Planet 13 Announces Q2 2025 Financial Results
Planet 13 Holdings (OTCQX: PLNH) reported challenging Q2 2025 financial results, with revenue declining 13.6% to $26.9 million compared to $31.1 million in Q2 2024. The company posted a net loss of $13.3 million and an Adjusted EBITDA loss of $2.4 million.
Gross profit margin decreased to 43.4% from 50.9%, primarily due to industry-wide pricing pressure. The company implemented cost-saving measures, reducing total expenses by 4.6% to $18.5 million. Cash position stood at $15.9 million, down from $23.4 million at the end of 2024.
During Q2, Planet 13 expanded its Florida presence with new dispensaries in Orange Park and Edgewater, while also announcing management changes with Steve McLean appointed as interim CFO following Dennis Logan's resignation.
Planet 13 Holdings (OTCQX: PLNH) ha registrato risultati finanziari difficili nel 2掳 trimestre 2025: i ricavi sono diminuiti del 13,6% a 26,9 milioni di dollari rispetto a 31,1 milioni di dollari nel 2掳 trimestre 2024. La societ脿 ha riportato una perdita netta di 13,3 milioni di dollari e una perdita di EBITDA rettificato di 2,4 milioni di dollari.
Il margine lordo 猫 sceso al 43,4% dal 50,9%, principalmente a causa delle pressioni sui prezzi a livello di settore. L'azienda ha adottato misure di contenimento dei costi, riducendo le spese totali del 4,6% a 18,5 milioni di dollari. La posizione di cassa era di 15,9 milioni di dollari, in calo rispetto ai 23,4 milioni di dollari alla fine del 2024.
Nel 2掳 trimestre Planet 13 ha ampliato la sua presenza in Florida con nuove dispensarie a Orange Park e Edgewater e ha annunciato cambi nella direzione: Steve McLean 猫 stato nominato CFO ad interim dopo le dimissioni di Dennis Logan.
Planet 13 Holdings (OTCQX: PLNH) inform贸 resultados financieros dif铆ciles en el segundo trimestre de 2025, con ingresos que cayeron un 13,6% hasta 26,9 millones de d贸lares frente a 31,1 millones de d贸lares en el segundo trimestre de 2024. La compa帽铆a registr贸 una p茅rdida neta de 13,3 millones de d贸lares y una p茅rdida de EBITDA ajustado de 2,4 millones de d贸lares.
El margen bruto se redujo al 43,4% desde 50,9%, principalmente por la presi贸n generalizada sobre los precios en la industria. La empresa implement贸 medidas de ahorro de costos, reduciendo los gastos totales un 4,6% hasta 18,5 millones de d贸lares. La posici贸n de efectivo se situ贸 en 15,9 millones de d贸lares, desde 23,4 millones de d贸lares a finales de 2024.
Durante el segundo trimestre, Planet 13 ampli贸 su presencia en Florida con nuevas dispensarias en Orange Park y Edgewater, y anunci贸 cambios en la direcci贸n: Steve McLean fue nombrado CFO interino tras la renuncia de Dennis Logan.
Planet 13 Holdings (OTCQX: PLNH)電� 2025雲� 2攵勱赴鞐� 攵�歆勴暅 鞁れ爜鞚� 旮半頄堨姷雼堧嫟. 毵れ稖鞚� 鞝勲厔 霃欔赴(2024雲� 2攵勱赴)鞚� 3,110毵� 雼煬鞐愳劀 13.6% 臧愳唽頃� 2,690毵� 雼煬毳� 旮半頄堨姷雼堧嫟. 須岇偓電� 1,330毵� 雼煬鞚� 靾滌啇鞁�瓿� 臁办爼 EBITDA 旮办鞙茧 240毵� 雼煬鞚� 靻愳嫟鞚� 氚滍憸頄堨姷雼堧嫟.
齑濎澊鞚惦鞚� 鞐呹硠 鞝勲皹鞚� 臧�瓴� 鞎曤牓鞙茧 50.9%鞐愳劀 43.4%搿� 頃橂澖頄堨姷雼堧嫟. 須岇偓電� 牍勳毄 鞝堦皭 臁办箻毳� 鞁滍枆頃� 齑濍箘鞖╈潉 4.6% 欷勳棳 1,850毵� 雼煬搿� 雮穭鞀惦媹雼�. 順勱笀 氤挫湢鞎§潃 2024雲� 毵愳潣 2,340毵� 雼煬鞐愳劀 1,590毵� 雼煬搿� 臧愳唽頄堨姷雼堧嫟.
2攵勱赴 霃欖晥 Planet 13電� 頂岆毽嫟鞐� Orange Park鞕� Edgewater鞐� 鞁犼窚 霐旍姢韼滌劀毽ゼ 鞐挫柎 鞛呾毳� 頇曥灔頄堨溂氅�, Dennis Logan鞚� 靷瀯鞐� 霐半澕 Steve McLean鞚� 鞛勳嫓 CFO搿� 靹犾瀯霅橂姅 霌� 瓴届榿歆� 氤�瓴届潉 氚滍憸頄堨姷雼堧嫟.
Planet 13 Holdings (OTCQX: PLNH) a publi茅 des r茅sultats financiers difficiles au 2e trimestre 2025 : le chiffre d'affaires a diminu茅 de 13,6 % 脿 26,9 millions de dollars contre 31,1 millions de dollars au 2e trimestre 2024. La soci茅t茅 a enregistr茅 une perte nette de 13,3 millions de dollars et une perte d'EBITDA ajust茅 de 2,4 millions de dollars.
La marge brute est pass茅e 脿 43,4 % contre 50,9 %, principalement en raison de la pression sur les prix au niveau du secteur. L'entreprise a mis en place des mesures d'茅conomies, r茅duisant les charges totales de 4,6 % 脿 18,5 millions de dollars. La tr茅sorerie s'茅levait 脿 15,9 millions de dollars, en baisse par rapport 脿 23,4 millions de dollars 脿 la fin de 2024.
Au 2e trimestre, Planet 13 a renforc茅 sa pr茅sence en Floride avec de nouveaux points de vente 脿 Orange Park et Edgewater, et a annonc茅 des changements de direction : Steve McLean a 茅t茅 nomm茅 directeur financier par int茅rim suite 脿 la d茅mission de Dennis Logan.
Planet 13 Holdings (OTCQX: PLNH) meldete schwierige Finanzergebnisse f眉r das 2. Quartal 2025: Der Umsatz sank um 13,6% auf 26,9 Millionen US-Dollar gegen眉ber 31,1 Millionen US-Dollar im 2. Quartal 2024. Das Unternehmen verzeichnete einen Nettoverlust von 13,3 Millionen US-Dollar und einen bereinigten EBITDA-Verlust von 2,4 Millionen US-Dollar.
Die Bruttomarge fiel auf 43,4% gegen眉ber 50,9%, haupts盲chlich aufgrund des branchenweiten Preisdrucks. Das Unternehmen ergriff Kostensenkungsma脽nahmen und reduzierte die Gesamtaufwendungen um 4,6% auf 18,5 Millionen US-Dollar. Die liquiden Mittel beliefen sich auf 15,9 Millionen US-Dollar, gegen眉ber 23,4 Millionen US-Dollar Ende 2024.
Im 2. Quartal baute Planet 13 seine Pr盲senz in Florida mit neuen Verkaufsstellen in Orange Park und Edgewater aus und gab personelle Ver盲nderungen bekannt: Steve McLean wurde nach dem R眉cktritt von Dennis Logan zum Interims-CFO ernannt.
- Operating expenses reduced by 4.6% to $18.5 million through cost-saving initiatives
- Strategic expansion with two new dispensary openings in Florida market
- Maintained strong cash position of $15.9 million
- Revenue declined 13.6% year-over-year to $26.9 million
- Net loss increased 64.8% to $13.3 million
- Gross profit margin decreased from 50.9% to 43.4%
- Adjusted EBITDA turned negative at -$2.4 million compared to positive $3.2 million in Q2 2024
- Cash position decreased from $23.4 million to $15.9 million since December 2024
- Q2听2025听Revenue of
$26.9听尘颈濒濒颈辞苍 - Q2听2025听Net loss of听
$13.3 million - Q2听2025听Adjusted EBITDA loss听of听
$2.4 million
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, Aug. 13, 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 June 30, 2025. Planet 13鈥檚 financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (鈥淕AAP鈥�).
鈥淨2 played out in a tough听operating environment. Against that backdrop, we remained sharply focused on what we can control,听driving efficiencies and听cutting costs. At the same time, we took bold steps to maximize our scale advantage in Nevada, moving to a more aggressive pricing strategy. Even as we lean in on price, customers continue to choose us for our consistent quality and standout retail experience,鈥� said听Larry Scheffler, co-CEO of Planet 13.
鈥淭his quarter, we remained focused on operational discipline, tightening expenses, protecting our balance sheet, and deploying targeted pricing strategies to reinforce our competitive position in key markets. While Q2 results reflect severance and other costs associated with our broader cost reduction efforts, these are necessary steps to build a more efficient and resilient organization. We expect these actions to contribute to improved financial performance over time, while continuing to deliver the quality and service our customers rely on,鈥� said听Bob Groesbeck, co-CEO of Planet 13.听
Financial Highlights 鈥�听蚕2听鈥�听2025
Operating Results
All comparisons below are to the quarter ended June 30, 2024, unless otherwise noted
- Revenue was
$26.9听尘颈濒濒颈辞苍 as compared to听$31.1 million , an decrease听of13.6% . The听decrease in sales was driven by price compression and a weaker consumer environment in Nevada and increased competition in Florida.听 - Gross profit was听
$11.7听尘颈濒濒颈辞苍 辞谤听43.4% as compared to听$15.8 million or50.9% . The lower gross margin was driven by industry wide pricing听pressure. - Total expenses were听
$18.5 million as compared to听$19.4 million , a听decrease of4.6% . Lower total expenses were associated with early savings from company wide听cost saving measures that were enacted in Q2 2025. - Net loss听of听
$13.3 million as compared to a听net loss of听$8.1 million .听 - Adjusted EBITDA loss听of听
$2.4 million as compared to听Adjusted EBITDA听of听$3.2 million . Adjusted EBITDA loss was driven by lower gross profit and听operating leverage.听
Balance Sheet
All comparisons below are to December 31, 2024, unless otherwise noted
- Cash of听
$15.9 million as compared to听$23.4 million - Total assets of听
$201.0 million as compared to听$206.7 million - Total liabilities of听
$103.1 million as compared to听$94.0 million
Q2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 April 2, 2025, Planet 13 announced the opening of a new dispensary in Orange Park, Florida.听 听
- On April 30, 2025, Planet 13 announced the opening of a new dispensary in Edgewater, Florida, just south of Daytona Beach.
- On May 20, 2025, Planet 13 announced the resignation of Dennis Logan CFO and the appointment of Steve McLean as interim Chief Financial Officer.听 听听听
- On July 11, 2025, Planet 13 announced the launch of a revamped loyalty program.听
Results of Operations (Summary)
The following tables set forth consolidated statements of financial information for the three-month periods ending June 30, 2025, and June 30, 2024.
Financial Highlights
Results of Operations
| (Figures in millions | 听 | For the Three Months Ended | 听 | 听 | 听 | 听 | 听 | |||||
| and % change based | 听 | June 30, | 听 | 听 | June 30, | 听 | 听 | 听 | 听 | 听 | ||
| on these figures) | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | change | 听 | |||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Total Revenue | 听 | $ | 26.9 | 听 | 听 | $ | 31.1 | 听 | 听 | 听 | -13.6 | % |
| Gross Profit | 听 | $ | 11.7 | 听 | 听 | $ | 15.8 | 听 | 听 | 听 | -26.4 | % |
| Gross Profit % | 听 | 听 | 43.4 | % | 听 | 听 | 50.9 | % | 听 | 听 | -14.8 | % |
| Operating Expenses | 听 | $ | 16.6 | 听 | 听 | $ | 17.2 | 听 | 听 | 听 | -3.6 | % |
| Operating Expenses % | 听 | 听 | 61.8 | % | 听 | 听 | 55.4 | % | 听 | 听 | 11.6 | % |
| Net Loss Before Provision for Income Taxes | 听 | $ | (6.9 | ) | 听 | $ | (4.0 | ) | 听 | 听 | 71.0 | % |
| Net Loss | 听 | $ | (13.3 | ) | 听 | $ | (8.1 | ) | 听 | 听 | 64.8 | % |
| Adjusted EBITDA | 听 | $ | (2.4 | ) | 听 | $ | 3.2 | 听 | 听 | 听 | -176.1 | % |
| Adjusted EBITDA Margin % | 听 | 听 | -9.1 | % | 听 | 听 | 10.3 | % | 听 | 听 | 听 | 听 |
The Company鈥檚 Quarterly Report on Form 10-Q for the quarter ended June 30, 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August 13, 2025 at 5:00 p.m. ET to discuss its second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 Steve McLean, Intreim CFO.
CONFERENCE CALL DETAILS
Date:听August 13, 2025 | Time: 5:00 p.m. EST
Call registration link:听听
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 | 听 |
| (Figures in millions | 听 | For the Three Months Ended | 听 | 听 | 听 | 听 | 听 | |||||
| and % change based | 听 | June 30, | 听 | 听 | June 30, | 听 | 听 | 听 | 听 | 听 | ||
| on these figures) | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | change | 听 | |||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net Income (Loss) | 听 | $ | (13.3 | ) | 听 | $ | (8.1 | ) | 听 | 听 | 64.8 | % |
| Add impact of: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Interest (income)/expense, net | 听 | $ | 0.4 | 听 | 听 | $ | (0.1 | ) | 听 | 听 | -546.1 | % |
| Provision for income taxes | 听 | $ | 6.4 | 听 | 听 | $ | 4.1 | 听 | 听 | 听 | 58.6 | % |
| Depreciation and amortization | 听 | $ | 1.8 | 听 | 听 | $ | 2.1 | 听 | 听 | 听 | -14.4 | % |
| Depreciation included in cost of goods sold | 听 | $ | 1.4 | 听 | 听 | $ | 1.1 | 听 | 听 | 听 | 25.8 | % |
| EBITDA | 听 | $ | (3.3 | ) | 听 | $ | (0.9 | ) | 听 | 听 | 276.9 | % |
| Share-based compensation and related premiums | 听 | $ | 0.5 | 听 | 听 | $ | 0.0 | 听 | 听 | 听 | 1878.2 | % |
| Impairment losses | 听 | $ | - | 听 | 听 | $ | 2.4 | 听 | 听 | 听 | -100.0 | % |
| Loss on Sale of Florida License | 听 | $ | - | 听 | 听 | $ | 0.8 | 听 | 听 | 听 | -100.0 | % |
| Gain on recovery of property in settlement | 听 | $ | - | 听 | 听 | $ | - | 听 | 听 | 听 | 0.0 | % |
| Professional fees expensed related to M&A activities | 听 | $ | 0.0 | 听 | 听 | $ | 0.2 | 听 | 听 | 听 | -84.6 | % |
| Expenses related to El Capitan Matter | 听 | $ | 0.3 | 听 | 听 | $ | 0.7 | 听 | 听 | 听 | -52.1 | % |
| Adjusted EBITDA | 听 | $ | (2.4 | ) | 听 | $ | 3.2 | 听 | 听 | 听 | -176.1 | % |
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 operates dispensaries across Florida, a key market in its expansive footprint. Planet 13's 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's 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.
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:
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
[email protected]
LodeRock Advisors Inc., Planet 13 Investor Relations
[email protected]
725-331-7650 ext. 105210
Planet 13 Media:
Colin Trethewey / PRmediaNow Communications /听[email protected]
| PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Balance Sheets (Unaudited, In United States Dollars) |
| 听 | 听 | June 30, | 听 | 听 | December 31, | 听 | ||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | ||
| ASSETS | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Current Assets: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Cash | 听 | $ | 15,853,538 | 听 | 听 | $ | 23,384,493 | 听 |
| Restricted Cash | 听 | 听 | - | 听 | 听 | 听 | 2,050,584 | 听 |
| Accounts Receivable | 听 | 听 | 1,595,501 | 听 | 听 | 听 | 1,473,156 | 听 |
| Inventory | 听 | 听 | 24,525,493 | 听 | 听 | 听 | 22,821,994 | 听 |
| Assets held for sale | 听 | 听 | 4,588,153 | 听 | 听 | 听 | - | 听 |
| Prepaid Expenses and Other Current Assets | 听 | 听 | 3,204,810 | 听 | 听 | 听 | 4,568,816 | 听 |
| Total Current Assets | 听 | 听 | 49,767,495 | 听 | 听 | 听 | 54,299,043 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Property, Plant and Equipment | 听 | 听 | 62,103,281 | 听 | 听 | 听 | 63,511,423 | 听 |
| Intangible Assets and Goodwill | 听 | 听 | 48,763,931 | 听 | 听 | 听 | 48,763,931 | 听 |
| Right of Use Assets - Operating | 听 | 听 | 37,734,775 | 听 | 听 | 听 | 38,229,399 | 听 |
| Long-term Deposits and Other Assets | 听 | 听 | 1,081,089 | 听 | 听 | 听 | 1,033,758 | 听 |
| Deferred Tax Asset | 听 | 听 | 1,527,368 | 听 | 听 | 听 | 896,525 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| TOTAL ASSETS | 听 | $ | 200,977,939 | 听 | 听 | $ | 206,734,079 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| LIABILITIES | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Current: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Accounts Payable | 听 | $ | 6,963,296 | 听 | 听 | $ | 7,421,921 | 听 |
| Accrued Expenses | 听 | 听 | 7,690,843 | 听 | 听 | 听 | 7,285,415 | 听 |
| Income Taxes Payable | 听 | 听 | 159,080 | 听 | 听 | 听 | 139,480 | 听 |
| Notes Payable - Current Portion | 听 | 听 | 10,634,000 | 听 | 听 | 听 | 8,681,684 | 听 |
| Operating Lease Liabilities | 听 | 听 | 2,085,595 | 听 | 听 | 听 | 1,818,588 | 听 |
| Total Current Liabilities | 听 | 听 | 27,532,814 | 听 | 听 | 听 | 25,347,088 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Long-Term Liabilities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Operating Lease Liabilities | 听 | 听 | 45,982,271 | 听 | 听 | 听 | 46,448,666 | 听 |
| Other Long-term Liabilities | 听 | 听 | 1,249,045 | 听 | 听 | 听 | 1,220,722 | 听 |
| Uncertain Tax Positions | 听 | 听 | 26,902,238 | 听 | 听 | 听 | 19,321,475 | 听 |
| Deferred Tax Liability | 听 | 听 | 1,388,432 | 听 | 听 | 听 | 1,682,207 | 听 |
| Total Liabilities | 听 | 听 | 103,054,800 | 听 | 听 | 听 | 94,020,158 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| SHAREHOLDERS' EQUITY | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Common Stock, no par value, 1,500,000,000 shares authorized, 325,363,800 issued and outstanding at June 30, 2025 and 325,163,800 issued and outstanding at December 31, 2024 | 听 | 听 | - | 听 | 听 | 听 | - | 听 |
| Preferred Stock, no par value, 50,000,000 shares authorized, 0 issued and outstanding at June 30, 2025 and 0 at December 31, 2024 | 听 | 听 | - | 听 | 听 | 听 | - | 听 |
| Additional Paid-In Capital | 听 | 听 | 369,378,966 | 听 | 听 | 听 | 368,821,339 | 听 |
| Deficit | 听 | 听 | (271,455,827 | ) | 听 | 听 | (256,107,418 | ) |
| Total Shareholders' Equity | 听 | 听 | 97,923,139 | 听 | 听 | 听 | 112,713,921 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 听 | $ | 200,977,939 | 听 | 听 | $ | 206,734,079 | 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 | 听 | June 30, | 听 | 听 | June 30, | 听 | ||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | ||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Revenues, net of discounts | 听 | $ | 26,854,361 | 听 | 听 | $ | 31,088,254 | 听 |
| Cost of Goods Sold | 听 | 听 | (15,195,868 | ) | 听 | 听 | (15,251,527 | ) |
| Gross Profit | 听 | 听 | 11,658,493 | 听 | 听 | 听 | 15,836,727 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Expenses: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| General and Administrative | 听 | 听 | 13,641,035 | 听 | 听 | 听 | 12,277,708 | 听 |
| Sales and Marketing | 听 | 听 | 1,625,971 | 听 | 听 | 听 | 1,517,640 | 听 |
| Lease Expense | 听 | 听 | 1,382,068 | 听 | 听 | 听 | 1,045,611 | 听 |
| Impairment Loss | 听 | 听 | - | 听 | 听 | 听 | 2,393,087 | 听 |
| Depreciation | 听 | 听 | 1,835,289 | 听 | 听 | 听 | 2,145,048 | 听 |
| Total Expenses | 听 | 听 | 18,484,363 | 听 | 听 | 听 | 19,379,094 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Loss From Operations | 听 | 听 | (6,825,870 | ) | 听 | 听 | (3,542,367 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Other Income (Expense): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Interest income (expense), net | 听 | 听 | (377,290 | ) | 听 | 听 | 84,580 | 听 |
| Foreign exchange (loss) | 听 | 听 | (224 | ) | 听 | 听 | (6,945 | ) |
| Other income, net | 听 | 听 | 325,704 | 听 | 听 | 听 | (557,479 | ) |
| Total Other Income (Expense) | 听 | 听 | (51,810 | ) | 听 | 听 | (479,844 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Loss Before Provision for Income Taxes | 听 | 听 | (6,877,680 | ) | 听 | 听 | (4,022,211 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Provision For Income Taxes | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Current Tax Expense | 听 | 听 | (6,510,445 | ) | 听 | 听 | (3,898,486 | ) |
| Deferred Tax Recovery | 听 | 听 | 86,883 | 听 | 听 | 听 | (152,449 | ) |
| 听 | 听 | 听 | (6,423,562 | ) | 听 | 听 | (4,050,935 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net Loss and Comprehensive Loss | 听 | $ | (13,301,242 | ) | 听 | $ | (8,073,146 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Loss per Share | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Basic and diluted loss per share | 听 | $ | (0.04 | ) | 听 | $ | (0.03 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Weighted Average Number of Shares of Common Stock | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Basic and diluted | 听 | 听 | 325,362,689 | 听 | 听 | 听 | 289,175,997 | 听 |
| PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Statements of Cash Flows (Unaudited, In United States Dollars) |
| 听 | 听 | Six Months Ended | 听 | |||||
| 听 | 听 | June 30, | 听 | 听 | June 30, | 听 | ||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | ||
| CASH USED IN OPERATING ACTIVITIES | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net loss | 听 | $ | (15,348,409 | ) | 听 | $ | (13,946,915 | ) |
| Adjustments for items not involving cash: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Shared based compensation | 听 | 听 | 557,627 | 听 | 听 | 听 | 129,477 | 听 |
| Non-cash lease expense | 听 | 听 | 1,061,762 | 听 | 听 | 听 | 747,863 | 听 |
| Depreciation | 听 | 听 | 6,283,526 | 听 | 听 | 听 | 6,249,458 | 听 |
| Loss on impairment of fixed assets | 听 | 听 | - | 听 | 听 | 听 | 2,393,489 | 听 |
| Loss on impairment of intangible assets | 听 | 听 | - | 听 | 听 | 听 | 762,091 | 听 |
| Loss on disposal of fixed assets | 听 | 听 | - | 听 | 听 | 听 | 86,140 | 听 |
| Recovery of property in legal settlement | 听 | 听 | (4,588,153 | ) | 听 | 听 | - | 听 |
| Amortization of note payable discount | 听 | 听 | 177,191 | 听 | 听 | 听 | - | 听 |
| Lease incentive amortization | 听 | 听 | 3,804 | 听 | 听 | 听 | 54,554 | 听 |
| 听 | 听 | 听 | (11,852,652 | ) | 听 | 听 | (3,523,843 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net Changes in Non-cash Working Capital Items | 听 | 听 | 6,206,445 | 听 | 听 | 听 | 7,731,109 | 听 |
| Repayment of lease liabilities | 听 | 听 | (770,330 | ) | 听 | 听 | (444,345 | ) |
| Total Operating | 听 | 听 | (6,416,537 | ) | 听 | 听 | 3,762,921 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| FINANCING ACTIVITIES | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Proceeds from public share issuance | 听 | 听 | - | 听 | 听 | 听 | 9,862,208 | 听 |
| Net Cash From VidaCann Acquisition | 听 | 听 | - | 听 | 听 | 听 | 589,666 | 听 |
| VidaCann Acquisition-Cash Component | 听 | 听 | - | 听 | 听 | 听 | (4,000,000 | ) |
| Repayment of Lafayette State Bank Note | 听 | 听 | (2,947,632 | ) | 听 | 听 | - | 听 |
| Bank of Nevada Revolving Line of Credit | 听 | 听 | 9,750,000 | 听 | 听 | 听 | - | 听 |
| Payment of Promissory Note to former VidaCann Shareholders | 听 | 听 | (5,000,000 | ) | 听 | 听 | - | 听 |
| Total Financing | 听 | 听 | 1,802,368 | 听 | 听 | 听 | 6,451,874 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| INVESTING ACTIVITIES | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Purchase of property and equipment | 听 | 听 | (4,967,370 | ) | 听 | 听 | (7,018,532 | ) |
| Proceeds from sales of fixed assets | 听 | 听 | - | 听 | 听 | 听 | 4,594 | 听 |
| Proceeds from the sale of Florida license, net of transaction costs | 听 | 听 | - | 听 | 听 | 听 | 8,237,909 | 听 |
| Total Investing | 听 | 听 | (4,967,370 | ) | 听 | 听 | 1,223,971 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| NET CHANGE IN CASH DURING THE PERIOD | 听 | 听 | (9,581,539 | ) | 听 | 听 | 11,438,766 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| CASH | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Beginning of Period | 听 | 听 | 25,435,077 | 听 | 听 | 听 | 17,281,592 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| End of Period | 听 | $ | 15,853,538 | 听 | 听 | $ | 28,720,358 | 听 |
FAQ
What were Planet 13's (PLNH) key financial results for Q2 2025?
How did Planet 13's Q2 2025 revenue compare to the previous year?
What strategic actions did Planet 13 take during Q2 2025?
How much cash does Planet 13 (PLNH) have as of Q2 2025?
What caused Planet 13's decline in gross profit margin during Q2 2025?
