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WDO 26.04 −0.9% FVI 11.84 −1.6% OM 1.75 −1.7% ETG 2.99 +0.0% ARTG 31.47 −4.6% LUC 0.163 +1.6% AFM 1.38 +0.0% IMG 20.95 −3.5% CPAU 0.150 +3.5% MMX 0.075 +7.1% IE 12.47 −2.4% SASK 1.09 −1.8% MOG 0.390 +2.6% XIM 0.070 −6.7% S 0.110 −29.0% OMI 0.300 −4.8% WDO 26.04 −0.9% FVI 11.84 −1.6% OM 1.75 −1.7% ETG 2.99 +0.0% ARTG 31.47 −4.6% LUC 0.163 +1.6% AFM 1.38 +0.0% IMG 20.95 −3.5% CPAU 0.150 +3.5% MMX 0.075 +7.1% IE 12.47 −2.4% SASK 1.09 −1.8% MOG 0.390 +2.6% XIM 0.070 −6.7% S 0.110 −29.0% OMI 0.300 −4.8%
Earnings

Planet 13 Announces Q3 2025 Financial Results

By The Northwire Desk — AI Analysis Nov 12, 2025 · 16:34 PLTH · 0.265 Planet 13 Holdings Inc.
PLTH · Price

Executive Summary

  • Planet 13 reported Q3 2025 revenue of $23.3 M, a 27.6% decline YoY, and a net loss of $44.0 M (including a $29.8 M non‑cash impairment).
  • Adjusted EBITDA swung to a $4.1 M loss versus a $1.3 M gain in Q3 2024; gross margin fell to 21.3% (≈45% when excluding one‑time costs).
  • The company disclosed several operational updates: exit from California, new product launches and dispensary openings in Florida, and a BHO lab slated for year‑end.

Key Details

  • Revenue: $23.3 M vs. $32.2 M YoY (‑27.6%).
  • Gross Profit: $5.0 M (21.3% of revenue) vs. $16.7 M (51.9%) YoY; gross margin would have been ~45% excluding one‑time items.
  • Total Expenses: $46.2 M vs. $20.0 M YoY (+130.8%), driven largely by a $29.8 M impairment loss.
  • Operating Expenses (SG&A): $13.9 M, down 21.3% from $17.6 M YoY.
  • Net Loss: $(44.0) M vs. $(7.4) M YoY; includes $29.8 M non‑cash impairment.
  • Adjusted EBITDA: $(4.1) M vs. $1.3 M gain YoY; loss driven by lower gross profit and higher operating leverage.
  • Cash Balance: $17.2 M at 30 Sep 2025 vs. $23.4 M year‑end 2024.
  • Total Assets: $158.5 M vs. $206.7 M YoY.
  • Total Liabilities: $103.9 M vs. $94.0 M YoY (increase driven by higher current notes payable).

Recent Operational Developments

  • July 11 2025: Launched revamped loyalty program.
  • Sept 9 2025: Introduced “HaHa” fast‑acting soft chews in Florida.
  • Oct 13 2025 & Oct 20 2025: Opened DeLand and Pace dispensaries in Florida.
  • Nov 3 2025: Completed divestiture and closure of California operations.

Conference Call

  • Date/Time: Nov 12 2025, 5:00 p.m. ET.
  • Participants: Co‑CEOs Larry Scheffler & Bob Groesbeck, Interim CFO Steve McLean.

Notable Quotes

“Q3 marked the low point for Planet 13… Excluding these one‑time items, our underlying gross margin would have been approximately 45%…” – Larry Scheffler, Co‑CEO
“Exiting California eliminates a persistent cash drain and allows us to focus our resources on Nevada and Florida…” – Bob Groesbeck, Co‑CEO

Materiality Assessment: Material – Negative (significant decline in revenue, large net loss, impairment charges, and strategic exit from a major market).

Read the original news release →

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