Planet 13 Announces Q2 2025 Financial Results

Executive Summary

• Planet 13 Holdings Inc. reported financial results for the second quarter ended June 30, 2025, showing a decline in revenue and profitability compared to the prior year period.
• The company reported a net loss of $13.3 million and an Adjusted EBITDA loss of $2.4 million, driven by price compression, weaker consumer demand in Nevada, and increased competition in Florida.
• Management highlighted cost-cutting measures and aggressive pricing strategies in Nevada, while also noting operational updates including new dispensary openings in Florida and a leadership change in the CFO role.

Key Details

• Revenue: $26.9 million for Q2 2025, a decrease of 13.6% from $31.1 million in Q2 2024.
• Gross Profit: $11.7 million (43.4% margin), down from $15.8 million (50.9% margin) in Q2 2024.
• Net Loss: $13.3 million, compared to a net loss of $8.1 million in Q2 2024.
• Adjusted EBITDA: Loss of $2.4 million, compared to a profit of $3.2 million in Q2 2024.
• Operating Expenses: Total expenses were $18.5 million, a decrease of 4.6% from $19.4 million in Q2 2024, attributed to early savings from company-wide cost-saving measures.
• Balance Sheet (as of June 30, 2025):
  • Cash: $15.9 million (down from $23.4 million at Dec 31, 2024).
  • Total Assets: $201.0 million.
  • Total Liabilities: $103.1 million.
• Operational Highlights:
  • Opened new dispensaries in Orange Park, Florida (April 2, 2025) and Edgewater, Florida (April 30, 2025).
  • Launched a revamped loyalty program on July 11, 2025.
• Management Changes:
  • Dennis Logan resigned as CFO.
  • Steve McLean appointed as interim CFO (announced May 20, 2025).
• Conference Call: Scheduled for August 13, 2025, at 5:00 p.m. ET.

Notable Quotes

• “Q2 played out in a tough operating environment. Against that backdrop, we remained sharply focused on what we can control, driving efficiencies and cutting costs. At the same time, we took bold steps to maximize our scale advantage in Nevada, moving to a more aggressive pricing strategy.” — Larry Scheffler, Co-CEO
• “This quarter, we remained focused on operational discipline, tightening expenses, protecting our balance sheet, and deploying targeted pricing strategies to reinforce our competitive position in key markets. While Q2 results reflect severance and other costs associated with our broader cost reduction efforts, these are necessary steps to build a more efficient and resilient organization.” — Bob Groesbeck, Co-CEO