Planet 13 Announces Q4 2025 Financial Results

Core Insights - Planet 13 Holdings Inc. reported its financial results for Q4 and the full year 2025, indicating a stabilization in revenue and a focus on operational improvements [1][2][3]. Financial Highlights - Q4 2025 - Q4 2025 revenue was $25.2 million, a decrease of 16.7% from $30.3 million in Q4 2024, attributed to the tourist environment in Las Vegas and competition in Florida [4][5]. - The net loss for Q4 2025 was $4.6 million, significantly improved from a net loss of $26.4 million in Q4 2024, which included an impairment of $18.9 million [5][6]. - Adjusted EBITDA loss for Q4 2025 was $0.3 million, compared to an adjusted EBITDA of $0.0 million in Q4 2024 [5][6]. Financial Highlights - Full Year 2025 - Total revenue for 2025 was $103.4 million, down 11.2% from $116.4 million in 2024, again due to the tourist environment and competition [6][8]. - Gross profit for 2025 was $39.9 million, representing a gross margin of 38.6%, down from 48.2% in 2024, primarily due to weaker flower quality and increased competition [6][8]. - The net loss for the full year 2025 was $63.9 million, compared to a net loss of $47.8 million in 2024, which included $29.8 million in non-cash impairment charges [6][8]. Operational Developments - The company has exited California, which was a persistent drag on performance, and is focusing on enhancing its competitive position in Florida with a new BHO lab [3][12]. - Planet 13 opened two new dispensaries in Florida in late 2025 and launched a new rewards program in early 2026 [12][16]. Balance Sheet Overview - As of December 31, 2025, cash and restricted cash totaled $15.6 million, down from $25.4 million in 2024 [11][22]. - Total assets decreased to $152.3 million from $206.7 million, while total liabilities increased to $101.2 million from $94.0 million [11][19].