail customers buy medical and adult-use products at its dispensaries.

Do Revenues Turn Into Profits?

No. It lost $40.2M in FY2025.

Operating income, FY2025

−11% of revenue

▲ +81% (Loss) vs FY2024 (−$8.5M, −5%)

Net income, FY2025

−28% of revenue

▲ +426% (Loss) vs FY2024 (−$7.6M, −5%)

Free cash flow, FY2025

−14% of revenue

▼ Now a loss vs FY2024 ($7M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ 0%; vs $35.2M in Q2 FY2025

iAnthus branded products share of revenue vs 46.7% in Q2 FY2025

May 5, 2026 Jason Ware appointed CFO as Justin Vu resigned Vu will continue as a consultant for up to six weeks after resigning.

Shrinking. Revenue fell 29% in 4 years, from $203M in FY2021 to $144M in FY2025, about 8% a year.

Revenue over time

iAnthus branded products Third party branded products Wholesale/bulk/other products

$250M$125M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Acreage Holdings, Cresco Labs, Curaleaf Holdings, Green Thumb Industries, Trulieve Cannabis, and Verano Holdings