Planet 13 Holdings Inc. PLTH, a leading vertically integrated multi-state cannabis company, unveiled its financial performance for the first quarter ending March 31, 2024. The company reported revenue of $22.9 million, with a net loss of $5.9 million and an adjusted EBITDA loss of $0.0 million.
Revenue
Despite challenges, the company achieved revenue of $22.9 million in Q1 2024, a slight decrease from $24.9 million in the previous year.
Gross Profits
Gross profit for Q1 2024 amounted to $10.5 million, reflecting a marginal decline from $10.9 million in Q1 2023.
Gross Margin
Planet 13 experienced a higher gross margin of 45.8% in Q1 2024, compared to 43.7% in the same period the previous year. The improvement was driven by a decrease in product discounting at retail.
Net Loss
Planet 13 reported a net loss of $5.9 million for the first quarter of 2024, compared to a net loss of $8.5 million in the same period the previous year.
Adjusted EBITDA
Adjusted EBITDA for Q1 2024 showed a neutral position, with no reported loss compared to a loss of $1.3 million in Q1 2023, indicating better performance in cost control.
Co-CEO Larry Scheffler highlighted the positive impact of the rescheduling news, anticipating improved cash flow and net income potential. Scheffler outlined a growth plan focusing on expanding the Neighborhood store network to counteract pricing pressures in the Nevada market.
Bob Groesbeck, co-CEO, emphasized significant strides in growth objectives, including the opening of the DAZED! cannabis lounge and the impending closure of the VidaCann acquisition, positioning Planet 13 in the top 10 in the Florida market.
With cash reaching $20.8 million and total assets at $157.4 million, Planet 13 demonstrated financial stability amidst strategic expansions. Recent developments include the sale of Planet 13 Florida Inc., leadership team expansion, and the launch of new Medizin Branded Topicals.
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