Planet 13 Announces Q1 2026 Financial Results

Q1 2026 Revenue of $21.1 million Q1 2026 Net loss of $8.1 million Q1 2026 Adjusted EBITDA loss of $2.3 million All figures are reported in United States dollars ($) unless otherwise indicated LAS VEGAS, May 13, 2026 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) (“Planet 13” or the “Company”), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month period ended March 31, 2026. Planet 13’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). “Q1 was a transition quarter that reflected the cost of the strategic work we executed over the past several quarters including the California exit, the Wagon Trail consolidation in Nevada, and the disciplined cost reduction across the organisation. With that work substantially behind us, Q2 is the first quarter the repositioned company will operate without those transition costs in our results,” said Larry Scheffler, Co-CEO of Planet 13. “The federal medical rescheduling rule that took effect in April is the most consequential development our industry has seen in over five years, and it directly benefits Planet 13's largest revenue contributor in Florida. Combined with the adult-use rescheduling proceeding scheduled for hearings in June and July, and hemp regulations taking effect through the back half of 2026, the federal landscape this business operates in has materially shifted in our favor. The structural repositioning we have executed over the past eighteen months has positioned the company to participate in that improving environment from a much stronger operating base,” said Bob Groesbeck, Co-CEO of Planet 13.  Financial Highlights – Q1 – 2026 Operating Results All comparisons below are to the quarter ended March 31, 2025, unless otherwise noted Revenue was $21.1 million as compared to $28.0 million, a decrease of 24.8%. The decrease in sales was driven by the exit of California retail and wholesale and continued price compression in the core markets of Nevada and Florida.  Gross profit was $9.4 million or 44.6% as compared to $12.0 million or 42.8%. The higher gross margin was driven by exiting California and company-wide actions to improve margins.  Total expenses were $15.1 million as compared to $18.6 million, a decrease of 19.0%. Total expenses were down, driven by company-wide cost-cutting initiatives.  Net loss of $8.1 million as compared to a net loss of $2.0 million.  Adjusted EBITDA loss of $2.3 million as compared to Adjusted EBITDA loss of $2.5 million. Adjusted EBITDA loss was driven by lower gross profit and operating leverage.  Balance Sheet All comparisons below are to December 31, 2025, unless otherwise noted Cash and Restricted Cash of $16.3 million as compared to $15.6 million Total assets of $146.9 million as compared to $152.3 million Total liabilities of $103.2 million as compared to $101.2 million Q1 Highlights and Recent Developments For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13’s press releases. On February 12, 2026, Planet 13 announced the completion of its exit from California.  On May 5, 2026, Planet 13 announced the appointment of Nancy Saitta and Leilani Bradford to the Board of Directors. Results of Operations (Summary) The following tables set forth consolidated statements of financial information for the three-month periods ending March 31, 2026, and March 31, 2025. Financial Highlights Results of Operations (Figures in millions   For the Three Months Ended           and % change based   March 31,     March 31,           on these figures)   2026     2025     change                             Total Revenue   $ 21.1     $ 28.0       -24.8 % Gross Profit   $ 9.4     $ 12.0       -21.6 % Gross Profit %     44.6 %     42.8 %     4.2 % Operating Expenses   $ 13.0     $ 16.8       -22.6 % Operating Expenses %     61.7 %     60.0 %     2.8 % Net Loss Before Provision for Income Taxes   $ (3.9 )   $ (1.8 )     115.7 % Net Loss   $ (8.1 )   $ (2.0 )     295.5 % Adjusted EBITDA   $ (2.3 )   $ (2.5 )     -7.7 % Adjusted EBITDA Margin %     -11.1 %     -9.0 %                                   The Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, is available on the SEC’s website at www.sec.gov or at https://planet13.com/investors/. The Company’s Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR+ at https://www.sedarplus.ca/ and on its website at https://planet13.com/investors/. 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 May 13, 2026 at 5:00 p.m. ET to discuss its first quarter financial results and provide investors with key business highlights, strategy, and outlook. The call will be chaired by Robert Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Steve McLean, Interim CFO. CONFERENCE CALL DETAILS Date: May 13, 2026 | Time: 5:00 p.m. EST Call registration link: https://registrations.events/direct/Q4I9280335 PARTICIPANT DIAL-IN NUMBERS: USA / International Toll +1.646.307.1951 USA - Toll-Free +1.888.500.3691   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           and % change based   March 31,     March 31,           on these figures)   2026     2025     change                             Net Income (Loss)   $ (8.1 )   $ (2.0 )     295.5 % Add impact of:                         Interest (income)/expense, net   $ 0.1     $ 0.2       -55.2 % Provision for income taxes   $ 4.2     $ 0.2       1689.1 % Depreciation and amortization   $ 1.5     $ 1.8       -16.1 % Depreciation included in cost of goods sold   $ 0.8     $ 1.3       -43.3 % EBITDA   $ (1.6 )   $ 1.4       -211.4 % Share-based compensation and related premiums   $ 0.7     $ 0.1       1050.8 % (Gain)/Loss on Sale of Assets   $ (1.5 )   $ -       0.0 % Gain on recovery of property in settlement   $ -     $ (4.6 )     -100.0 % Professional fees expensed related to M&A activities   $ 0.0     $ 0.2       -79.8 % Expenses related to El Capitan Matter   $ 0.1     $ 0.3       -82.5 % Adjusted EBITDA   $ (2.3 )   $ (2.5 )     -7.7 %                           For more information on Planet 13, visit the investor website (https://planet13.com/investors/). About Planet 13 Planet 13 (https://planet13.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in Nevada, Illinois, and Florida. Home to the nation's largest dispensary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption lounge in Las Vegas, DAZED!, the opening of its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 operates dispensaries across Florida, a key market in its expansive footprint. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. To learn more, visit planet13.com. Cautionary Note Regarding Forward-Looking Information This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are often, but not always, identified by phrases such as “plans”, “expects”, “proposed”, “may”, “could”, “would”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases. In this news release, forward-looking statements relate to our strategic goals or future performance. Such forward-looking statements reflect what management of the Company believes, or believed at the time, to be reasonable assumptions and accordingly readers are cautioned not to place undue reliance upon such forward-looking statements and that actual results may vary from such forward-looking statements. These assumptions, risks and uncertainties which may cause actual results to differ include, among others: final regulatory and other approvals or consents needed to operate our business; fluctuations in general macroeconomic conditions; inflationary pressures; fluctuations in securities markets; expectations regarding the size of the cannabis market in the states in which we currently operate in or contemplate future operations and changing consumer habits in such states; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties including international conflict; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the states in which we currently operate in or contemplate future operations; employee relations and other risks and uncertainties discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission at www.sec.gov and on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and in the Company’s periodic reports subsequently filed with the U.S. Securities and Exchange Commission and on SEDAR+. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. For further inquiries, please contact: Robert Groesbeck or Larry Scheffler Co-Chief Executive Officers [email protected] LodeRock Advisors Inc., Planet 13 Investor Relations [email protected] 725-331-7650 ext. 105210 Planet 13 Media: Colin Trethewey / PRmediaNow Communications / [email protected]   PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Balance Sheets (Unaudited, In United States Dollars)     March 31,     December 31,       2026     2025   ASSETS                 Current Assets:                 Cash   $ 6,007,037     $ 5,325,031   Restricted Cash     10,250,000       10,250,000   Accounts Receivable     712,846       1,007,891   Inventory     17,187,957       18,138,394   Other Receivables     1,578,192       3,754,563   Prepaid Expenses and Other Current Assets     2,096,804       2,659,056   Total Current Assets     37,832,836       41,134,935                     Property, Plant and Equipment     32,527,756       34,121,678   Intangible Assets and Goodwill     42,903,931       42,903,931   Right of Use Assets - Operating     30,967,920       31,489,308   Long-term Deposits and Other Assets     898,725       829,164   Deferred Tax Asset     1,783,723       1,798,654                     TOTAL ASSETS   $ 146,914,891     $ 152,277,670                     LIABILITIES AND SHAREHOLDERS' EQUITY                 LIABILITIES                 Current:                 Accounts Payable   $ 6,692,826     $ 7,212,187   Accrued Expenses     3,260,040       4,632,011   Income Taxes Payable     159,080       159,080   Notes Payable - Current Portion     9,750,000       9,750,000   Operating Lease Liabilities     1,456,078       1,385,566   Total Current Liabilities     21,318,024       23,138,844                     Long-Term Liabilities:                 Operating Lease Liabilities     42,888,732       43,213,442   Other Long-term Liabilities     1,265,654       1,250,433   Uncertain Tax Positions     37,053,990       33,041,402   Deferred Tax Liability     663,317       506,836   Total Liabilities     103,189,717       101,150,957                     SHAREHOLDERS' EQUITY                 Common Stock, no par value, 1,500,000,000 shares authorized, 328,270,798 issued and outstanding at March 31, 2026 and 325,670,800 issued and outstanding at December 31, 2025     -       -   Preferred Stock, no par value, 50,000,000 shares authorized, 0 issued and outstanding at March 31, 2026 and 0 at December 31, 2025     -       -   Additional Paid-In Capital     371,852,089       371,157,826   Deficit     (328,126,915 )     (320,031,113 ) Total Shareholders' Equity     43,725,174       51,126,713                     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 146,914,891     $ 152,277,670     PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited, In United States Dollars)     Three Months Ended       March 31,     March 31,       2026     2025                     Revenues, net of discounts   $ 21,092,230     $ 28,031,807   Cost of Goods Sold     (11,678,617 )     (16,024,302 ) Gross Profit     9,413,613       12,007,505                     Expenses:                 General and Administrative     11,207,427       14,016,688   Sales and Marketing     1,201,175       1,547,018   Lease Expense     1,212,146       1,304,893   Depreciation     1,469,219       1,751,430   Total Expenses     15,089,967       18,620,029                     Loss From Operations     (5,676,354 )     (6,612,524 )                   Other Income (Expense):                 Interest income (expense), net     (79,068 )     (176,411 ) Foreign exchange (loss)     -       (2,889 ) Other income, net     1,843,619       4,978,523   Total Other Income (Expense)     1,764,551       4,799,223                     Loss Before Provision for Income Taxes     (3,911,803 )     (1,813,301 )                   Provision For Income Taxes                 Current Tax Expense     (4,012,587 )     (1,071,602 ) Deferred Tax Recovery     (171,412 )     837,736         (4,183,999 )     (233,866 )                   Net Loss and Comprehensive Loss   $ (8,095,802 )   $ (2,047,167 )                   Loss per Share                 Basic and diluted loss per share   $ (0.02 )   $ (0.01 )                   Weighted Average Number of Shares of Common Stock                 Basic and diluted     327,921,909       325,261,578   PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Statements of Cash Flows (Unaudited, In United States Dollars)     Three Months Ended       March 31,     March 31,       2026     2025   CASH USED IN OPERATING ACTIVITIES                 Net loss   $ (8,095,802 )   $ (2,047,167 ) Adjustments for items not involving cash:                 Shared based compensation     694,263       60,331   Non-cash lease expense     437,101       506,530   Depreciation     2,223,690       3,081,283   Gain on disposal of fixed assets     (1,520,000 )     -   Recovery of property in legal settlement     -       (4,570,227 ) Amortization of note payable discount     15,221       126,725   Lease incentive amortization     (15,714 )     2,381         (6,261,241 )     (2,840,144 )                   Net Changes in Non-cash Working Capital Items     6,292,616       (1,986,054 ) Proceeds from lease incentives     50,000       -   Repayment of lease liabilities     (254,198 )     (362,842 ) Total Operating     (172,823 )     (5,189,040 )                   FINANCING ACTIVITIES                 Repayment of Lafayette State Bank Note     -       (2,947,632 ) Bank of Nevada Revolving Line of Credit     -       3,000,000   Total Financing     -       52,368                     INVESTING ACTIVITIES                 Purchase of property and equipment     (665,171 )     (2,691,268 ) Proceeds from sales of fixed assets     1,520,000       -   Total Investing     854,829       (2,691,268 )                   NET CHANGE IN CASH DURING THE PERIOD     682,006       (7,827,940 )                   CASH AND RESTRICTED CASH                 Beginning of Period     15,575,031       25,435,077                     End of Period   $ 16,257,037     $ 17,607,137