iAnthus Capital Holdings, Inc. (CSE: IAN) reported its fiscal third quarter 2026 financial results on November 12, 2026, posting revenue of $38.4 million and Adjusted EBITDA of $5.2 million for the three months ended September 30, 2026. Both metrics improved sequentially and year-over-year, offering investors a clearer picture of the U.S. multi-state cannabis operator's financial trajectory. The company also disclosed a change in its independent auditor, appointing Macias Gini & O'Connell LLP effective the same date.

Key Points

  • iAnthus Capital Holdings, Inc. (CSE: IAN, OTCID: ITHUF) is a vertically integrated U.S. cannabis operator
  • Q3 2026 revenue reached $38.4 million, up $3.0 million sequentially and $3.0 million year-over-year
  • Adjusted EBITDA rose to $5.2 million from $2.5 million in Q3 2025; net loss narrowed to $13.2 million from $14.4 million in Q2 2026
  • Investors may be watching the auditor transition to MGO and the company's ongoing going-concern disclosure

iAnthus Q3 2026 Revenue and Profitability Show Sequential Improvement

iAnthus posted Q3 2026 revenue of $38.4 million, a sequential increase of $3.0 million from Q2 2026 and equal growth relative to the same quarter last year. Gross profit reached $16.7 million, up $0.6 million sequentially and $1.1 million year-over-year. However, gross margin contracted to 43.5%, reflecting a sequential decline of 209 basis points from Q2 2026 and a 58 basis point decline from Q3 2025. The company's net loss narrowed to $13.2 million from $14.4 million in the prior quarter, though it widened slightly compared with the $12.5 million net loss recorded in Q3 2025.

Adjusted EBITDA More Than Doubles Compared to Prior-Year Quarter

On a non-GAAP basis, iAnthus reported Adjusted EBITDA of $5.2 million in Q3 2026, up from $4.4 million in Q2 2026 and more than double the $2.5 million recorded in Q3 2025. The company's GAAP EBITDA improved to $3.7 million from negative $0.7 million in Q3 2025, driven by higher revenue and controlled adjustments including share-based compensation of $0.4 million and accretion expense of $1.1 million. iAnthus cautions that Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation from GAAP results.

Auditor Change: MGO Appointed After PKF O'Connor Davies Resignation

Concurrent with reporting its quarterly results, iAnthus disclosed that PKF O'Connor Davies, LLP resigned as its independent registered public accounting firm on November 12, 2026. The company's audit committee approved the appointment of Macias Gini & O'Connell LLP as the replacement auditor for the fiscal year ending December 31, 2026. The release states there were no disagreements between iAnthus and its outgoing auditor on accounting principles or practices. PKFOD's prior reports did include an explanatory paragraph regarding the company's ability to continue as a going concern, a disclosure investors may continue to monitor.