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Las Vegas-based cannabis company Planet 13 Holdings (CSE:PLTH) (OTCQX:PLNH) reported its Q3 financial results Wednesday with revenue of $24.8 million, down by 3.3% year-over-year from $25.6 million. Planet 13 attributed the decline in revenue to lower sales at the SuperStore and a slight decline in wholesale revenue in Nevada.
"I'm proud of our team's ability to compete and maintain market share in a very competitive market. Based on available data, our dispensaries were responsible for almost one in every ten dollars of cannabis bought in Nevada,” stated Larry Scheffler, co-CEO of Planet 13. “Our brands continued to perform well, being among the top-selling in their respective categories. We look forward to bringing our retail experience and brands to Illinois and Florida in the coming months."
Gross profit was $11.1 million or 44.7% as compared to $10.6 million or 41.2%. The improvement in gross margin was driven by a decrease in product discounting at retail.
Total expenses were $55.1 million as compared to $15.0 million, an increase of 268.4%. This included a one-time, non-cash $39.6 million impairment. Excluding impairment, total expenses were $15.4 million.
Net loss of $46.0 million as compared to a net loss of $6.3 million. The increase in net loss was driven by the one-time $39.6 million impairment charge.
Adjusted EBITDA of $200,000 as compared to Adjusted EBITDA of $500,000. Adjusted EBITDA margin was lower due to operating leverage, partially offset by better gross margin.
Balance Sheet
All comparisons below are to December 31, 2022.
Cash of $36.8 million as compared to $52.4 million
Total assets of $178.4 million as compared to $233.6 million
Total liabilities of $41.5 million as compared to $42.7 million
"This quarter, we took major steps towards executing the strategic goals we laid out at the start of the year and becoming a major player in Florida,” Bob Groesbeck, co-CEO of Planet 13 said in a statement. “We are also getting very close to opening our Illinois dispensary and completing the next phase of exciting new additions to the SuperStore. I'm very excited for 2024 when all our hard work starts to pay dividends.”
Price Action
Planet 13 shares closed Wednesday’s market session 7.75% higher at $0.77 per share share.
Related Links:
Planet 13's Cannabis Superstore And Florida Expansion: Is A Merger In The Air?
Photo: Courtesy of Planet 13
