-- Q4 2025 Revenue of $25.2 million -- Q4 2025 Net loss of $4.6 million -- Q4 2025 Adjusted EBITDA loss of $0.3 million
All results are reported in United States dollars ($) unless otherwise indicated.
LAS VEGAS, March 25, 2026 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) ("Planet 13" or the "Company"), a leading vertically-integrated cannabis company, today announced its financial results for the three-month and twelve-month periods ended December 31, 2025. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").
"Q4 began the turnaround we were looking for. Revenue stabilized across our footprint during a seasonally soft period, wholesale momentum returned in Nevada, and we exited the quarter with a cleaner, more focused portfolio. We still have a long way to go, but the foundation is in place and we are ready to build on it," stated Larry Scheffler, Co-CEO of Planet 13.
"For the first time in several years, the operational and regulatory environment is moving in the same direction as our strategy. The California exit removes a persistent drag, the BHO lab positions us to compete more effectively in Florida, and the federal posture on rescheduling represents the most consequential potential shift this industry has seen. Our focus in 2026 is to reach cash flow positive and demonstrate the earnings power of this portfolio," said Bob Groesbeck, Co-CEO of Planet 13.
Financial Highlights -- Q4 -- 2025
Operating Results
All comparisons below are to the quarter ended December 31, 2024, unless otherwise noted
-- Revenues were $25.2 million as compared to $30.3 million,
a decrease of 16.7%. The decrease in revenue was driven
by the tourist environment in Las Vegas and competition
in Florida.
-- Gross profit was $11.2 million or 44.6% as compared
to $13.1 million or 43.2%.
-- Operating expenses were $13.1 million, as compared
to $14.5 million.
-- Net loss of $4.6 million as compared to a net loss
of $26.4 million, which included impairment of $18.9
million.
-- Adjusted EBITDA loss of $0.3 million as compared to
Adjusted EBITDA of $0.0 million.
Financial Highlights -- Full Year 2025
Operating Results
All comparisons below are to the full year ended December 31, 2024, unless otherwise noted
-- Revenues were $103.4 million as compared to $116.4
million, an decrease of 11.2%. The decrease in revenue
was driven by the tourist environment in Las Vegas
and competition in Florida.
-- Gross profit was $39.9 million or 38.6% as compared
to $56.1 million or 48.2%. Gross margin declined due
to weaker flower quality in Florida and increased
competition and price compression.
-- Operating expenses were $59.9 million as compared
to $61.3 million, a decrease of 2.2%.
-- Net loss of $63.9 million as compared to a net loss
of $47.8 million. Net Loss included $29.8 million
in non-cash impairment charges.
-- Adjusted EBITDA loss of $10.1 million as compared
to Adjusted EBITDA of $4.8 million.
Balance Sheet
All comparisons below are to December 31, 2024, unless otherwise noted
-- Cash and Restricted Cash of $15.6 million as compared
to $25.4 million
-- Total assets of $152.3 million as compared to $206.7
million
-- Total liabilities of $101.2 million as compared to
$94.0 million
Q4 Highlights and Recent Developments
For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13's Management's Discussion and Analysis of the Financial Condition and Results of Operations for the Three and Twelve Months Ended December 31, 2025 (the "MD&A").
-- On October 13, 2025, Planet 13 announced the opening
of its dispensary in DeLand, Florida.
-- On October 20, 2025, Planet 13 announced the opening
of its dispensary in Pace, Florida.
-- On February 2, 2026, Planet 13 launched a new rewards
program.
-- On February 12, 2026, Planet 13 announced a substantially
complete exit from California.
Results of Operations (Summary)
The following table sets forth consolidated statements of financial information for the three-month and full-year periods ended December 31, 2025 and December 31, 2024.
(Figures in millions For the Three Months Ended For the Full Year Ended
December December December December
and % change based 31, 31, 31, 31,
on these figures) 2025 2024 change 2025 2024 change
Total Revenue $25.2 $ 30.3 -16.7% $103.4 $116.4 -11.2%
Gross Profit $11.2 $ 13.1 -14.1% $ 39.9 $ 56.1 -28.9%
Gross Profit % 44.6% 43.2% 3.1% 38.6% 48.2% -20.0%
Operating Expenses $13.1 $ 14.5 -9.6% $ 59.9 $ 61.3 -2.2%
Operating Expenses % 52% 48% 58.0% 52.7% 10.1%
Net Loss Before
Provision for Income
Taxes $(0.5) $(25.1) -98.2% $(52.3) $(35.6) 46.8%
Net Loss $(4.6) $(26.4) -82.5% $(63.9) $(47.8) 33.7%
Adjusted EBITDA $(0.3) $ (0.0) 6324.5% $(10.1) $ 4.8 -309.3%
Adjusted EBITDA Margin
% -1.2% 0.0% (9.7)% 4.1%
The Company's Annual Report on Form 10-K for the year ended December 31, 2025, is available on the SEC's website at www.sec.gov or at https://investors.planet13.com/overview/default.aspx. The Company's Management Discussion and Analysis for the year and the accompanying financial statements and notes are available under the Company's profile on SEDAR+ and on its website at https://investors.planet13.com/overview/default.aspx
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 March 25, 2026 at 5:00 p.m. ET to discuss its fourth quarter and full year financial results and provide investors with key business highlights, strategy and outlook. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Steve Mclean, Interim CFO.
CONFERENCE CALL DETAILS
Date: March 25, 2026 | Time: 5:00 p.m. ET
Call Registration Link: https://registrations.events/direct/Q4I9280322
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 For the Full Year Ended
---------------------------------- ----------------------------------
December December December December
and % change based 31, 31, 31, 31,
on these figures) 2025 2024 change 2025 2024 change
--------------------- ---------- ---------- ---------- ---------- ---------- ----------
Net Loss $ (4.6) $ (26.4) -82.5% $ (63.9) $ (47.8) 33.7%
Add impact of:
Interest expense $ (0.2) $ (0.0) 369.2% $ 0.5 $ 0.3 43.1%
Provision for income
taxes $ 4.2 $ 1.3 220.6% $ 11.6 $ 12.2 -4.5%
Depreciation and
amortization $ 1.6 $ 2.3 -30.3% $ 7.0 $ 8.9 -20.5%
Depreciation included
in cost of goods
sold $ 1.1 $ 1.3 -15.8% $ 4.4 $ 4.6 -4.5%
----- ----- ----- -----
EBITDA $ 2.1 $ (21.6) -109.6% $ (40.4) $ (21.9) 84.8%
Impairment losses $ - $ 18.9 -100.0% $ 29.8 $ 21.3 40.3%
(Gain)/Loss on sale of
assets $ 0.3 $ - 0.0% $ 2.4 $ - 0.0%
Gain on property
recovered in legal
settlements $ - $ - 0.0% $ (5.1) $ - 0.0%
Reserve for slow
moving inventory $ 0.0 $ - 0.0% $ 3.6 $ - 0.0%
Gain on settlement of
Note Payable $ (1.3) $ - 0.0% $ (1.3) $ - 0.0%
Gain on early lease
termination $ (2.6) $ - 0.0% $ (2.6) $ - 0.0%
Professional fees
expensed related to
M&A activities $ 0.0 $ 0.8 -95.3% $ 0.3 $ 1.2 -71.8%
Expenses related to El
Capitan Matter $ 0.0 $ 0.6 -97.2% $ 0.7 $ 2.6 -72.0%
Loss related to
discontinued Planet
13 Florida Inc
(MORE TO FOLLOW) Dow Jones Newswires
March 25, 2026 16:30 ET (20:30 GMT)
Comments