| ● | 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 | ||||||||||||||||||||
| and % change based | December 31, | December 31, | December 31, | December 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 | ||||||||||||||||||||
| and % change based | December 31, | December 31, | December 31, | December 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 | ||||||||||||