iAnthus Capital Holdings Generates US$19.2 Million in Second Quarter Revenues
iAnthus Capital Holdings (CSE: IAN) filed its second quarter 2019 financials late this evening, posting revenues of US$19.20 million for the three months ended June 30, 2019, a 99.58% increase over the previous quarter. Gross profit came in at $9.19 million for the quarter before unrealized changes in the fair value of biological assets.
Expenses meanwhile increased 52.15% over the previous quarter, coming in at $35.24 million. Share based compensation consisted of the largest portion of expenses at $9.58 million, followed by salaries and employee benefits at $8.10 million. Overall, iAnthus posted a net loss of $9.29 million for the quarter, or ($0.06) per share.
Net cash used in operating activities nearly tripled from the previous quarter to that of $27.73 million, resulting in operational cash burn of $4.62 million on a monthly basis over the current fiscal year. The firms cash position fell from $42.33 million to that of $30.51 over the three month period.
While current assets decreased slightly from $84.65 million to $78.79 million, total assets increased $810.99 million, with the company reallocating some of its $555.43 million in goodwill to that of intangible assets to bring goodwill down to $440.69 million. The adjustment appears to be related to a reevaluation of the MPX transaction. Legacy MPX assets have accounted for $17.62 million in revenues on a year to date basis, out of a total $28.82 million in revenue generated by iAnthus Capital Holdings.
iAnthus however made notable improvements in its current and long term liabilities. Accounts payable fell to $16.04 million over the quarter, a $4.41 million improvement. Current long term debt also fell considerably, from $37.79 million to that of $10.84 million. Collectively, total liabilities fell $46.22 million over the quarter, settling at $188.45 million.
iAnthus Capital Holdings is currently trading at $3.38 per share as of todays close.
Information for this briefing was found via Sedar and iAnthus Capital Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
