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Earnings Routine −

Planet 13 Announces Q4 2025 Financial Results

Planet 13’s Q4 Earnings Confirm Cash Burn and Revenue Decline as Management Pivots to Florida and Nevada

By The Northwire Desk — AI Analysis Mar 25, 2026 · 16:30 PLTH · 0.21 Planet 13 Holdings Inc.
Executive Summary
  • Planet 13 reported Q4 2025 revenue of $25.2M, a 16.7% year-over-year decline, and a net loss of $4.6M, which narrowed from the prior year's $26.4M loss that included an $18.9M impairment charge.
  • Full-year 2025 revenue fell 11.2% to $103.4M, while the net loss widened to $63.9M, driven by a $29.8M non-cash impairment and a $10.1M Adjusted EBITDA loss.
  • Cash and restricted cash declined to $15.6M from $25.4M at year-end 2024. Total liabilities increased to $101.2M, leaving shareholders' equity at $51.1M.
  • Operational updates include the opening of two new Florida dispensaries (DeLand and Pace), the launch of a new rewards program, and the completed exit from California operations.
  • Management stated that Q4 marked the beginning of a turnaround, with a primary 2026 objective of reaching cash-flow positivity.
Material Impact
  • The results are in line with the deteriorating trend observed in Q3 2025, where revenue also fell sharply and Adjusted EBITDA turned negative. The Q4 figures show a slight sequential revenue stabilization but confirm ongoing top-line pressure.
  • The cash position of $15.6M against $101.2M in total liabilities represents a severe liquidity mismatch. Given the negative EBITDA and historical cash burn, the company faces an imminent need for external capital.
  • The strategic exit from California removes a known cash drain, but the financial impact is not material enough to offset the broader revenue contraction or near-term funding gap.
  • The news does not contain unexpected positive catalysts or structural improvements. It confirms a continued operational and financial contraction, making the impact negative but expected.
PLTH · Price
Company Overview
  • Planet 13 Holdings is a multi-state cannabis operator focused on premium retail experiences, cultivation, and product manufacturing.
  • The flagship project is the Las Vegas SuperStore, a large-format dispensary and entertainment destination that historically drove significant brand recognition and foot traffic.
  • The company has been strategically shifting its footprint toward higher-margin, less saturated markets, notably Florida and Nevada, while divesting from underperforming jurisdictions like California.
Read the original news release →

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