-- Q3 2025 Revenue of $23.3 million
-- Q3 2025 Net loss of $44.0 million, which includes a $29.8 million
non-cash impairment loss
-- Q3 2025 Adjusted EBITDA loss of $4.1 million
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) ("Planet 13" or the "Company"), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month period ended September 30, 2025. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").
"Q3 marked the low point for Planet 13. We took decisive action to address our cost structure and operational challenges, reducing SG&A significantly and taking impairment and inventory reserve charges to clean up our balance sheet. Excluding these one-time items, our underlying gross margin would have been approximately 45% reflecting the strength of our cultivation platform and our ability to compete on price while maintaining healthy economics. October's sequential improvements in both Nevada and Florida validate that we've turned the corner," said Larry Scheffler, Co-CEO of Planet 13.
"We've made the difficult but necessary decisions to position Planet 13 for sustainable operations. Exiting California eliminates a persistent cash drain and allows us to focus our resources on Nevada and Florida, markets where we have clear competitive advantages and paths to strong returns. With our BHO lab coming online by year-end and early momentum building in Q4, we're executing against a clear roadmap: disciplined operations, improved margins, and durable cash flow generation," said Bob Groesbeck, Co-CEO of Planet 13.
Financial Highlights -- Q3 -- 2025
Operating Results
All comparisons below are to the quarter ended September 30, 2024, unless otherwise noted
-- Revenue was $23.3 million as compared to $32.2 million, a decrease of
27.6%. The decrease in sales was driven by price compression and a weaker
consumer environment in Nevada and increased competition in Florida.
-- Gross profit was $5.0 million or 21.3% as compared to $16.7 million or
51.9%. The lower gross margin was driven by significant one-time costs
primarily related to Florida and California. Gross Margin excluding
one-time costs would have been approximately 45%.
-- Total expenses were $46.2 million as compared to $20.0 million, an
increase of 130.8%. Total expenses include $29.8 million of impairment
loss. Operating Expenses were $13.9 down 21.3% from $17.6 million in Q3
2024.
-- Net loss of $44.0 million as compared to a net loss of $7.4 million. Net
Loss included $29.8 million of non-cash impairment loss.
-- Adjusted EBITDA loss of $4.1 million as compared to Adjusted EBITDA of
$1.3 million. Adjusted EBITDA loss was driven by lower gross profit and
operating leverage.
Balance Sheet
All comparisons below are to December 31, 2024, unless otherwise noted
-- Cash of $17.2 million as compared to $23.4 million -- Total assets of $158.5 million as compared to $206.7 million -- Total liabilities of $103.9 million as compared to $94.0 million
Q3 Highlights and Recent Developments
For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13's press releases.
-- On July 11, 2025, Planet 13 announced the launch of a revamped loyalty
program.
-- On September 9, 2025, Planet 13 announced the launch HaHa branded
fast-acting, soft chews in Florida
-- On October 13, 2025, Planet 13 announced the opening of DeLand dispensary
in Florida.
-- On October 20, 2025, Planet 13 announced the opening of Pace dispensary
in Florida.
-- On November 3, 2025, Planet 13 announced the divestiture and closing of
its California operations.
Results of Operations (Summary)
The following tables set forth consolidated statements of financial information for the three-month periods ending September 30, 2025, and September 30, 2024.
Financial Highlights
Results of Operations
(Figures in millions For the Three Months Ended
-----------------------------------
and % change based September 30, September 30,
on these figures) 2025 2024 change
--------------- -------------- ------
Total Revenue $ 23.3 $ 32.2 -27.6%
Gross Profit $ 5.0 $ 16.7 -70.3%
Gross Profit % 21.3% 51.9% -59.0%
Operating Expenses $ 13.9 $ 17.6 -21.3%
Operating Expenses % 59.7% 54.9% 8.8%
Net Loss Before
Provision for Income
Taxes $ (43.1) $ (2.9) 1377.1%
Net Loss $ (44.0) $ (7.4) 493.1%
Adjusted EBITDA $ (4.1) $ 1.3 -403.0%
Adjusted EBITDA
Margin % -17.5% 4.2%
The Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, is available on the SEC's website at www.sec.gov or at https://planet13.com/investors/. The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR+ at https://www.sedarplus.ca/ and on its website at https://planet13.com/investors/.
This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.
Conference Call
Planet 13 will host a conference call on November 12, 2025 at 5:00 p.m. ET to discuss its third quarter financial results and provide investors with key business highlights, strategy, and outlook. The call will be chaired by Robert Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Steve McLean, Interim CFO.
CONFERENCE CALL DETAILS
Date: November 12, 2025 | Time: 5:00 p.m. EST
Call registration link: https://registrations.events/direct/Q4I928030
PARTICIPANT DIAL-IN NUMBERS:
USA / International Toll +1.646.307.1951
USA - Toll-Free +1.888.500.3691
Canada - Toronto +1.647.360.0158
Canada - Toll-Free +1.888.500.3691
Non-GAAP Financial Measures
There are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization and Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses.
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented:
Reconciliation of Non-GAAP Adjusted EBITDA
(Figures in millions For the Three Months Ended
---------------------------------
September
and % change based September 30, 30,
on these figures) 2025 2024 change
------------------- ----------- -------
Net Income (Loss) $ (44.0) $ (7.4) 493.1%
Add impact of:
Interest
(income)/expense,
net $ 0.1 $ (0.0) -403.8%
Provision for income
taxes $ 0.8 $ 4.5 -81.8%
Depreciation and
amortization $ 1.9 $ 2.4 -21.2%
Depreciation included
in cost of goods
sold $ 0.9 $ 1.2 -26.7%
--- -------------- --- ------
EBITDA $ (40.3) $ 0.6 -6504.7%
Share-based
compensation and
related premiums $ 0.6 $ 0.0 2326.2%
Impairment losses $ 29.8 $ - 0.0%
Loss on Sale of
Assets $ 2.2 $ - 0.0%
Gain on recovery of
property in
settlement $ - $ - 0.0%
Reserve for Slow
Moving Inventory $ 3.5 $ - 0.0%
Professional fees
expensed related to
M&A activities $ 0.1 $ 0.1 -53.2%
Expenses related to
El Capitan Matter $ 0.0 $ 0.6 -92.7%
--- -------------- --- ------
Adjusted EBITDA $ (4.1) $ 1.3 -403.0%
For more information on Planet 13, visit the investor website .
About Planet 13
Planet 13 under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. To learn more, visit planet13.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are often, but not always, identified by phrases such as "plans", "expects", "proposed", "may", "could", "would", "intends", "anticipates", or "believes", or variations of such words and phrases. In this news release, forward-looking statements relate to our strategic goals or future performance. Such forward-looking statements reflect what management of the Company believes, or believed at the time, to be reasonable assumptions and accordingly readers are cautioned not to place undue reliance upon such forward-looking statements and that actual results may vary from such forward-looking statements. These assumptions, risks and uncertainties which may cause actual results to differ include, among others: final regulatory and other approvals or consents needed to operate our business; fluctuations in general macroeconomic conditions; inflationary pressures; fluctuations in securities markets; expectations regarding the size of the cannabis market in the states in which we currently operate in or contemplate future operations and changing consumer habits in such states; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties including international conflict; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the states in which we currently operate in or contemplate future operations; employee relations and other risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission at www.sec.gov and on the Company's issuer profile on SEDAR+ at www.sedarplus.ca and in the Company's periodic reports subsequently filed with the U.S. Securities and Exchange Commission and on SEDAR+. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further inquiries, please contact:
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com
LodeRock Advisors Inc., Planet 13 Investor Relations
mark.kuindersma@loderockadvisors.com
725-331-7650 ext. 105210
Planet 13 Media:
Colin Trethewey / PRmediaNow Communications / Colin@PRmediaNow.com
PLANET 13 HOLDINGS INC.
Interim Condensed Consolidated Balance Sheets
(Unaudited, In United States Dollars)
----------------------------------------------------------------------
September 30, December 31,
2025 2024
-------------- -------------
ASSETS
Current Assets:
Cash $ 17,181,080 $ 23,384,493
Restricted Cash - 2,050,584
Accounts Receivable 1,717,741 1,473,156
Inventory 20,058,145 22,821,994
Assets held for sale 3,000,000 -
Prepaid Expenses and Other Current
Assets 3,106,268 4,568,816
------------ ------------
Total Current Assets 45,063,234 54,299,043
Property, Plant and Equipment 35,658,925 63,511,423
Intangible Assets and Goodwill 42,903,931 48,763,931
Right of Use Assets - Operating 31,416,231 38,229,399
Long-term Deposits and Other Assets 1,068,388 1,033,758
Deferred Tax Asset 2,386,490 896,525
------------ ------------
TOTAL ASSETS $ 158,497,199 $ 206,734,079
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Current:
Accounts Payable $ 6,400,594 $ 7,421,921
Accrued Expenses 7,283,743 7,285,415
Income Taxes Payable 159,080 139,480
Notes Payable - Current Portion 10,634,000 8,681,684
Operating Lease Liabilities 2,021,180 1,818,588
------------ ------------
Total Current Liabilities 26,498,597 25,347,088
Long-Term Liabilities:
Operating Lease Liabilities 46,183,190 46,448,666
Other Long-term Liabilities 1,263,555 1,220,722
Uncertain Tax Positions 29,956,413 19,321,475
Deferred Tax Liability 11,504 1,682,207
------------ ------------
Total Liabilities 103,913,259 94,020,158
SHAREHOLDERS' EQUITY
Common Stock, no par value,
1,500,000,000 shares authorized,
325,363,800 issued and outstanding
at September 30, 2025 and
325,163,800 issued and outstanding
at December 31, 2024 - -
Preferred Stock, no par value,
50,000,000 shares authorized, 0
issued and outstanding at September
30, 2025 and 0 at December 31, 2024 - -
Additional Paid-In Capital 369,995,620 368,821,339
Deficit (315,411,680) (256,107,418)
------------ ------------
Total Shareholders' Equity 54,583,940 112,713,921
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 158,497,199 $ 206,734,079
============ ============
PLANET 13 HOLDINGS INC.
Interim Condensed Consolidated Statements of Operations
and Comprehensive Loss
(Unaudited, In United States Dollars)
----------------------------------------------------------------------
Three Months Ended
---------------------------
September 30, September 30,
2025 2024
------------- ---------------
Revenues, net of discounts $ 23,270,211 $ 32,159,070
Cost of Goods Sold (18,311,350) (15,463,050)
----------- -----------
Gross Profit 4,958,861 16,696,020
Expenses:
General and Administrative 11,987,649 14,772,846
Sales and Marketing 1,171,083 1,572,549
Lease Expense 1,345,835 1,320,018
Impairment Loss 29,844,227 -
Depreciation 1,855,914 2,355,052
----------- -----------
Total Expenses 46,204,708 20,020,465
----------- -----------
Loss From Operations (41,245,847) (3,324,445)
----------- -----------
Other Income (Expense):
Interest income (expense), net (91,934) 30,263
----------- -----------
Foreign exchange (loss) - (3,066)
Other income, net (1,799,946) 376,717
Total Other Income (Expense) (1,891,880) 403,914
----------- -----------
Loss Before Provision for Income Taxes (43,137,727) (2,920,531)
----------- -----------
Provision For Income Taxes
Current Tax Expense (3,054,176) (4,220,945)
Deferred Tax Recovery 2,236,050 (269,714)
----------- -----------
(818,126) (4,490,659)
----------- -----------
Net Loss and Comprehensive Loss $(43,955,853) $ (7,411,190)
=========== ===========
Loss per Share
Basic and diluted loss per share $ (0.14) $ (0.02)
=========== ===========
Weighted Average Number of Shares of
Common Stock
Basic and diluted 325,363,800 325,163,800
=========== ===========
PLANET 13 HOLDINGS INC.
Interim Condensed Consolidated Statements of Cash
Flows
(Unaudited, In United States Dollars)
Nine Months Ended
---------------------------
September 30, September 30,
2025 2024
------------- ---------------
CASH USED IN OPERATING ACTIVITIES
Net loss $(59,304,262) $(21,358,105)
Adjustments for items not involving
cash:
Shared based compensation 1,174,281 154,893
Non-cash lease expense 1,566,859 1,264,904
Depreciation 9,037,214 9,829,358
Loss on impairment of fixed assets 23,984,227 2,393,087
Loss on impairment of intangible
assets 5,860,000 762,091
Loss on disposal of fixed assets 1,674,517 88,849
Gain on disposal of ROU asset (18,827) -
Recovery of property in legal
settlement (4,086,174) -
Loss on reserve for slow moving
inventory 3,591,644 -
Amortization of note payable
discount 191,701 -
Lease incentive amortization (7,143) 81,832
(16,335,963) (6,783,091)
Net Changes in Non-cash Working
Capital Items 6,959,387 14,146,701
Repayment of lease liabilities (1,194,307) (720,831)
----------- -----------
Total Operating (10,570,883) 6,642,779
----------- -----------
FINANCING ACTIVITIES
Proceeds from public share issuance - 9,862,208
Net Cash From VidaCann Acquisition - 911,715
VidaCann Acquisition-Cash Component - (4,000,000)
Repayment of Lafayette State Bank
Note (2,947,632) -
Bank of Nevada Revolving Line of
Credit 9,750,000 -
Payment of Promissory Note to former
VidaCann Shareholders (5,000,000) -
Total Financing 1,802,368 6,773,923
----------- -----------
INVESTING ACTIVITIES
Purchase of property and equipment (5,816,104) (9,481,532)
Proceeds from sales of fixed assets 2,244,448 7,000
Proceeds from the sale of Florida
license, net of transaction costs - 8,237,909
Proceeds from sale of assets held for
sale 4,086,174 -
Total Investing 514,518 (1,236,623)
----------- -----------
NET CHANGE IN CASH DURING THE PERIOD (8,253,997) 12,180,079
CASH
Beginning of Period 25,435,077 17,281,592
----------- -----------
End of Period $ 17,181,080 $ 29,461,671
=========== ===========
(END) Dow Jones Newswires
November 12, 2025 16:34 ET (21:34 GMT)
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