iAnthus Revenue Rises Sequentially as Gotham Green Extends Credit Line

iAnthus Capital Holdings posted second-quarter revenue of $35.3 million on August 12, 2026, a $1.8 million sequential gain from the first quarter, and separately obtained a $2.5 million revolving line of credit from affiliates of Gotham Green Partners earmarked for opportunities in New York and Florida.

The multi-state operator’s results for the quarter ended June 30, 2026 show a business holding revenue roughly flat year over year (up $0.2 million from the $35.2 million booked in the same quarter of 2025) while continuing to lose money on a net basis. The company reported a net loss of $14.4 million, essentially unchanged from the $14.3 million loss in the first quarter of 2026 but an improvement from the $18.7 million loss a year earlier, according to its earnings release.

Gross profit came in at $16.1 million, producing a gross margin of 45.5 percent. That margin slipped 197 basis points from the first quarter’s 47.5 percent and sits 37 basis points below the year-ago quarter. Adjusted EBITDA, a non-GAAP measure the company uses to strip out one-time and non-cash items, reached $4.4 million, up from $3.4 million in the first quarter and $1.9 million in the second quarter of 2025. The full quarterly report, including unaudited financial statements, is filed with the SEC and on SEDAR+.

The Quarter in Figures

• Revenue: $35.3 million, up $1.8 million sequentially and $0.2 million year over year
• Gross margin: 45.5%, down from 47.5% in Q1 2026 and 45.9% in Q2 2025
• Net loss: $14.4 million, versus $14.3 million in Q1 2026 and $18.7 million in Q2 2025
• Adjusted EBITDA: $4.4 million, versus $3.4 million in Q1 2026 and $1.9 million in Q2 2025
• Interest expense, net: $4.2 million, up from $3.5 million a year earlier
• Income tax expense: $7.0 million, up from $4.1 million in Q2 2025

What the Gotham Green Credit Line Buys

The revolving facility, dated August 12, 2026, allows iAnthus to borrow, repay and re-borrow up to $2.5 million from affiliates of Gotham Green Partners, the Los Angeles- and New York-based investment firm that has backed the company for years. Outstanding amounts carry simple interest at 12 percent per year, and everything owed comes due June 27, 2027.

The stated purpose is narrow: proceeds are expected to fund the company’s strategy in New York and Florida, including future opportunities in those states, facility upgrades, operating expenses and working capital. That points the money at two of the most closely watched markets in U.S. cannabis. New York’s legal market is still scaling up, and Florida operators have spent years positioning around the state’s large medical program and the possibility of adult-use legalization — a fight that has drawn heavy spending from much larger rivals, including Trulieve’s corporate maneuvering this month.

The size of the line is modest against iAnthus’s quarterly revenue, but the lender’s identity matters more than the amount. Gotham Green’s relationship with iAnthus dates to at least May 2018, when the firm invested $50 million in the company to fund growth initiatives, and it has remained a central capital source through the operator’s subsequent restructuring.

The Related-Party Fine Print

Because Gotham Green may count as a related party under Canadian securities rules, the company disclosed that the credit agreement may qualify as a related-party transaction. It is relying on exemptions from the formal valuation and minority-approval requirements that would otherwise apply, on the grounds that the transaction’s value does not exceed 25 percent of iAnthus’s market capitalization. The company also noted it did not file a material-change report 21 days before closing, saying the transaction’s structure had not been confirmed at that point.

That disclosure is the kind of detail worth reading in a company whose capital structure has been reshaped repeatedly. The reconciliation table in the release shows why the GAAP and adjusted numbers diverge: the $14.4 million net loss includes $4.7 million of depreciation and amortization, $4.2 million of net interest expense and $7.0 million of income tax expense, plus roughly $3.0 million of adjustments covering items such as accretion expense, share-based compensation and $0.8 million of non-recurring charges tied to strategic review processes, legal disputes, settlements and severance.

Where iAnthus Fits in the Earnings Picture

iAnthus describes itself as the first U.S. multi-state operator to go public and raise money in Canada, and it operates across 11 states including New York, New Jersey, Massachusetts, Florida, Maryland, Arizona and Nevada, with a brand portfolio spanning MPX, Anthologie, Cheetah, Sunshine State and others.

Its quarter lands in the middle of an earnings season that has split the U.S. operator class. Trulieve’s revenue slipped in its first report after listing on the NYSE, while Verano posted a third straight quarter of revenue growth alongside improving cash flow. Consolidation has continued in parallel, with SNDL’s takeover of Parallel reshaping the Florida footprint that iAnthus is now paying 12 percent to pursue — and where Parallel itself had already closed cultivation sites before the deal.

For iAnthus, the sequential revenue gain and rising adjusted EBITDA mark the operational story; the credit line, small but expensive, marks the strategic one. Both run through New York and Florida, and the facility matures June 27, 2027 — the date by which whatever the company buys with it will need to have paid off or been refinanced.