Planet 13 Announces听蚕1听2025听Financial Results
Planet 13 Holdings (OTCQX: PLNH) reported challenging Q1 2025 financial results, with revenue increasing 22.5% to $28.0 million compared to Q1 2024, primarily driven by Florida expansion. Despite revenue growth, the company faced headwinds with a net loss of $2.0 million and Adjusted EBITDA loss of $2.5 million. Gross profit margin declined to 42.8% from 45.8% due to industry-wide pricing pressure.
Operating expenses increased 31.6% to $18.6 million, mainly due to Florida operations. The company's cash position decreased to $15.6 million from $23.4 million in December 2024. During Q1, Planet 13 expanded its Florida presence with new dispensaries in Port Richey, Orange Park, and Edgewater.
Planet 13 Holdings (OTCQX: PLNH) ha riportato risultati finanziari difficili nel primo trimestre del 2025, con un aumento dei ricavi del 22,5% a 28,0 milioni di dollari rispetto al primo trimestre del 2024, principalmente grazie all'espansione in Florida. Nonostante la crescita dei ricavi, l'azienda ha registrato una perdita netta di 2,0 milioni di dollari e una perdita di EBITDA rettificato di 2,5 milioni di dollari. Il margine di profitto lordo 猫 sceso al 42,8% dal 45,8% a causa delle pressioni sui prezzi a livello di settore.
Le spese operative sono aumentate del 31,6%, raggiungendo 18,6 milioni di dollari, principalmente a causa delle attivit脿 in Florida. La posizione di cassa dell'azienda 猫 diminuita a 15,6 milioni di dollari, rispetto ai 23,4 milioni di dollari di dicembre 2024. Nel primo trimestre, Planet 13 ha ampliato la sua presenza in Florida con nuove dispensari a Port Richey, Orange Park e Edgewater.
Planet 13 Holdings (OTCQX: PLNH) report贸 resultados financieros desafiantes en el primer trimestre de 2025, con ingresos que aumentaron un 22,5% hasta 28,0 millones de d贸lares en comparaci贸n con el primer trimestre de 2024, impulsados principalmente por la expansi贸n en Florida. A pesar del crecimiento en ingresos, la compa帽铆a enfrent贸 dificultades con una p茅rdida neta de 2,0 millones de d贸lares y una p茅rdida de EBITDA ajustado de 2,5 millones de d贸lares. El margen bruto disminuy贸 al 42,8% desde el 45,8% debido a la presi贸n en los precios en toda la industria.
Los gastos operativos aumentaron un 31,6% hasta 18,6 millones de d贸lares, principalmente por las operaciones en Florida. La posici贸n de efectivo de la empresa disminuy贸 a 15,6 millones de d贸lares desde 23,4 millones en diciembre de 2024. Durante el primer trimestre, Planet 13 ampli贸 su presencia en Florida con nuevos dispensarios en Port Richey, Orange Park y Edgewater.
Planet 13 Holdings (OTCQX: PLNH)電� 2025雲� 1攵勱赴鞐� 霃勳爠鞝侅澑 鞛 鞁れ爜鞚� 氤搓碃頄堨溂氅�, 2024雲� 1攵勱赴 雽�牍� 毵れ稖鞚� 22.5% 歃濌皜頃� 2800毵� 雼煬毳� 旮半頄堨溂氅�, 鞚措姅 欤茧 頂岆毽嫟 頇曥灔鞐� 旮办澑頃╇媹雼�. 毵れ稖 歃濌皜鞐愲弰 攵堦惮頃橁碃 須岇偓電� 200毵� 雼煬鞚� 靾滌啇鞁�瓿� 250毵� 雼煬鞚� 臁办爼 EBITDA 靻愳嫟鞚� 瓴棃鞀惦媹雼�. 靷办梾 鞝勲皹鞚� 臧�瓴� 鞎曤皶鞙茧 鞚疙暣 齑濎澊鞚惦鞚� 45.8%鞐愳劀 42.8%搿� 臧愳唽頄堨姷雼堧嫟.
鞖挫榿牍勳毄鞚� 欤茧 頂岆毽嫟 靷梾鞙茧 鞚疙暣 31.6% 歃濌皜頃橃棳 1860毵� 雼煬鞐� 鞚措ゴ霠�鞀惦媹雼�. 須岇偓鞚� 順勱笀 氤挫湢鞎§潃 2024雲� 12鞗� 2340毵� 雼煬鞐愳劀 1560毵� 雼煬搿� 臧愳唽頄堨姷雼堧嫟. 1攵勱赴 霃欖晥 Planet 13鞚� Port Richey, Orange Park, Edgewater鞐� 靸堧鞖� 韺愲Г鞝愳潉 鞐措┌ 頂岆毽嫟 雮� 鞛呾毳� 頇曥灔頄堨姷雼堧嫟.
Planet 13 Holdings (OTCQX : PLNH) a publi茅 des r茅sultats financiers difficiles pour le premier trimestre 2025, avec un chiffre d'affaires en hausse de 22,5 % 脿 28,0 millions de dollars par rapport au premier trimestre 2024, principalement gr芒ce 脿 son expansion en Floride. Malgr茅 cette croissance du chiffre d'affaires, l'entreprise a enregistr茅 une perte nette de 2,0 millions de dollars et une perte d'EBITDA ajust茅 de 2,5 millions de dollars. La marge brute a diminu茅 脿 42,8 % contre 45,8 % en raison de la pression sur les prix dans l'ensemble du secteur.
Les d茅penses d'exploitation ont augment茅 de 31,6 % pour atteindre 18,6 millions de dollars, principalement en raison des op茅rations en Floride. La tr茅sorerie de l'entreprise est pass茅e de 23,4 millions de dollars en d茅cembre 2024 脿 15,6 millions de dollars. Au cours du premier trimestre, Planet 13 a renforc茅 sa pr茅sence en Floride avec l'ouverture de nouvelles dispensaires 脿 Port Richey, Orange Park et Edgewater.
Planet 13 Holdings (OTCQX: PLNH) meldete herausfordernde Finanzergebnisse f眉r das erste Quartal 2025, mit einem Umsatzanstieg von 22,5 % auf 28,0 Millionen US-Dollar im Vergleich zum ersten Quartal 2024, haupts盲chlich getrieben durch die Expansion in Florida. Trotz Umsatzwachstum verzeichnete das Unternehmen einen Nettoverlust von 2,0 Millionen US-Dollar und einen bereinigten EBITDA-Verlust von 2,5 Millionen US-Dollar. Die Bruttogewinnmarge sank aufgrund des branchenweiten Preisdrucks von 45,8 % auf 42,8 %.
Die Betriebskosten stiegen um 31,6 % auf 18,6 Millionen US-Dollar, haupts盲chlich bedingt durch die Aktivit盲ten in Florida. Die Liquidit盲tsposition des Unternehmens sank von 23,4 Millionen US-Dollar im Dezember 2024 auf 15,6 Millionen US-Dollar. Im ersten Quartal erweiterte Planet 13 seine Pr盲senz in Florida mit neuen Verkaufsstellen in Port Richey, Orange Park und Edgewater.
- Revenue growth of 22.5% year-over-year to $28.0 million
- Expansion in Florida market with multiple new dispensary openings
- Significant recovery of funds related to El Capitan
- Net loss improved by 65.1% compared to Q1 2024 ($2.0M vs $5.9M)
- Adjusted EBITDA loss of $2.5 million compared to breakeven in Q1 2024
- Declining gross margin from 45.8% to 42.8% due to pricing pressure
- Operating expenses increased 31.6% year-over-year
- Cash position decreased from $23.4M to $15.6M since December 2024
- Continued challenges from tourism softness and reduced consumer spending
- Q1听2025听Revenue of
$28.0听尘颈濒濒颈辞苍 - Q1听2025听Net loss of听
$2.0 million - Q1听2025听Adjusted EBITDA loss听of听
$2.5 million
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, May 14, 2025 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) (鈥�Planet 13鈥� or the 鈥�Company鈥�), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month period ended March 31, 2025. Planet 13鈥檚 financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (鈥淕AAP鈥�).
鈥淭his was a challenging quarter, marked by persistent pricing pressure and softness in tourism and consumer spending. Despite the headwinds, our differentiated brands and focus on entertainment continue to drive relative outperformance, reinforcing the strength and resilience of our portfolio,鈥� said听Larry Scheffler, co-CEO of Planet 13.
鈥淲e are moving with urgency to align our cost base to the realities of today鈥檚 market. These actions are focused on sharpening our operational efficiency, enhancing profitability, and prioritizing听investments in our most strategic and high-performing assets. By concentrating on what we do best, we鈥檙e positioning the company for stronger, more sustainable growth,鈥� said听Bob Groesbeck, co-CEO of Planet 13.听
Financial Highlights 鈥�听蚕1听鈥�听2025
Operating Results
All comparisons below are to the quarter ended March 31, 2024, unless otherwise noted
- Revenue was
$28.0听尘颈濒濒颈辞苍 as compared to听$22.9 million , an increase听of22.5% . The听increase in听sales was driven by the addition of Florida. - Gross profit was听
$12.0听尘颈濒濒颈辞苍 辞谤听42.8% as compared to听$10.5 million or45.8% . The lower gross margin was driven by industry wide pricing听pressure. - Total expenses were听
$18.6 million as compared to听$14.1 million , a听increase of31.6% . Higher total expenses were driven by the addition of Florida operations. - Net loss听of听
$2.0 million as compared to a听net loss of听$5.9 million . - Adjusted EBITDA loss听of听
$2.5 million as compared to听Adjusted EBITDA loss听of听$0.0 million . Adjusted EBITDA loss was driven by lower operating leverage.
Balance Sheet
All comparisons below are to December 31, 2024, unless otherwise noted
- Cash of听
$15.6 million as compared to听$23.4 million - Total assets of听
$203.8 million as compared to听$206.7 million - Total liabilities of听
$93.1 million as compared to听$94.0 million
Q1听Highlights and Recent Developments
For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13鈥檚 press releases.
- On March 3, 2025, Planet 13 announced a significant recovery of funds related to El Capitan.
- On March 27, 2025, Planet 13 announced the opening of its Port Richey dispensary in Tampa Bay region.
- On April 2, 2025, Planet 13 announced the opening of a new dispensary in Orange Park, Florida.
- On April 30, 2025, Planet 13 announced the opening of a new dispensary in Edgewater, Florida, just south of Daytona Beach.
Results of Operations (Summary)
The following tables set forth consolidated statements of financial information for the three-month periods ending March 31, 2025, and March 31, 2024.
| Financial Highlights | |||||||||||
| 听 | |||||||||||
| Results of Operations | |||||||||||
| 听 | |||||||||||
| (Figures in millions | For the Three Months Ended | 听 | 听 | 听 | 听 | 听 | |||||
| and % change based | March 31, | 听 | 听 | March 31, | 听 | 听 | 听 | 听 | 听 | ||
| on these figures) | 2025 | 听 | 听 | 2024 | 听 | 听 | change | 听 | |||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Total Revenue | $ | 28.0 | 听 | 听 | $ | 22.9 | 听 | 听 | 听 | 22.5 | % |
| Gross Profit | $ | 12.0 | 听 | 听 | $ | 10.5 | 听 | 听 | 听 | 14.5 | % |
| Gross Profit % | 听 | 42.8 | % | 听 | 听 | 45.8 | % | 听 | 听 | -6.5 | % |
| Operating Expenses | $ | 16.8 | 听 | 听 | $ | 12.0 | 听 | 听 | 听 | 40.2 | % |
| Operating Expenses % | 听 | 60.0 | % | 听 | 听 | 52.4 | % | 听 | 听 | 14.4 | % |
| Net Loss Before Provision for Income Taxes | $ | (1.8 | ) | 听 | $ | (3.5 | ) | 听 | 听 | -48.6 | % |
| Net Loss | $ | (2.0 | ) | 听 | $ | (5.9 | ) | 听 | 听 | -65.1 | % |
| Adjusted EBITDA | $ | (2.5 | ) | 听 | $ | (0.0 | ) | 听 | 听 | 6180.9 | % |
| Adjusted EBITDA Margin % | 听 | -9.0 | % | 听 | 听 | -0.2 | % | 听 | 听 | 听 | 听 |
The Company鈥檚 Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, is available on the SEC鈥檚 website at www.sec.gov or at https://planet13.com/investors/. The Company鈥檚 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听May 14, 2025 at 5:00 p.m. ET to discuss its first听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 Dennis Logan, CFO.
| CONFERENCE CALL DETAILS |
| 听 |
| Date:听May 14, 2025 | Time: 5:00 p.m. EST |
| Call registration link:听https://registrations.events/direct/Q4I928030 |
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 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| (Figures in millions | For the Three Months Ended | 听 | 听 | 听 | 听 | 听 | |||||
| and % change based | March 31, | 听 | 听 | March 31, | 听 | 听 | 听 | 听 | 听 | ||
| on these figures) | 2025 | 听 | 听 | 2024 | 听 | 听 | change | 听 | |||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net Income (Loss) | $ | (2.0 | ) | 听 | $ | (5.9 | ) | 听 | 听 | -65.1 | % |
| Add impact of: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Interest (income)/expense, net | $ | 0.2 | 听 | 听 | $ | (0.0 | ) | 听 | 听 | -818.2 | % |
| Provision for income taxes | $ | 0.2 | 听 | 听 | $ | 2.3 | 听 | 听 | 听 | -90.0 | % |
| Depreciation and amortization | $ | 1.8 | 听 | 听 | $ | 2.1 | 听 | 听 | 听 | -14.9 | % |
| Depreciation included in cost of goods sold | $ | 1.3 | 听 | 听 | $ | 1.0 | 听 | 听 | 听 | 38.7 | % |
| EBITDA | $ | 1.4 | 听 | 听 | $ | (0.5 | ) | 听 | 听 | -369.2 | % |
| Share-based compensation and related premiums | $ | 0.1 | 听 | 听 | $ | 0.1 | 听 | 听 | 听 | -42.2 | % |
| Gain on recovery of property in settlement | $ | (4.6 | ) | 听 | $ | - | 听 | 听 | 听 | 0.0 | % |
| Professional fees expensed related to M&A activities | $ | 0.2 | 听 | 听 | $ | 0.0 | 听 | 听 | 听 | 322.0 | % |
| Expenses related to El Capitan Matter | $ | 0.3 | 听 | 听 | $ | 0.3 | 听 | 听 | 听 | -2.4 | % |
| Adjusted EBITDA | $ | (2.5 | ) | 听 | $ | (0.0 | ) | 听 | 听 | 6180.9 | % |
For more information on Planet 13, visit the investor website (https://planet13.com/investors/).
About Planet 13
Planet 13 (https://planet13.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in California, Nevada, Illinois, and Florida. Home to the nation's largest dispensary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption lounge in Las Vegas, DAZED!, the opening of its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13鈥檚 mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13鈥檚 shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. To learn more, visit听planet13.com and follow Planet 13 on Instagram @planet13stores.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information听and forward-looking statements听within the meaning of applicable听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 鈥減lans鈥�, 鈥渆xpects鈥�, 鈥減roposed鈥�, 鈥渕ay鈥�, 鈥渃ould鈥�, 鈥渨ould鈥�, 鈥渋ntends鈥�, 鈥渁nticipates鈥�, or 鈥渂elieves鈥�, or variations of such words and phrases.听In this news release, forward-looking statements relate to our strategic goals or future performance. Such forward-looking statements reflect what听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:听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 鈥淩isk Factors鈥� in the Company鈥檚 Annual Report on Form 10-K for the year ended听December 31, 2024 filed with the U.S. Securities and Exchange Commission at www.sec.gov and on the Company鈥檚 issuer profile on SEDAR+ at www.sedarplus.ca听and in the Company鈥檚 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:
LodeRock Advisors Inc., Planet 13 Investor Relations
[email protected]
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
[email protected]
| 听 | |||||||
| 听 | |||||||
| PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Balance Sheets (Unaudited, In United States Dollars) | |||||||
| 听 | |||||||
| 听 | March 31, | 听 | 听 | December 31, | 听 | ||
| 听 | 2025 | 听 | 听 | 2024 | 听 | ||
| ASSETS | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Current Assets: | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Cash | $ | 15,556,553 | 听 | 听 | $ | 23,384,493 | 听 |
| Restricted Cash | 听 | 2,050,584 | 听 | 听 | 听 | 2,050,584 | 听 |
| Accounts Receivable | 听 | 1,634,120 | 听 | 听 | 听 | 1,473,156 | 听 |
| Inventory | 听 | 24,199,619 | 听 | 听 | 听 | 22,821,994 | 听 |
| Assets held for sale | 听 | 4,570,227 | 听 | 听 | 听 | - | 听 |
| Prepaid Expenses and Other Current Assets | 听 | 3,714,748 | 听 | 听 | 听 | 4,568,816 | 听 |
| Total Current Assets | 听 | 51,725,851 | 听 | 听 | 听 | 54,299,043 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Property, Plant and Equipment | 听 | 63,223,161 | 听 | 听 | 听 | 63,511,423 | 听 |
| Intangible Assets and Goodwill | 听 | 48,763,931 | 听 | 听 | 听 | 48,763,931 | 听 |
| Right of Use Assets - Operating | 听 | 37,720,488 | 听 | 听 | 听 | 38,229,399 | 听 |
| Long-term Deposits and Other Assets | 听 | 1,068,477 | 听 | 听 | 听 | 1,033,758 | 听 |
| Deferred Tax Asset | 听 | 1,283,906 | 听 | 听 | 听 | 896,525 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| TOTAL ASSETS | $ | 203,785,814 | 听 | 听 | $ | 206,734,079 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| LIABILITIES | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Current: | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Accounts Payable | $ | 5,940,241 | 听 | 听 | $ | 7,421,921 | 听 |
| Accrued Expenses | 听 | 7,372,088 | 听 | 听 | 听 | 7,285,415 | 听 |
| Income Taxes Payable | 听 | 1,211,082 | 听 | 听 | 听 | 139,480 | 听 |
| Notes Payable - Current Portion | 听 | 8,847,542 | 听 | 听 | 听 | 8,681,684 | 听 |
| Operating Lease Liabilities | 听 | 1,897,526 | 听 | 听 | 听 | 1,818,588 | 听 |
| Total Current Liabilities | 听 | 25,268,479 | 听 | 听 | 听 | 25,347,088 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Long-Term Liabilities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Operating Lease Liabilities | 听 | 46,006,886 | 听 | 听 | 听 | 46,448,666 | 听 |
| Other Long-term Liabilities | 听 | 1,230,037 | 听 | 听 | 听 | 1,220,722 | 听 |
| Uncertain Tax Positions | 听 | 19,321,475 | 听 | 听 | 听 | 19,321,475 | 听 |
| Deferred Tax Liability | 听 | 1,231,852 | 听 | 听 | 听 | 1,682,207 | 听 |
| Total Liabilities | 听 | 93,058,729 | 听 | 听 | 听 | 94,020,158 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| SHAREHOLDERS' EQUITY | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Common Stock, no par value, 1,500,000,000 shares authorized, 325,263,800 issued and outstanding at March 31, 2025 and 325,163,800 issued and outstanding at December 31, 2024 | 听 | - | 听 | 听 | 听 | - | 听 |
| Preferred Stock, no par value, 50,000,000 shares authorized, 0 issued and outstanding at March 31, 2025 and 0 at December 31, 2024 | 听 | - | 听 | 听 | 听 | - | 听 |
| Additional Paid-In Capital | 听 | 368,881,670 | 听 | 听 | 听 | 368,821,339 | 听 |
| Deficit | 听 | (258,154,585 | ) | 听 | 听 | (256,107,418 | ) |
| Total Shareholders' Equity | 听 | 110,727,085 | 听 | 听 | 听 | 112,713,921 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 203,785,814 | 听 | 听 | $ | 206,734,079 | 听 |
| 听 | |||||||
| PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited, In United States Dollars) | |||||||
| 听 | |||||||
| 听 | Three Months Ended | 听 | |||||
| 听 | March 31, | 听 | 听 | March 31, | 听 | ||
| 听 | 2025 | 听 | 听 | 2024 | 听 | ||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Revenues, net of discounts | $ | 28,031,807 | 听 | 听 | $ | 22,877,471 | 听 |
| Cost of Goods Sold | 听 | (16,024,302 | ) | 听 | 听 | (12,392,992 | ) |
| Gross Profit | 听 | 12,007,505 | 听 | 听 | 听 | 10,484,479 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Expenses: | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| General and Administrative | 听 | 14,016,688 | 听 | 听 | 听 | 10,024,787 | 听 |
| Sales and Marketing | 听 | 1,547,018 | 听 | 听 | 听 | 1,290,737 | 听 |
| Lease Expense | 听 | 1,304,893 | 听 | 听 | 听 | 774,946 | 听 |
| Depreciation | 听 | 1,751,430 | 听 | 听 | 听 | 2,059,023 | 听 |
| Total Expenses | 听 | 18,620,029 | 听 | 听 | 听 | 14,149,493 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Loss From Operations | 听 | (6,612,524 | ) | 听 | 听 | (3,665,014 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Other Income (Expense): | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Interest income (expense), net | 听 | (176,411 | ) | 听 | 听 | 24,562 | 听 |
| Foreign exchange (loss) | 听 | (2,889 | ) | 听 | 听 | (3,097 | ) |
| Other income, net | 听 | 4,978,523 | 听 | 听 | 听 | 113,749 | 听 |
| Total Other Income | 听 | 4,799,223 | 听 | 听 | 听 | 135,214 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Loss Before Provision for Income Taxes | 听 | (1,813,301 | ) | 听 | 听 | (3,529,800 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Provision For Income Taxes | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Current Tax Expense | 听 | (1,071,602 | ) | 听 | 听 | (2,363,860 | ) |
| Deferred Tax Recovery | 听 | 837,736 | 听 | 听 | 听 | 19,891 | 听 |
| 听 | 听 | (233,866 | ) | 听 | 听 | (2,343,969 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net Loss and Comprehensive Loss | $ | (2,047,167 | ) | 听 | $ | (5,873,769 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Loss per Share | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Basic and diluted loss per share | $ | (0.01 | ) | 听 | $ | (0.03 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Weighted Average Number of Shares of Common Stock | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Basic and diluted | 听 | 325,261,578 | 听 | 听 | 听 | 228,437,545 | 听 |
| 听 | |||||||
| PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Statements of Cash Flows (Unaudited, In United States Dollars) | |||||||
| 听 | |||||||
| 听 | Three Months Ended | 听 | |||||
| 听 | March 31, | 听 | 听 | March 31, | 听 | ||
| 听 | 2025 | 听 | 听 | 2024 | 听 | ||
| CASH USED IN OPERATING ACTIVITIES | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net loss | $ | (2,047,167 | ) | 听 | $ | (5,873,769 | ) |
| Adjustments for items not involving cash: | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Shared based compensation | 听 | 60,331 | 听 | 听 | 听 | 104,338 | 听 |
| Non-cash lease expense | 听 | 506,530 | 听 | 听 | 听 | 235,980 | 听 |
| Depreciation | 听 | 3,081,283 | 听 | 听 | 听 | 3,017,720 | 听 |
| Loss on disposal of fixed assets | 听 | - | 听 | 听 | 听 | 66,178 | 听 |
| Recovery of property in legal settlement | 听 | (4,570,227 | ) | 听 | 听 | - | 听 |
| Amortization of note payable discount | 听 | 126,725 | 听 | 听 | 听 | - | 听 |
| Lease incentive amortization | 听 | 2,381 | 听 | 听 | 听 | 27,277 | 听 |
| 听 | 听 | (2,840,144 | ) | 听 | 听 | (2,422,276 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net Changes in Non-cash Working Capital Items | 听 | (1,986,054 | ) | 听 | 听 | 1,082,151 | 听 |
| Repayment of lease liabilities | 听 | (362,842 | ) | 听 | 听 | (90,826 | ) |
| Total Operating | 听 | (5,189,040 | ) | 听 | 听 | (1,430,951 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| FINANCING ACTIVITIES | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Proceeds from public share issuance | 听 | - | 听 | 听 | 听 | 9,913,856 | 听 |
| Repayment of Lafayette State Bank Note | 听 | (2,947,632 | ) | 听 | 听 | - | 听 |
| Bank of Nevada Revolving Line of Credit | 听 | 3,000,000 | 听 | 听 | 听 | - | 听 |
| Total Financing | 听 | 52,368 | 听 | 听 | 听 | 9,913,856 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| INVESTING ACTIVITIES | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Purchase of property and equipment | 听 | (2,691,268 | ) | 听 | 听 | (2,947,190 | ) |
| Proceeds from sales of fixed assets | 听 | - | 听 | 听 | 听 | 4,594 | 听 |
| Total Investing | 听 | (2,691,268 | ) | 听 | 听 | (2,942,596 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| NET CHANGE IN CASH DURING THE PERIOD | 听 | (7,827,940 | ) | 听 | 听 | 5,540,309 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| CASH | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Beginning of Period | 听 | 25,435,077 | 听 | 听 | 听 | 17,281,592 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| End of Period | $ | 17,607,137 | 听 | 听 | $ | 22,821,901 | 听 |
FAQ
What were Planet 13's (PLNH) Q1 2025 revenue and net loss?
How did Planet 13's gross margin change in Q1 2025 compared to Q1 2024?
What expansion activities did Planet 13 (PLNH) undertake in Florida during Q1 2025?
How much cash does Planet 13 (PLNH) have as of Q1 2025?
What were the main challenges Planet 13 faced in Q1 2025?
