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iANTHUS Capital Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$2.9M in Q2 2026 · −$22.4M over twelve months

Operating cash flow$761K
Capital spending−$3.6M
Free cash flow−$2.9M
Cash conversion cycle59 days

Analysis

In Q2 2026, iANTHUS Capital Holdings generated $761K of operating cash flow and spent $3.6M on capital projects, leaving free cash flow of −$2.9M. That is $2.4M less than in Q2 2025 (−$453K).

Over the twelve months to Jun 30, 2026, operating cash flow was −$1.4M; the largest uses were capital spending ($21.0M), net borrowing (+) / repaid (−) ($3.5M), operating cash flow ($1.4M); besides operations, cash came from other investing ($10.5M); the cash balance fell by $15.7M.

Operating cash flow was $761K against net income of −$14.4M. The largest differences: payables +$7.8M, depreciation & amortization +$4.7M, inventory +$1.6M.

Its cash conversion cycle was 59 days (receivables 16 + inventory 120 − payables 77).

Free cash flow

iANTHUS Capital Holdings: free cash flow by quarteriANTHUS Capital Holdings: free cash flow by quarter$3.7MQ3 2024−$897KQ4 2024−$1.7MQ1 2025−$453KQ2 2025−$13.5MQ3 2025−$5.1MQ4 2025−$1.0MQ1 2026−$2.9MQ2 2026
Operating cash flow less capital spending.
iANTHUS Capital Holdings: operating cash flow against capital spendingiANTHUS Capital Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$4.8M$1.1MQ3 2024$1.9M$2.8MQ4 2024$3.1M$4.8MQ1 2025$3.2M$3.6MQ2 2025−$5.1M$8.4MQ3 2025$2.0M$7.0MQ4 2025$1.0M$2.0MQ1 2026$761K$3.6MQ2 2026
Latest (Q2 2026): Operating cash flow $761K, Capital spending $3.6M.

Capital allocation, year by year

iANTHUS Capital Holdings: where the cash came from (up) and went (down), by fiscal yeariANTHUS Capital Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingFY2021: Operating cash flow $16.1MFY2021: Net borrowing $10.9MFY2021: Asset sales $275KFY2021: Capital spending −$19.4M$27.4MFY2021FY2022: Operating cash flow −$19.5MFY2022: Net borrowing $23.9MFY2022: Asset sales $1.7MFY2022: Capital spending −$6.9M$25.6MFY2022FY2023: Operating cash flow $3.8MFY2023: Net borrowing −$49KFY2023: Asset sales $1.9MFY2023: Capital spending −$3.6M$5.7MFY2023FY2024: Operating cash flow $12.5MFY2024: Net borrowing −$56KFY2024: Capital spending −$5.5M$12.5MFY2024FY2025: Operating cash flow $3.1MFY2025: Net borrowing −$12.4MFY2025: Capital spending −$23.8M$3.1MFY2025
Over these 5 years operating cash flow totalled $16.1M; the largest uses were capital spending ($59.2M) and operating cash flow ($19.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.0M
Debt$204M
Net debt$196M
Due within a year$204M
Cash runway4 months

iANTHUS Capital Holdings is burning cash: its operations consume cash, a free cash flow of −$22.4M a year at the current rate against $8.0M of cash and investments: a runway of about 4 months; $204M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

iANTHUS Capital Holdings: sources (+) and uses (−) of cash, Q2 2026iANTHUS Capital Holdings: sources (+) and uses (−) of cash, Q2 2026Capital spending−$3.6MCash drawn (+) / kept (−)$2.9MOperating cash flow$761KNet borrowing (+) / repaid (−)−$251KOther investing$166K
iANTHUS Capital Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026iANTHUS Capital Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Capital spending−$21.0MCash drawn (+) / kept (−)$15.7MOther investing$10.5MNet borrowing (+) / repaid (−)−$3.5MOperating cash flow−$1.4MTaxes on employees’ shares−$188K

From profit to cash

iANTHUS Capital Holdings: net income to operating cash flow, Q2 2026iANTHUS Capital Holdings: net income to operating cash flow, Q2 2026Net income−$14.4MDepreciation & amortization$4.7MStock-based pay$522KReceivables−$1.1MInventory$1.6MPayables$7.8MOperating cash flow$761K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026161207759
Q1 2026181208453
Q4 202515996054
Q3 2025131005756
Q2 202519986156
Q1 202518985660
Q4 202412905348
Q3 2024141016253

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$761K−$3.6M−$251K$2.9M−$2.9M
Q1 2026$1.0M−$2.0M−$60K$660K−$1.0M
Q4 2025$2.0M−$7.0M−$279K$6.1M−$5.1M
Q3 2025−$5.1M−$8.4M−$3.0M$6.0M−$13.5M
Q2 2025$3.2M−$3.6M−$875K$1.1M−$453K
Q1 2025$3.1M−$4.8M−$8.3M−$6.0M−$1.7M
Q4 2024$1.9M−$2.8M−$14K$1.8M−$897K
Q3 2024$4.8M−$1.1M−$15K−$3.9M$3.7M

iANTHUS Capital Holdings: income statement and cash flow

iANTHUS Capital Holdings, Q2 2026: revenue $35.3M (+0.5% year over year), operating margin -6.4%. The chart follows the revenue to costs, profit and cash.

iANTHUS Capital Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.