8-K: iAnthus Capital Holdings Reports Q3 2026 Results, Appoints New Auditor

iAnthus Capital Holdings announced third quarter 2026 financial results showing revenue growth and improved Adjusted EBITDA, alongside the appointment of Macias Gini & OConnell LLP as its new independent auditor.

Summary

• iAnthus Capital Holdings reported financial results for the third quarter ended September 30, 2026.
• Revenue for Q3 2026 was $38.4 million, an increase of $3.0 million sequentially and year-over-year.
• Gross profit was $16.7 million, with a gross margin of 43.5%, a decrease from the previous quarter and prior year.
• The company reported a net loss of $13.2 million for the quarter.
• Adjusted EBITDA was $5.2 million, an increase from $4.4 million in Q2 2026 and $2.5 million in Q3 2025.
• Macias Gini & OConnell LLP (MGO) has been appointed as the new independent registered public accounting firm, effective November 12, 2026.
• PKF OConnor Davies, LLP (PKFOD) resigned as the independent auditor, effective November 12, 2026.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, primarily due to revenue growth and improved Adjusted EBITDA, despite a continued net loss and declining gross margin. The auditor change is a procedural event.

Positives

• Revenue increased to $38.4 million, up $3.0 million sequentially and year-over-year.
• Adjusted EBITDA improved significantly to $5.2 million, up from $4.4 million in Q2 2026 and $2.5 million in Q3 2025.
• Gross profit increased to $16.7 million, up $1.1 million from the same quarter in the prior year.

Negatives

• Gross margin decreased to 43.5%, a sequential decrease of 209 basis points and a year-over-year decrease of 58 basis points.
• The company reported a net loss of $13.2 million for the quarter.
• The net loss per share was less than $0.00.

Risks

• The company's ability to continue as a going concern was previously noted in auditor reports.
• Material weaknesses were identified in the Company's Annual Form 10-K for the years ended December 31, 2025, 2024, and 2023.
• Forward-looking statements are subject to significant risks and uncertainty, including factors detailed in SEC and Canadian Securities Regulators filings.

Future Outlook

The filing does not contain specific forward-looking guidance beyond the general statements about the company's business development and results of operations, which are subject to significant risks and uncertainties.

Management Comments

• iAnthus Capital Holdings, Inc. (iAnthus or the Company) (CSE: IAN, OTCID: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the third quarter ended September 30, 2026.
• The Company's financial statements are reported in accordance with U.S. generally accepted accounting principles (GAAP).
• We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance of other similarly situated companies in our industry, and we present Adjusted EBITDA because it removes non-recurring, irregular and one-time items that we believe may distort the comparability of EBITDA from period-to-period and with other industry participants.

Industry Context

StockSavvy.ai notes that the cannabis industry continues to face scrutiny regarding profitability and operational efficiency. iAnthus's reported revenue growth and improved Adjusted EBITDA are positive signs, but the declining gross margin and continued net loss highlight ongoing challenges in achieving sustainable profitability within this evolving sector.

Management Changes

Corporate Governance

Legal Proceedings

• Material weaknesses were identified in the Company's Annual Form 10-K for the years ended December 31, 2025, 2024, and 2023.
• The company has ongoing legal disputes and settlements, which are considered non-recurring charges.

Stakeholder Impact

• Shareholders: Continued net losses and declining gross margins may impact investor confidence, though revenue growth and improved Adjusted EBITDA offer some positive signals.
• Creditors: The going concern note in previous auditor reports and identified material weaknesses could affect creditworthiness.
• Employees: Operational performance and financial stability are key to job security and company growth.

Next Steps

• The company will continue to operate under its new independent registered public accounting firm, Macias Gini & OConnell LLP, for the fiscal year ending December 31, 2026.
• Further financial performance and operational updates will be provided in subsequent filings.

Key Dates

Recommendation

The filing presents a mixed picture: revenue and Adjusted EBITDA are improving, which is positive. However, the persistent net loss, declining gross margin, and past disclosures of material weaknesses and going concern issues warrant caution. A 'hold' recommendation reflects the need for further evidence of sustained profitability and resolution of internal control weaknesses before considering a more aggressive stance.

Keywords

cannabis operations, financial results, Adjusted EBITDA, revenue, gross margin, auditor change, going concern, material weaknesses