Filing Flows › iANTHUS Capital Holdings (ITHUF) › Q3 2025
iANTHUS Capital Holdings (ITHUF) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
iANTHUS Capital Holdings (ITHUF) reported revenue of $35.4M for the third quarter 2025 (Q3 2025), -12% from a year earlier and +0.6% from the quarter before. Operating margin was -12.0%, net loss $12.5M (35.4% of revenue).
iANTHUS Capital Holdings, Q3 2025: revenue $35.4M (-12% year over year), operating margin -12.0%, net loss $12.5M, operating cash flow −$5.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $35.4M | +0.6% | -12% |
| Operating profit | −$4.2M | — | — |
| Net earnings | −$12.5M | — | — |
| Operating cash flow | −$5.1M | -261% | — |
What changed
Revenue was $35.4M in Q3 2025, down 12% year over year and up 1% from the previous quarter. Ianthus Branded Products was the largest line at 44% of revenue. Ianthus Branded Products lost $4.8M year over year (down 24%), 97% of the total change.
Gross margin was 44.0%, down 0.9 points from a year earlier. Operating costs exceeded revenue by $4.2M, an operating margin of -12.0%. Operating expenses grew 3% against a revenue fall of 12%. The fastest-growing cost line was Other operating costs (+30%). The quarter ended with a net loss of $12.5M, narrower than the previous quarter's $18.7M loss.
Operating cash flow was −$5.1M. Non-cash charges added back $4.6M of depreciation and amortization and $453K of share-based compensation. Working capital and other items added $2.4M. Capital expenditures of $8.4M exceeded it, leaving free cash flow of −$13.5M.
Questions
What was iANTHUS Capital Holdings' revenue in the third quarter 2025?
iANTHUS Capital Holdings (ITHUF) reported revenue of $35.4M for the third quarter 2025 (Q3 2025), -12% from a year earlier and +0.6% from the quarter before.
Was iANTHUS Capital Holdings profitable in the third quarter 2025?
Operating loss was $4.2M (-12.0% of revenue) and net loss $12.5M.