NEW YORK and TORONTO, May 14, 2024 /CNW/ - iAnthus Capital Holdings, Inc. ("iAnthus" or the "Company") (CSE:IAN) (OTCQB:ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the first quarter ended March 31, 2024. The Company's Quarterly Report on Form 10-Q (the "Quarterly Report"), which includes its unaudited interim condensed consolidated financial statements for the three months ended March 31, 2024 and the related management's discussion and analysis of financial condition and results of operations, can be accessed on the Securities and Exchange Commission's ("SEC's") website at www.sec.gov, on the System for Electronic Document Analysis and Retrieval's (SEDAR+) website at www.sedarplus.com, and on the Company's website at www.iAnthus.com. The Company's financial statements are reported in accordance with U.S. generally accepted accounting principles ("GAAP"). All currency is expressed in U.S. dollars. First Quarter 2024 Financial Highlights Revenue of $41.6 million, a sequential increase of 1.7% from Q4 2023 and an increase of 13.1% from the same quarter in the prior year. Gross profit of $17.2 million, a sequential increase of 8.1% from Q4 2023 and an increase of 10.9% from the same quarter in the prior year. Gross margin of 41.4%, reflecting a sequential increase of 244bps when compared to Q4 2023 and a decrease of 82bps from the same quarter in the prior year. Net loss of $14.0 million, or a net loss of less than $0.01 per share, compared to a net loss of $18.7 million, or a net loss of less than $0.01 per share in Q4 2023, and compared to a net loss of $18.6 million, or a net loss of $0.01 per share, in the same quarter in the prior year. Adjusted EBITDA(1) of $3.2 million, a sequential increase from an Adjusted EBITDA of $2.8 million in Q4 2023, and an increase from an Adjusted EBITDA of $0.9 million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below. Table 1: Financial Results in thousands of US$, except per share amounts (unaudited) Q1 2024 Q4 2023 Q1 2023 Revenue $ 41,564 $ 40,880 $ 36,753 Gross profit 17,201 15,919 15,512 Gross margin 41.4 % 38.9 % 42.2 % Net loss (13,998) (18,695) (18,595) Net loss per share (0.00)