- Q2 2025 Revenue of $26.9 million
- Q2 2025 Net loss of $13.3 million
- Q2 2025 Adjusted EBITDA loss of $2.4 million
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, Aug. 13, 2025 (GLOBE NEWSWIRE) — Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNH) (“Planet 13” or the “Company“), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month period ended June 30, 2025. Planet 13’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).
“Q2 played out in a tough operating environment. Against that backdrop, we remained sharply focused on what we can control, driving efficiencies and 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,” said Larry Scheffler, co-CEO of Planet 13.
“This 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,” said Bob Groesbeck, co-CEO of Planet 13.
Financial Highlights – Q2 – 2025
Operating Results
All comparisons below are to the quarter ended June 30, 2024, unless otherwise noted
- Revenue was $26.9 million as compared to $31.1 million, an decrease of 13.6%. The decrease in sales was driven by price compression and a weaker consumer environment in Nevada and increased competition in Florida.
- Gross profit was $11.7 million or 43.4% as compared to $15.8 million or 50.9%. The lower gross margin was driven by industry wide pricing pressure.
- Total expenses were $18.5 million as compared to $19.4 million, a decrease of 4.6%. Lower total expenses were associated with early savings from company wide cost saving measures that were enacted in Q2 2025.
- Net loss of $13.3 million as compared to a net loss of $8.1 million.
- Adjusted EBITDA loss of $2.4 million as compared to Adjusted EBITDA of $3.2 million. Adjusted EBITDA loss was driven by lower gross profit and operating leverage.
Balance Sheet
All comparisons below are to December 31, 2024, unless otherwise noted
- Cash of $15.9 million as compared to $23.4 million
- Total assets of $201.0 million as compared to $206.7 million
- Total liabilities of $103.1 million as compared to $94.0 million
Q2 Highlights and Recent Developments
- For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13’s press releases.
- 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.
- On May 20, 2025, Planet 13 announced the resignation of Dennis Logan CFO and the appointment of Steve McLean as interim Chief Financial Officer.
- On July 11, 2025, Planet 13 announced the launch of a revamped loyalty program.
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 | For the Three Months Ended | |||||||||||
| and % change based | June 30, | June 30, | ||||||||||
| on these figures) | 2025 | 2024 | change | |||||||||
| Total Revenue | $ | 26.9 | $ | 31.1 | -13.6 | % | ||||||
| Gross Profit | $ | 11.7 | $ | 15.8 | -26.4 | % | ||||||
| Gross Profit % | 43.4 | % | 50.9 | % | -14.8 | % | ||||||
| Operating Expenses | $ | 16.6 | $ | 17.2 | -3.6 | % | ||||||
| Operating Expenses % | 61.8 | % | 55.4 | % | 11.6 | % | ||||||
| Net Loss Before Provision for Income Taxes | $ | (6.9 | ) | $ | (4.0 | ) | 71.0 | % | ||||
| Net Loss | $ | (13.3 | ) | $ | (8.1 | ) | 64.8 | % | ||||
| Adjusted EBITDA | $ | (2.4 | ) | $ | 3.2 | -176.1 | % | |||||
| Adjusted EBITDA Margin % | -9.1 | % | 10.3 | % | ||||||||
The Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, is available on the SEC’s website at www.sec.gov or at https://planet13.com/investors/. The Company’s 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 August 13, 2025 at 5:00 p.m. ET to discuss its second 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: August 13, 2025 | Time: 5:00 p.m. EST
Call registration link: https://registrations.events/direct/Q4I92803684
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 | |||||||||||
| and % change based | June 30, | June 30, | ||||||||||
| on these figures) | 2025 | 2024 | change | |||||||||
| Net Income (Loss) | $ | (13.3 | ) | $ | (8.1 | ) | 64.8 | % | ||||
| Add impact of: | ||||||||||||
| Interest (income)/expense, net | $ | 0.4 | $ | (0.1 | ) | -546.1 | % | |||||
| Provision for income taxes | $ | 6.4 | $ | 4.1 | 58.6 | % | ||||||
| Depreciation and amortization | $ | 1.8 | $ | 2.1 | -14.4 | % | ||||||
| Depreciation included in cost of goods sold | $ | 1.4 | $ | 1.1 | 25.8 | % | ||||||
| EBITDA | $ | (3.3 | ) | $ | (0.9 | ) | 276.9 | % | ||||
| Share-based compensation and related premiums | $ | 0.5 | $ | 0.0 | 1878.2 | % | ||||||
| Impairment losses | $ | – | $ | 2.4 | -100.0 | % | ||||||
| Loss on Sale of Florida License | $ | – | $ | 0.8 | -100.0 | % | ||||||
| Gain on recovery of property in settlement | $ | – | $ | – | 0.0 | % | ||||||
| Professional fees expensed related to M&A activities | $ | 0.0 | $ | 0.2 | -84.6 | % | ||||||
| Expenses related to El Capitan Matter | $ | 0.3 | $ | 0.7 | -52.1 | % | ||||||
| Adjusted EBITDA | $ | (2.4 | ) | $ | 3.2 | -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 …