Planet 13 Sees 45% YoY Growth In Q3 Revenue To $33M With Strong Performance In Las Vegas

Vertically-integrated cannabis company Planet 13 Holdings Inc. PLTH PLNHF announced financial results Tuesday for the three-month and nine-month period ended September 30, 2021.

Larry Scheffler, co-CEO of Planet 13, said the company "continued to drive strong performance during the quarter from our core Las Vegas operations." 

He added, "Along with stellar performance from our Nevada operations, this was a massive quarter towards securing the future growth of Planet 13."

Q3 2021 Financial Highlights

• Revenues totaled $33 million as compared to $22.8 million, representing a year-over-year increase of 45%.
• Gross profit before biological adjustments was $17.6 million or 53.5%, as compared to $13 million or 56.9% in the corresponding quarter of 2020.
• Operating expenses, excluding non-cash compensation expense and depreciation and amortization, amounted to $15.1 million as compared to $7.2 million, representing a year-over-year improvement of 110%.
• Net loss before taxes of $4.6 million as compared to a net profit of $3.4 million in the same quarter of last year.
• Net loss of $10.2 million as compared to a net profit of $0.2 million in the prior year's period.
• Adjusted EBITDA, a non-GAAP measure, came in positive at $3.6 million as compared to adjusted EBITDA of $6.4 million in the third quarter of last year.
• Cash totaled $73.7 million as compared to $79 million in the corresponding period of 2020.
• Total assets of $220.5 million as compared to $150 million in the prior year's period.
• Total liabilities of $35.4 million as compared to $29.3 million in the third quarter of 2020.

Q3 Highlights and Recent Developments

• Opened the Orange County SuperStore.
• Announced Moxie as the third store-in-store in Orange County SuperStore.
• Announced the results of its AGM.
• Revealed that its 49% owned subsidiary Planet 13 Illinois won a Chicago dispensary license.
• Announced a definitive agreement to acquire a Florida cannabis license.
• Announced the doubling of the dispensary floor space at the Las Vegas SuperStore.
• Confirmed the close of its acquisition of Florida cannabis license.

"Along with our dispensary operations, our product brands are performing well with Trendi vapes seeing 110% dollar sales growth year over year according to Headset. It now makes up about ~5% of Vape sales and 7% of Concentrate sales, and HaHa edibles was ~14% of edibles sales in the State," Scheffler explained.

More recent news from Planet 13:

• Planet 13 To Buy Harvest Health License For $55M, Opening Door To Florida's Huge Medical Cannabis Market
• Planet 13 Revenue Rises 205.2% To $32.8M In Q2, Reveals Positive Adjusted EBITDA Of $7.2M
• Cannabis Co. Planet 13 Posts Record Sales For July

PLNHF Price Action

Planet 13's shares traded 4.10% lower at $3.98 per share at the market close on Tuesday.

Photo: Courtesy of Nataliya Vaitkevich from Pexels