Filing Flows › iANTHUS Capital Holdings (ITHUF) › Q4 2025
iANTHUS Capital Holdings (ITHUF) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 27, 2026
iANTHUS Capital Holdings (ITHUF) reported revenue of $35.3M for the fourth quarter 2025 (Q4 2025), -17% from a year earlier and -0.3% from the quarter before. Operating margin was -10.7%, net loss $14.1M (39.9% of revenue).
iANTHUS Capital Holdings, Q4 2025: revenue $35.3M (-17% year over year), operating margin -10.7%, net loss $14.1M, operating cash flow $2.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $35.3M | -0.3% | -17% |
| Operating profit | −$3.8M | — | — |
| Net earnings | −$14.1M | — | -151% |
| Operating cash flow | $2.0M | — | +6% |
What changed
Revenue was $35.3M in Q4 2025, down 17% year over year and roughly flat from the previous quarter. Third Party Branded Products was the largest line at 39% of revenue.
Gross margin was 42.7%, down 2.1 points from Q4 2024. Operating costs exceeded revenue by $3.8M, an operating margin of -10.7%. Operating expenses fell 11% while revenue fell 17%. The quarter ended with a net loss of $14.1M, wider than the previous quarter's $12.5M loss.
Operating cash flow was $2.0M (up 6% year over year). Non-cash charges added back $5.3M of depreciation and amortization and $327K of share-based compensation. Working capital and other items added $10.4M. Capital expenditures of $7.0M exceeded it, leaving free cash flow of −$5.1M.
Questions
What was iANTHUS Capital Holdings' revenue in the fourth quarter 2025?
iANTHUS Capital Holdings (ITHUF) reported revenue of $35.3M for the fourth quarter 2025 (Q4 2025), -17% from a year earlier and -0.3% from the quarter before.
Was iANTHUS Capital Holdings profitable in the fourth quarter 2025?
Operating loss was $3.8M (-10.7% of revenue) and net loss $14.1M.