-- 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
operations $ - $ - 0.0% $ - $ 1.5 -100.0%
Share-based
compensation and
related premiums $ 1.2 $ 1.3 -12.1% $ 2.3 $ 0.2 1195.8%
----- ----- ----- -----
Adjusted EBITDA $ (0.3) $ (0.0) 6324.5% $ (10.1) $ 4.8 -309.3%
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 and follow Planet 13 on X @ShopPlanet13 and on Instagram @planet13official_.
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 "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 the Company's fourth quarter 2025 financial performance and expectations for future financial 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, those assumptions, risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2025 and any of the Company's subsequent periodic reports filed with the U.S. Securities and Exchange Commission at www.sec.gov and on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made only as to the date of this press release and we assume no obligation to update or revise any forward-looking statements should they change, except as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further inquiries, please contact:
LodeRock Advisors Inc., Planet 13 Investor Relations
mark.kuindersma@loderockadvisors.com
Bob Groesbeck and Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com
PLANET 13 HOLDINGS INC.
Interim Condensed Consolidated Balance Sheets
(In United States Dollars)
December 31, December 31,
2025 2024
------------- -------------
ASSETS
Current Assets:
Cash $ 5,325,031 $ 23,384,493
Restricted Cash 10,250,000 2,050,584
Accounts Receivable 1,007,891 1,473,156
Inventory 18,138,394 22,821,994
Other Receivables 3,754,563 -
Prepaid Expenses and Other
Current Assets 2,659,056 4,568,816
------------ ------------
Total Current Assets 41,134,935 54,299,043
Property, Plant and Equipment 34,121,678 63,511,423
Intangible Assets and Goodwill 42,903,931 48,763,931
Right of Use Assets - Operating 31,489,308 38,229,399
Long-term Deposits and Other
Assets 829,164 1,033,758
Deferred Tax Asset 1,798,654 896,525
------------ ------------
TOTAL ASSETS $ 152,277,670 $ 206,734,079
============ ============
LIABILITIES AND SHAREHOLDERS'
EQUITY
LIABILITIES
Current:
Accounts Payable $ 7,212,187 $ 7,421,921
Accrued Expenses 4,632,011 7,285,415
Income Taxes Payable 159,080 139,480
Notes Payable - Current Portion 9,750,000 8,681,684
Operating Lease Liabilities 1,385,566 1,818,588
------------ ------------
Total Current Liabilities 23,138,844 25,347,088
Long-Term Liabilities:
Operating Lease Liabilities 43,213,442 46,448,666
Other Long-term Liabilities 1,250,433 1,220,722
Uncertain Tax Positions 33,041,402 19,321,475
Deferred Tax Liability 506,836 1,682,207
------------ ------------
Total Liabilities 101,150,957 94,020,158
Shareholders' Equity
Common Stock, no par value,
1,500,000,000 shares authorized,
325,670,800 issued and
outstanding at December 31, 2025
and 325,163,800 at December 31,
2024 - -
Preferred Stock, no par value,
50,000,000 shares authorized, 0
issued and outstanding at
December 31, 2025 and 0 at
December 31, 2024 - -
Additional Paid-In Capital 371,157,826 368,821,339
Deficit (320,031,113) (256,107,418)
------------ ------------
Total Shareholders' Equity 51,126,713 112,713,921
------------ ------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 152,277,670 $ 206,734,079
============ ============
PLANET 13 HOLDINGS INC.
Interim Condensed Consolidated Statements of Operations and Comprehensive Loss
(In United States Dollars, except share amounts)
December 31,
---------------------------
2025 2024
------------ ------------
Revenues, net of discounts $103,378,829 $116,408,966
Cost of Goods Sold (63,506,121) (60,298,520)
----------- -----------
Gross Profit 39,872,708 56,110,446
Expenses:
General and Administrative 51,624,055 51,171,892
Sales and Marketing 5,457,591 5,805,721
Lease Expense 5,186,280 4,511,997
Impairment loss 29,844,227 21,275,942
Depreciation and Amortization 7,048,237 8,860,921
----------- -----------
Total Expenses 99,160,390 91,626,473
----------- -----------
Loss From Operations (59,287,682) (35,516,027)
----------- -----------
Other Income (Expense):
Interest income (expense), net (476,721) (333,082)
Foreign exchange gain (loss) (3,113) (14,942)
Other Income, net 7,487,533 257,438
----------- -----------
Total Other Income (Expense) 7,007,699 (90,586)
----------- -----------
Loss Before Provision for Income
Taxes (52,279,983) (35,606,613)
----------- -----------
Provision For Income Taxes
Current Tax expense (13,721,212) (14,210,082)
Deferred Tax recovery (expense) 2,077,500 2,019,839
----------- -----------
(11,643,712) (12,190,243)
----------- -----------
Net Loss and Comprehensive Loss $(63,923,695) $(47,796,856)
=========== ===========
Loss per Share
Basic and diluted loss per share $ (0.20) $ (0.16)
=========== ===========
Weighted Average Number of Shares
of Common Stock
Basic and diluted 325,338,047 292,166,589
=========== ===========
PLANET 13 HOLDINGS INC.
Interim Condensed Consolidated Statements of Cash Flows
(In United States Dollars)
December 31, December 31,
2025 2024
------------ ------------
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
Net loss $(63,923,695) $(47,796,856)
Adjustments for items not involving
cash:
Share based compensation 2,336,487 180,308
Non-cash lease expense 1,993,170 2,047,680
Depreciation 11,399,254 13,414,690
Deferred tax recovery (1,175,371) (1,829,352)
Lease incentive amortization (9,524) (109,109)
Loss on impairment of fixed assets 17,580,525 11,885,063
Loss on impairment of ROU assets 6,403,703 3,239,536
Loss on impairment of intangible
assets 5,860,000 6,151,343
Loss on disposal of intangible
assets - 762,091
Loss on disposal of property and
equipment 1,655,818 78,563
Loss on disposal of assets held
for sale 767,835 -
Gain on settlement of note (1,255,677) -
Loss on reserve for slow moving
inventory 3,619,463 -
Gain on early ROU lease
termination (2,630,443) -
Recovery of property in legal
settlement (4,588,328) -
Amortization of note payable
discount 206,579 -
Finders shares issued in VidaCann
acquisition - 750,000
(21,760,204) (11,226,043)
Net Changes in Non-cash Working
Capital Items 8,991,223 17,469,125
Repayment of lease liabilities (1,422,907) (1,032,183)
Total Operating (14,191,888) 5,210,899
----------- -----------
FINANCING ACTIVITIES
Taxes paid in lieu of share issuance
- RSUs - (45,833)
Proceeds from public share
issuance, net of share issuance
costs - 9,862,207
Net Cash From VidaCann Acquisition - 911,715
VidaCann Acquisition-Cash Component - (4,000,000)
Repayment of Lafayette State Bank
Note (2,947,632) -
Draw from revolving line of credit 9,750,000 -
Payment of Promissory Note to former
VidaCann Shareholders (5,000,000) -
Total Financing 1,802,368 6,728,089
----------- -----------
INVESTING ACTIVITIES
Purchase of property, plant and
equipment (6,571,865) (12,044,412)
Proceeds from sale of fixed assets 2,280,846 21,000
Proceeds from sale of assets held
for sale 6,820,493 -
Proceeds from sale of licenses - 8,237,909
Total Investing 2,529,474 (3,785,503)
----------- -----------
NET CHANGE IN CASH DURING THE YEAR (9,860,046) 8,153,485
CASH AND RESTRICTED CASH
Beginning of Year 25,435,077 17,281,592
----------- -----------
End of Year $ 15,575,031 $ 25,435,077
=========== ===========
(END) Dow Jones Newswires
March 25, 2026 16:30 ET (20:30 GMT)
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