Planet 13 Holdings Inc.
0.2050-0.00 (-2.38%)
Oct 29, 4:00:00 PM EDT · OTC Markets OTCQX · PLNH · USD
Key Stats
Market Cap
67.68MP/E (TTM)
-Basic EPS (TTM)
-0.16Dividend Yield
0%Recent Filings
10-Q
Q2 FY2025 results
Planet 13's Q2 revenue dipped 13.6% year-over-year to $26.9M, yet year-to-date sales edged up 1.7% to $54.9M, buoyed by the VidaCann acquisition that added Florida operations despite only partial prior-year inclusion. Gross margins slipped to 43.4% from 50.9%, squeezed by price compression in Nevada and California wholesale, while operating losses widened to $6.8M from $3.5M amid higher G&A from integration costs. Net loss hit $13.3M or $0.04 per diluted share, versus $8.1M or $0.03 last year, with the gap to operating loss tied to hefty $6.4M tax provisions under Section 280E. Cash stood at $15.9M with $9.8M in notes payable, including a $9.8M revolving line at 5.65% maturing June 2026, and free cash flow turned negative at $(11.4M) derived from $(6.4M) operating cash minus $4.9M capex. VidaCann, closed May 2024 for $50.8M (mostly stock), brought $30.7M goodwill and a $9.0M indefinite-lived license. Florida weighs heavy, with 32 dispensaries ramping amid new entrants.
8-K
Q2 revenue drops sharply
Planet 13 Holdings reported Q2 2025 revenue of $26.9 million, down 13.6% from $31.1 million last year, amid Nevada's tough market and Florida competition, while gross profit fell to $11.7 million at 43.4% margin from pricing pressures. Net loss widened to $13.3 million versus $8.1 million, with Adjusted EBITDA swinging to a $2.4 million loss from $3.2 million profit, as cost cuts trimmed expenses 4.6%. Leadership shifted with CFO resignation and an interim replacement. Cost reductions promise efficiency gains.
8-K
AGM elects directors, approves plan
Planet 13 Holdings Inc. held its annual general meeting on June 10, 2025, where shareholders elected Robert Groesbeck, Larry Scheffler, Adrienne O'Neal, Kevin Martin, and David Loop to the board with strong support ranging from 73.4% to 95.7% for. They approved amending the 2023 Equity Incentive Plan to boost authorized shares from 22 million to 32 million by an 81.5% margin, enhancing talent retention options. Auditors Davidson & Company LLP were ratified at 91.9%. This signals robust governance continuity amid expansion.
8-K
CFO Resigns, Interim Appointed
Planet 13 Holdings announced CFO Dennis Logan's resignation effective May 31, 2025, after seven years steering finances since the 2018 IPO. Steve McLean, VP of Finance since 2019, steps in as interim CFO to ensure smooth handover. Logan exits for new pursuits, while McLean's tax expertise bolsters continuity amid regulatory hurdles. Transition underway.
10-Q
Q1 FY2025 results
Planet 13's Q1 revenue climbed 22.5% year-over-year to $28.0M, fueled by the full-quarter inclusion of VidaCann's Florida operations, though wholesale dipped 11.4% amid soft prices in Nevada and California. Gross profit rose 14.5% to $12.0M at a 42.8% margin, down from 45.8% due to lower wholesale contributions, while operating loss widened to $6.6M from $3.7M on higher G&A and lease costs from expansion. Net loss narrowed to $2.0M or $0.01 per share from $5.9M or $0.03, aided by $5.0M in other income from a legal settlement; the gap from operating loss stems mainly from taxes under Section 280E. Cash fell to $17.6M after $5.2M operating outflow, with $10.0M total debt including a $3.0M revolver draw and $1.2M long-term notes at 7.5%, but $6.8M revolver availability cushions liquidity. VidaCann added $9.4M revenue post its May 2024 close for $50.8M (mostly stock, $30.7M goodwill, $9.0M indefinite-lived license). Federal illegality poses forfeiture risks to assets.
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