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Planet 13 Announces Q2 2025 Financial Results
GlobeNewswire News Roomยท2025-08-13 20:30

Core Viewpoint - Planet 13 Holdings Inc. reported its Q2 2025 financial results, highlighting challenges in the operating environment, including price compression and increased competition, while focusing on cost-cutting measures and operational efficiency [2][3]. Financial Highlights - Q2 2025 revenue was $26.9 million, a decrease of 13.6% from $31.1 million in Q2 2024 [5][6]. - The net loss for Q2 2025 was $13.3 million, 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 loss was $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]. - Gross profit for Q2 2025 was $11.7 million, representing a gross margin of 43.4%, down from $15.8 million and a gross margin of 50.9% in Q2 2024 [6][8]. Operational Insights - The company implemented cost-saving measures that resulted in total expenses decreasing by 4.6% to $18.5 million from $19.4 million in the previous year [6][8]. - The operating expenses as a percentage of revenue increased to 61.8% in Q2 2025 from 55.4% in Q2 2024, indicating a need for further efficiency improvements [8]. Balance Sheet Overview - Cash reserves decreased to $15.9 million from $23.4 million at the end of 2024 [6][8]. - Total assets were reported at $201.0 million, down from $206.7 million, while total liabilities increased to $103.1 million from $94.0 million [6][8]. Recent Developments - The company opened new dispensaries in Florida and launched a revamped loyalty program, indicating ongoing expansion efforts [12]. - Leadership changes included the resignation of the CFO and the appointment of an interim CFO [12]. Market Positioning - Planet 13 is focusing on maintaining its competitive position in key markets through targeted pricing strategies and operational discipline [3][4]. - The company aims to leverage its scale advantage in Nevada while enhancing customer experience and product quality [2][3].