Planet 13 Announces Q3 2025 Financial Results

Core Insights - Planet 13 Holdings Inc. reported a significant decline in revenue and increased net loss for Q3 2025, indicating operational challenges and market pressures [4][5][11]. Financial Performance - Q3 2025 revenue was $23.3 million, down 27.6% from $32.2 million in Q3 2024, attributed to price compression and a weaker consumer environment in Nevada, along with increased competition in Florida [5][9]. - The net loss for Q3 2025 was $44.0 million, compared to a net loss of $7.4 million in the same quarter last year, which included a $29.8 million non-cash impairment loss [4][5][9]. - Adjusted EBITDA loss was $4.1 million, a significant decline from an adjusted EBITDA of $1.3 million in Q3 2024, driven by lower gross profit and operating leverage [5][9]. Operational Adjustments - The company has taken decisive actions to address its cost structure, significantly reducing selling, general, and administrative (SG&A) expenses, and has implemented impairment and inventory reserve charges to clean up its balance sheet [2][3]. - Exiting California operations is expected to eliminate a persistent cash drain, allowing the company to focus on Nevada and Florida, where it has competitive advantages [3]. Balance Sheet Overview - As of September 30, 2025, total assets were $158.5 million, down from $206.7 million at the end of 2024, while total liabilities increased to $103.9 million from $94.0 million [6][22]. - Cash reserves decreased to $17.2 million from $23.4 million, indicating liquidity challenges [5][22]. Recent Developments - The company launched a revamped loyalty program and introduced new products in Florida, including HaHa branded fast-acting soft chews [13]. - Planet 13 opened two new dispensaries in Florida and closed its California operations, marking a strategic shift in its market focus [3][13].