Planet 13 Announces Q1 2022 Financial Results, Revenue Up 8% To $25.7M

Planet 13 Holdings Inc. PLTH PLNHF reported its financial results for the three-month period ended March 31, 2022. 

Here are the highlights:

Q1 2022 revenue of $25.7 million, up 8% compared to Q1 2021

Q1 2022 net loss of $2.1 million, compared to net loss of $6.0 million in Q1 2021

Q1 2022 Adjusted EBITDA[1] of $2.6 million

Co-CEOs Comment

"While January and February were seasonally slow, we saw traffic start to pickup in March. Despite the lower tourist numbers, the Las Vegas SuperStore and our Medizin dispensary continue to compete very well taking a strong share of the overall Nevada market" said Larry Scheffler, Planet 13 co-CEO. "Our branded products are performing well with wholesale continuing to grow nicely in Nevada. We are proud to have closed the acquisition of Next Green Wave in March and begin to bring our brands to California."

Bob Groesbeck, co-CEO added that progress in the company’s Florida roadmap is on track. "We continue to make progress on our Florida roadmap working in dual tracks to bring cultivation and retail online. We are excited to drive growth throughout 2023 from our Florida operations," commented Groesbeck. "In Nevada, we've begun the expansion of our cultivation facility to expand supply of our incredibly popular premium flower line."

Financial Highlights - Q1 - 2022

Operating Results

• Revenues were $25.7 million as compared to $23.8 million, an increase of 8%
• Gross profit was $12.9 million or 50.2% as compared to $13.0 million or 54.7%
• Net income before taxes of $0.7 million as compared to a net loss of $2.7 million
• Net loss of $2.1 million as compared to a net loss of $6.0 million
• Adjusted EBITDA of $2.6 million as compared to Adjusted EBITDA of $5.1 million

Balance Sheet

• Cash of $62.1 million as compared to $61.6 million
• Total assets of $274.0 million as compared to $216.8 million
• Total liabilities of $41.2 million as compared to $43.1 million

Q1 Highlights and Recent Developments

• On February 11, 2022, Planet 13's registration statement on Form 10 filed with the U.S. Securities and Exchange Commission became effective and Planet 13 became a U.S. reporting company on such date.
• On March 2, 2022, Planet 13 announced the closing of its acquisition of Next Green Wave Holdings Inc. 
• On March 17, 2022, Planet 13 announced the initiation of its Florida dispensary roadmap with a lease for its first dispensary in Jacksonville.
• On April 14, 2022, Planet 13 announced expansion of its Nevada cultivation to fuel in-house product growth.
• On May 2, 2022, Planet 13 announced the launch of the TRENDI brand into California.
• On May 4, 2022, Planet 13 announced the expansion of STIIIZY partnership with a new shop-in-shop at the Las Vegas SuperStore.
• On May 10, 2022, Planet 13 announced it has entered into a lease for its second Florida dispensary location.
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