Planet 13 FY22 Revenue Declines 12.5%, What About Adjusted EBITDA?

Planet 13 Holdings Inc. PLNHF PLTH FY 2022 revenue was $104.6 million, a decrease of 12.5% compared to $119.5 million in FY 2021.

Financial Highlights - Q4 – 2022 vs Q4 2021

• Revenue was $24.8 million as compared to $29.9 million, a decrease of 16.8%

• Gross profit was $10.7 million or 43.0% as compared to $16.2 million or 54.3%

• Net loss of $38.6 million as compared to a net loss of $5.1 million

• Adjusted EBITDA loss of $0.8 million as compared to adjusted EBITDA of $1.9 million

Financial Highlights – FY 2022 vs FY 2021

• Gross profit was $48.0 million or 45.9% as compared to $66.0 million or 55.2%

• Net loss of $49.0 million as compared to a net loss of $19.5 million

• Adjusted EBITDA of $3.5 million as compared to adjusted EBITDA of $16.9 million

• Cash at the end of the period of $52.4 million as compared to $61.6 million

"Over the course of the year we saw state-wide pricing trends and the overall economic environment impact our revenue. Despite this backdrop, we continued to meet our goal of 8 - 10% of Nevada retail sales. For the full year we had 9% of the sales in Nevada. Towards the end of Q4 we saw those pricing compression trends start to stabilize and we remain optimistic about the outlook for 2023," stated Larry Scheffler, co-CEO of Planet 13. "Despite the pressures on retail, we grew wholesale revenue by 26% year over year and had a top five brand in every product category. Moreover, in California, we increased our share of shelf and wholesale revenue every quarter."

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