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Planet 13 Announces Q2 2025 Financial Results
Globenewswireยท2025-08-13 20:30

Core Insights - Planet 13 Holdings Inc. reported a revenue of $26.9 million for Q2 2025, a decrease of 13.6% compared to $31.1 million in Q2 2024, primarily due to price compression and a weaker consumer environment in Nevada, along with increased competition in Florida [5][6][8] - The company experienced a net loss of $13.3 million in Q2 2025, compared to a net loss of $8.1 million in the same quarter last year, reflecting a 64.8% increase in losses [5][6][8] - Adjusted EBITDA for Q2 2025 was a loss of $2.4 million, a significant decline from an adjusted EBITDA of $3.2 million in Q2 2024, marking a 176.1% decrease [5][6][8] Financial Highlights - Total revenue for Q2 2025 was $26.9 million, down from $31.1 million in Q2 2024, representing a 13.6% decrease [5][6][8] - Gross profit decreased to $11.7 million (43.4% margin) from $15.8 million (50.9% margin), indicating a 26.4% drop in gross profit [5][6][8] - Total expenses were reduced to $18.5 million from $19.4 million, a decrease of 4.6%, attributed to early savings from cost-cutting measures [5][6][8] Balance Sheet Overview - Cash reserves decreased to $15.9 million from $23.4 million as of December 31, 2024 [6][18] - Total assets were reported at $201.0 million, down from $206.7 million [6][18] - Total liabilities increased to $103.1 million from $94.0 million, indicating a rise in financial obligations [6][18] Operational Strategy - The company is focusing on operational discipline, tightening expenses, and implementing targeted pricing strategies to enhance its competitive position in key markets [2][3] - Planet 13 is adopting a more aggressive pricing strategy in Nevada to leverage its scale advantage, despite the challenging operating environment [2][3] Recent Developments - Planet 13 opened new dispensaries in Orange Park and Edgewater, Florida, in April 2025, expanding its footprint in key markets [12] - The company launched a revamped loyalty program in July 2025 to enhance customer engagement [12]