# IANTHUS CAPITAL HOLDINGS, INC. (ITHUF) · Edgar & Edgarette company card

> Ianthus Capital Holdings (ITHUF) saw revenue fall 14.1% in FY2025 to $144 million, operating margin -10.7%, equity -40.3% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1643154 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/ITHUF) · [JSON](https://www.pops4.com/boards/company/ITHUF.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $144M |
| Revenue growth, 1 year | -14.1% |
| Revenue growth per year | -8.2% |
| Operating margin | -10.7% (prior year -5.1%) |
| Net margin | -27.9% |
| Operating cash flow | $3M |
| Capital spending | $24M |
| Free cash flow | −$21M |
| Cash | $12M |
| Long-term debt | $194M |
| Total assets | $256M |
| Total equity | −$103M |
| Equity ÷ assets | -40.3% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -18.73 (distress zone)
- Piotroski F: 3 of 9 (middling)
- Beneish M: -3.09 (below the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed auditor change in the last 12 months; liabilities exceed assets (often from years of share buybacks, not always distress); operating loss: a margin of -10.7% in FY2025; free cash flow was negative: capital spending outran operating cash (-$20.6M in FY2025)
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $144.0M (FY2025), total debt $194.0M. Experience: revenue down 14.1% on the year, down 8.2% a year over 4 years; operating margin -10.7%, down from -5.1%. Soundness: equity -40.3% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $106.8M and $154.3M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $97.3M to $170.0M. A statistical range, not company guidance. Against peers (10 filers, $50M+ revenue, agricultural production-crops): growth -14.1% against -0.9%.

Range logged 2026-11-01, receipt 7e67a22f3b84d077, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 4.01 Auditor change: 1, latest 2026-11-12 ([filing](https://www.sec.gov/Archives/edgar/data/1643154/000119312526458735/0001193125-26-458735-index.htm))
- Item 5.02 Director or officer change: 1, latest 2026-05-05 ([filing](https://www.sec.gov/Archives/edgar/data/1643154/000119312526204542/0001193125-26-204542-index.htm))

## Recent filings

- 8-K · filed 2026-11-12 · 2.02 Results of Operations and Financial Condition; 4.01 Changes in Registrant's Certifying Accountant; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1643154/000119312526458735/0001193125-26-458735-index.htm)
- 10-Q · filed 2026-11-12 · [filing](https://www.sec.gov/Archives/edgar/data/1643154/000119312526458515/0001193125-26-458515-index.htm)
- 10-Q · filed 2026-08-12 · [filing](https://www.sec.gov/Archives/edgar/data/1643154/000119312526347097/0001193125-26-347097-index.htm)
- 8-K · filed 2026-08-12 · 2.02 Results of Operations and Financial Condition; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1643154/000119312526347094/0001193125-26-347094-index.htm)
- 8-K · filed 2026-07-01 · 5.07 Submission of Matters to a Vote of Security Holders; 8.01 Other Events · [filing](https://www.sec.gov/Archives/edgar/data/1643154/000119312526292251/0001193125-26-292251-index.htm)
- DEF 14A · filed 2026-05-19 · [filing](https://www.sec.gov/Archives/edgar/data/1643154/000119312526230331/0001193125-26-230331-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001643154.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1643154

## Cite

POPS4, Edgar & Edgarette: IANTHUS CAPITAL HOLDINGS, INC. (ITHUF) company card, from the company's own SEC filings, accessed 2026-11-13, https://www.pops4.com/boards/company/ITHUF. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.