Planet 13 Revenue Rises 205.2% To $32.8M In Q2, Reveals Positive Adjusted EBITDA Of $7.2M

Planet 13 Holdings Inc. PLTH PLNHF announced its financial results Thursday for the second quarter of 2021, reporting revenues of $32.8 million, up by 205.2% from $10.8 million in the same period of 2020.

Financial Highlights

• Gross profit before biological adjustments was $18.7 million or 56.9% as compared to $4.7 million or 43.8% in Q2 2020;
• Net loss before taxes of $0.9 million as compared to a net loss of $3.3 million in the corresponding quarter of 2020;
• Net loss of $4.4 million as compared to a net loss of $4.0 million in the prior-year period;
• Adjusted EBITDA of $7.2 million as compared to Adjusted EBITDA loss of $0.6 million in the second quarter of 2020;
• Operating expenses, excluding non-cash compensation expense and depreciation and amortization, was $12.5 million as compared to $5.8 million, an increase of 114.8% from the same period last year;
• At the end of the reporting period, on June 30, Planet 13 had $136.3 million in cash and $226.2 million in assets, compared to $79.0 million and $150.0 million it held at the end of 2020, respectively.

"Q2 was a strong quarter for Planet 13. With tourism back, the Superstore's in-store experience is once again proving that it is on the list of must visit destinations for any trip to Vegas,” Larry Scheffler, co-CEO of Planet 13 said. “Every week thousands of people share their experience at the store with their friends on social media and the compounding impact of that organic marketing is obvious as even after being open for three years we are seeing strong growth and increasing share of the Nevada market every month."

Q2 Highlights and Recent Milestones

• In May, the Las Vegas, Nevada-based company announced the conversion of all Class A restricted shares to common shares;
• In June it announced adding Select and STIIIZY store-in-stores at the Orange County SuperStore, while in July it opened the Orange County SuperStore, and announced Moxie as the third store-in-store in Orange County SuperStore.
• In August, the company revealed that its 49% owned subsidiary Planet 13 Illinois won a Chicago dispensary license.

Price Action

Planet 13’s shares closed Thursday market session 1.79% lower at $4.94 per share.

Photo: Courtesy of manish panghal on Unsplash