Planet 13 Announces Q4 2024 Financial Results
Q4 2024 Revenue of $30.3 million
Q4 2024 Net loss of $26.4 million, which included a non-cash impairment loss of $18.9 million
Q4 2024 Adjusted EBITDA of $0 million
All results are reported in United States dollars ($) unless otherwise indicated.
LAS VEGAS, March 26, 2025 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNH) ("Planet 13" or the "Company"), a leading vertically-integrated cannabis company, today announced its financial results for the three-month and twelve-month periods ended December 31, 2024. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").
"In 2024, despite industry-wide price compression, we remained disciplined in executing our key priorities—expanding our retail footprint, scaling operations, and strengthening our product portfolio and brand equity. These strategic moves position Planet 13 to navigate competitive pressures," stated Larry Scheffler, Co-CEO of Planet 13.
"As we move into 2025, our focus is on maximizing productivity and efficiency across our footprint. We are taking decisive steps to enhance per-store performance, optimize retail and wholesale operations, and streamline corporate costs—all with a clear goal of strengthening margins and creating a more resilient, high-performing business," said Bob Groesbeck, Co-CEO of Planet 13.
Financial Highlights, Q4, 2024
Operating Results
All comparisons below are to the quarter ended December 31, 2023, unless otherwise noted
Revenues were $30.3 million as compared to $23.0 million, an increase of 31.8%. The increase in revenue was driven by the addition of Florida.
Gross profit was $13.1 million or 43.2% as compared to $11.0 million or 47.8%. The decline in gross margin was driven by industry wide price compression and targeted discounting in Florida.
Operating expenses were $35.8 million, including $18.9 million in non-cash impairment loss as compared to $18.1 million, an increase of 97.5%
Net loss of $26.4 million, including $18.9 million in non-cash impairment loss as compared to a net loss of $14.3 million
Adjusted EBITDA of $0.0 million as compared to Adjusted EBITDA of $1.3 million. Adjusted EBITDA margin was lower due to lower gross margin performance.
Financial Highlights, Full Year 2024
Operating Results
All comparisons below are to the full year ended December 31, 2023, unless otherwise noted
Revenues were $116.4 million as compared to $98.5 million, an increase of 18.2%. The increase in revenue was driven by the addition of Florida.
Gross profit was $56.1 million or 48.2% as compared to $44.8 million or 45.5%. Gross margin increased due to the addition of higher margin revenue from Florida, that more than offset the impact of price compression for the full year.
Total expenses were $82.6 million as compared to $95.2 million, a decrease of 13.3%. This included a one-time, non-cash $21.3 million impairment. Excluding impairment, total expenses were $61.3 million.
Net loss of $47.8 million as compared to a net loss of $73.6 million.
Adjusted EBITDA of $3.5 million as compared to Adjusted EBITDA of $2.4 million, an increase of 49.2%.
Balance Sheet
All comparisons below are to December 31, 2023, unless otherwise noted
Cash of $25.4 million as compared to $17.3 million
Total assets of $206.7 million as compared to $151.7 million
Total liabilities of $94.0 million as compared to $44.1 million
Q4 Highlights and Recent Developments
For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13's Management's Discussion and Analysis of the Financial Condition and Results of Operations for the Three and Twelve Months Ended December 31, 2024 (the "MD&A").
On October 15, 2024, Planet 13 announced opening its dispensary in Port Orange, Florida.
On December 18, 2024, Planet 13 announced its dispensary in Gulf Breeze, in the Pensacola Metropolitan Area of Florida.
On December 26, 2024, Planet 13 opened its dispensary in Panama City, Florida.
On March 3, 2025, Planet 13 announced a significant recovery of funds related to El Capitan.
Results of Operations (Summary)
The following table sets forth consolidated statements of financial information for the three-month and full-year periods ended December 31, 2024 and December 31, 2023.
(Figures in millions
For the Three Months Ended
For the Full Year Ended
and % change based
December 31,
December 31,
December 31,
December 31,
on these figures)
2024
2023
change
2024
2023
change
Total Revenue
$
30.3
$
23.0
31.8
%
$
116.4
$
98.5
18.2
%
Gross Profit
$
13.1
$
11.0
19.2
%
$
56.1
$
44.8
25.2
%
Gross Profit %
43.2
%
47.8
%
-9.6
%
48.2
%
45.5
%
5.9
%
Operating Expenses
$
35.8
$
18.1
97.5
%
$
82.6
$
95.2
-13.3
%
Operating Expenses %
118
%
79
%
70.9
%
96.7
%
-26.6
%
Net Loss Before Provision for Income Taxes
$
(25.1
)
$
(10.3
)
144.4
%
$
(35.6
)
$
(62.1
)
-42.6
%
Net Loss
$
(26.4
)
$
(14.3
)
85.4
%
$
(47.8
)
$
(73.6
)
-35.1
%
Adjusted EBITDA
$
(0.0
)
$
1.3
-100.4
%
$
3.5
$
2.4
49.2
%
Adjusted EBITDA Margin %
0.0
%
5.6
%
3.0
%
2.4
%
The Company's Annual Report on Form 10-K for the year ended December 31, 2024, is available on the SEC's website at www.sec.gov or at https://investors.planet13.com/overview/default.aspx. The Company's Management Discussion and Analysis for the year and the accompanying financial statements and notes are available under the Company's profile on SEDAR+ and on its website at https://investors.planet13.com/overview/default.aspx
This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.
Conference Call
Planet 13 will host a conference call on March 26, 2025 at 5:00 p.m. ET to discuss its fourth quarter and full year financial results and provide investors with key business highlights, strategy and outlook. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.
CONFERENCE CALL DETAILS
Date: March 26, 2025 | Time: 5:00 p.m. ET
Call Registration Link: https://pinconnect.conferenceconsole.com/PINConf?cb0c4e6a-f291-4fa4-858a-98834141ab84
Non-GAAP Financial Measures
There are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization, and Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses.
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented:
Reconciliation of Non-GAAP Adjusted EBITDA
(Figures in millions
For the Three Months Ended
For the Full Year Ended
and % change based
December 31,
December 31,
December 31,
December 31,
on these figures)
2024
2023
change
2024
2023
change
Net Loss
$
(26.4
)
$
(14.3
)
85.4
%
$
(47.8
)
$
(73.6
)
-35.1
%
Add impact of:
Interest expense
$
(0.0
)
$
(0.1
)
-72.5
%
$
0.3
$
(0.2
)
-270.2
%
Provision for income taxes
$
1.3
$
4.0
-67.3
%
$
12.2
$
11.5
5.7
%
Depreciation and amortization
$
2.3
$
2.0
15.5
%
$
8.9
$
8.2
8.3
%
Depreciation included in cost of goods sold
$
1.3
