Earnings summaries and quarterly performance for Planet 13 Holdings.
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Planet 13 Holdings Reports Q3 2025 Financial Results and Announces California Exit
PLNH
Earnings
Demand Weakening
M&A
- Planet 13 Holdings reported Q3 2025 revenue of $23.3 million, a decrease from $26.6 million in Q2, resulting in an Adjusted EBITDA loss of $4.1 million.
- The reported gross profit of $5 million (21.3% margin) was significantly impacted by a $1.1 million charge from selling aged California inventory and a $3.5 million inventory reserve in Florida; excluding these, the gross margin would have been approximately 45%.
- The company is exiting its California operations, with the divestiture expected to close in Q1 2026, which is projected to provide a $300,000-$350,000 monthly cash flow and profitability upside starting in early 2026.
- The Nevada superstore generated $9.8 million in Q3, affected by a 10% year-over-year decline in visitor volume, though October revenue showed a 5% month-over-month increase. Florida operations, contributing $7.6 million to the neighborhood network, experienced a low point in Q3 but saw 8% higher sales in October compared to the Q3 average, with a BHO lab expected to be operational by year-end.
Nov 12, 2025, 10:00 PM
Planet 13 Holdings Reports Q3 2025 Financial Results and Announces California Exit
PLNH
Earnings
Demand Weakening
M&A
- Planet 13 Holdings reported Q3 2025 revenue of $23.3 million, a decrease from $26.6 million in Q2. The company experienced a gross profit of $5 million and a gross margin of 21.3%, which would have been approximately 45% excluding one-time impacts of $1.1 million from California inventory sales and a $3.5 million Florida inventory reserve.
- The company recorded an Adjusted EBITDA loss of $4.1 million in Q3 2025. As of September 30, 2025, Planet 13 Holdings had $17.2 million in cash and $10.6 million in short-term debt.
- Planet 13 is exiting its California operations, with the divestiture expected to close in Q1 2026, which is projected to provide a cash flow and profitability upside of approximately $300,000 to $350,000 per month starting early next year.
- The Las Vegas SuperStore generated $9.8 million in Q3, facing headwinds with visitor volume down approximately 10% year-over-year, though October revenue increased 5% month-over-month. Florida operations, which contributed $7.6 million to neighborhood store revenue, saw Q3 as a low point due to flower quality issues, but October sales were 8% higher than the average Q3 month, and a BHO lab is expected to be online by year-end.
Nov 12, 2025, 10:00 PM
Planet 13 Holdings Inc. announces Q3 2025 financial results
PLNH
Earnings
Demand Weakening
M&A
- Planet 13 Holdings Inc. reported Q3 2025 revenue of $23.3 million, a 27.6% decrease compared to Q3 2024, and a net loss of $44.0 million, which included a $29.8 million non-cash impairment loss.
- The company's Adjusted EBITDA was a loss of $4.1 million for Q3 2025, compared to an Adjusted EBITDA of $1.3 million in Q3 2024.
- Strategically, Planet 13 is exiting its California operations to focus resources on Nevada and Florida, with management noting sequential improvements in both markets during October.
- As of September 30, 2025, cash stood at $17.2 million, and total assets were $158.5 million, compared to $23.4 million and $206.7 million respectively, at December 31, 2024.
Nov 12, 2025, 9:33 PM
Quarterly earnings call transcripts for Planet 13 Holdings.
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