Planet 13 Reports Q1 Loss, Strong CA Sales Offset Seasonal Decline, Hangs On To Nevada Market Share

Planet 13 Holdings Inc. PLTH PLNHF announced its financial results late Monday for the quarter that ended March 31, 2023.

"Planet 13 started the year with consistent results notwithstanding overall economic conditions. In Q1 we saw a stabilization in cannabis prices resulting in an improvement in our retail revenue … sequential growth in wholesale … and increase sales and productivity with our existing buyers," stated Larry Scheffler, co-CEO of Planet 13.

Bob Groesbeck, also a co-CEO commented: "In 2023, our corporate strategy has three key goals: strengthen our core business, increase scale, and improve cash flow and preserve capital...We are leveraging our strong core business, taking strategic steps to reduce costs across our organization, and aggressively pursuing accretive M&A to add scale, operating leverage and improve our ability to generate free cash flow."

Financial Highlights Q1 2023

• Q1 2023 Revenue of $24.9 million, compared to $24.8 million in Q4 2022
• Q1 2023 Net loss of $6.3 million
• Q1 2023 Adjusted EBITDA of $680,000
• Gross profit for Q1 2023: $10.9 million (43.7% of revenue)
• Total expenses in Q1 2023: $15.3 million (7.8% decrease YoY)
• Cash of $42.7 million, total assets of $227.2 million as compared to $233.6 million QoQ.
• Total liabilities of $41.0 million as compared to $42.7 million in the previous quarter.

Price Target 

Planet 13 shares were trading 2.45% lower at $0.64 per share on Monday after the bell. 

See Also 

• Lil' Kim And Priscilla Vilchis Launch New Cannabis Brand Aphrodisiak In Las Vegas
• Can This Company Stake A Major Claim In Las Vegas' Booming Cannabis Market?

Photo by Martin Sanchez on Unsplash.