iAnthus Capital Holdings, Inc. announced its financial results for the third quarter ended September 30, 2026, and disclosed a change in its independent auditor. The company reported revenue of $38.4 million for the quarter, a sequential increase of $3.0 million from the prior quarter and a $3.0 million increase compared to the same period in the prior year. Gross profit for the period was $16.7 million, resulting in a gross margin of 43.5%. Despite the revenue growth, the company recorded a net loss of $13.2 million, or less than $0.00 per share, which was an improvement from the $14.4 million net loss reported in the second quarter of 2026.
In terms of non-GAAP measures, iAnthus reported Adjusted EBITDA of $5.2 million for Q3 2026. This figure represents a sequential increase from $4.4 million in Q2 2026 and a significant rise from $2.5 million in the same quarter of the prior year. The company also provided a reconciliation of its net loss to EBITDA and Adjusted EBITDA, detailing adjustments for items such as depreciation and amortization, interest expense, and non-recurring costs related to strategic reviews and legal disputes.
Separately, iAnthus disclosed that PKF O'Connor Davies, LLP (PKFOD) has resigned as the company’s independent registered public accounting firm effective November 12, 2026. The resignation followed a competitive selection process by the company's audit committee. The committee approved the appointment of Macias Gini & O’Connell LLP (MGO) as the new independent auditor for the fiscal year ending December 31, 2026. The filing notes that PKFOD’s reports for the fiscal years ended December 31, 2025, 2024, and 2023 did not contain any adverse opinions or disclaimers, though they included an explanatory paragraph regarding the company’s ability to continue as a going concern. The company stated there were no disagreements with PKFOD regarding accounting principles or auditing scope during the relevant periods.
