Innovative Industrial Properties (IIPR) Earnings History

Latest Quarter: Q3 FY2025

Revenue

$64.7M

Net Income

$29.3M

EPS

$0.97

Gross Profit

Operating Cash Flow

$45.6M

Revenue Trend (Last 8 Quarters)

Q4 FY2023

$79.2M

Q1 FY2024

$75.5M

Q2 FY2024

$79.8M

Q3 FY2024

$76.5M

Q4 FY2024

$76.7M

Q1 FY2025

$71.7M

Q2 FY2025

$62.9M

Q3 FY2025

$64.7M

Net Income Trend (Last 8 Quarters)

Q4 FY2023

$41.6M

Q1 FY2024

$39.4M

Q2 FY2024

$42.0M

Q3 FY2024

$40.2M

Q4 FY2024

$40.0M

Q1 FY2025

$31.1M

Q2 FY2025

$26.0M

Q3 FY2025

$29.3M

Full Earnings History

Period	Revenue	Gross Profit	Op. Income	Net Income	EPS	OCF	FCF	Filing Date
Q3 FY2025	$64.7M	$0	$29.4M	$29.3M	$0.97	$45.6M	-$64.1M	2025-11-04
Q2 FY2025	$62.9M	$0	$28.9M	$26.0M	$0.86	$48.4M	$42.7M	2025-08-07
Q1 FY2025	$71.7M	$0	$34.0M	$31.1M	$1.03	$54.2M	$37.1M	2025-05-08
Q4 FY2024	$76.7M	$0	$42.0M	$40.0M	$1.36	$57.8M	$54.2M	—
Q3 FY2024	$76.5M	$0	$42.0M	$40.2M	$1.37	$64.9M	$71.3M	2024-11-07
Q2 FY2024	$79.8M	$0	$42.3M	$42.0M	$1.44	$64.2M	$19.8M	2024-08-06
Q1 FY2024	$75.5M	$0	$42.0M	$39.4M	$1.36	$71.6M	$57.2M	2024-05-09
Q4 FY2023	$79.2M	$0	$44.0M	$41.6M	$1.45	$66.1M	$65.3M	—

Revenue Analysis

Revenue has grown for 1 consecutive quarter.The company generated $64.7M in revenue in Q3 FY2025, representing a +2.9% change from the prior quarter.

Over the last 8 reported quarters, IIPR has generated between $62.9M and $79.8M in quarterly revenue.The most recent quarter reported gross profit of $0.

Profitability Analysis

Innovative Industrial Properties reported a gross margin of 0.0% in Q3 FY2025.Operating income for the quarter was $29.4M, indicating operational profitability.

Net income came in at $29.3M for the latest quarter. IIPR is currently profitable on a net income basis, with earnings per share of $0.97. Over the trailing 4 quarters, 4 out of 4 quarters were profitable.

Cash Flow Analysis

Innovative Industrial Properties generated $45.6M in operating cash flow during Q3 FY2025. Positive operating cash flow indicates the company is generating cash from its core business operations.

Free cash flow for the quarter was -$64.1M. The company may need to rely on external financing or existing cash reserves to fund growth initiatives. Across the last 4 quarters, cumulative operating cash flow was $206.1M.

Balance Sheet Snapshot (Q3 FY2025)

Total Assets	$2.34B
Total Liabilities	$474.6M
Total Equity	$1.86B
Cash & Equivalents	$0
Total Debt	$0

Frequently Asked Questions

What are Innovative Industrial Properties (IIPR) earnings?+

Earnings refer to Innovative Industrial Properties's financial results reported each quarter, including revenue (total sales), net income (profit or loss after all expenses), earnings per share (EPS), and cash flow. These figures are filed with the SEC and provide investors with a snapshot of the company's financial health and operational performance.

When does IIPR report earnings?+

Innovative Industrial Properties most recently filed earnings on 2025-11-04. Cannabis companies typically report quarterly earnings within 45 days of the fiscal quarter end. Check SEC filings for the most up-to-date schedule.

How do I read IIPR's quarterly results?+

Start with revenue to understand total sales, then look at gross profit to see how much the company keeps after production costs. Operating income shows profitability from core operations, while net income reflects the bottom line after all expenses and taxes. EPS divides net income by shares outstanding, making it easier to compare across companies. Cash flow from operations shows actual cash generated by the business.

What do IIPR's revenue and EPS numbers mean?+

Innovative Industrial Properties reported revenue of $64.7M and EPS of $0.97 in Q3 FY2025. Revenue measures total sales before any expenses, while EPS (earnings per share) divides net income by the number of outstanding shares. Positive EPS indicates the company earned a profit on a per-share basis.

How do earnings affect IIPR's stock price?+

Earnings reports are one of the biggest catalysts for cannabis stock price movements. If IIPR reports revenue or EPS above analyst expectations, the stock typically rises. If results disappoint, the stock may decline. The market also reacts to forward guidance, margin trends, and cash flow improvements. Cannabis stocks can be especially volatile around earnings due to lower liquidity and higher retail investor participation.

Is IIPR profitable?+

Yes, Innovative Industrial Properties reported positive net income of $29.3M in its most recent quarter (Q3 FY2025). Profitability is a significant milestone for cannabis companies, many of which operate at a loss due to high regulatory costs and IRS Section 280E tax burdens.

What is the difference between GAAP and non-GAAP earnings for cannabis companies?+

GAAP (Generally Accepted Accounting Principles) earnings follow standard accounting rules and include all expenses. Non-GAAP or "adjusted" earnings exclude one-time charges like impairments, restructuring costs, and stock-based compensation. Cannabis companies frequently report large non-cash impairments that can make GAAP results look worse than operational performance. Investors should review both metrics, but GAAP figures are what companies must file with the SEC.

How much cash does IIPR have?+

As of Q3 FY2025, Innovative Industrial Properties reported cash and equivalents of $0 with total debt of $0. Cash position is especially important for cannabis companies, as limited access to traditional banking and capital markets means companies must carefully manage their cash reserves.

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