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Planet 13 (PLTH) investor relations material
Planet 13 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 revenue was $23.3M, down 27.6% year-over-year due to price compression, increased competition, and lower tourist traffic in Nevada and Florida.
Net loss reached $44M, including a $29.8M non-cash impairment; adjusted EBITDA loss was $4.1M.
Strategic repositioning included exiting California to focus on higher-return markets, notably Florida and Nevada, for improved operational efficiency.
October showed early signs of recovery, with revenue up 5% month-over-month in Las Vegas and 8% higher sales in Florida compared to Q3 monthly average.
Operating expenses decreased 21.3% to $13.9M, but total expenses rose to $46.2M due to impairment charges.
Financial highlights
Q3 revenue was $23.3M, down from $26.6M in Q2 and 27.6% year-over-year.
Gross profit was $5M (21.3% margin), down from $16.7M (51.9%) year-over-year; adjusted gross margin would have been ~45% excluding one-time charges.
Adjusted EBITDA loss was $4.1M, with margin at -17.5%.
Sales and marketing expense decreased 24% sequentially to $1.2M; G&A declined 14% to $12M.
Cash at quarter end: $17.2M, down from $23.4M at year-end 2024; total assets $158.5M, liabilities $103.9M.
Outlook and guidance
Q4 expected to show meaningful improvement as one-time impacts subside and core markets recover.
California divestiture to close in Q1 2026, with margin and profitability improvements anticipated in 2026.
Florida’s VHO/BHO lab to be operational by year-end, with full product suite available in Q1 2026.
Management expects improved margins and cash flow generation, focusing on disciplined operations in Nevada and Florida.
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Q4 202513 Mar, 2026
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Frequently asked questions
Planet 13 Holdings Inc., an integrated cannabis company, cultivates, produces, distributes, and markets cannabis and cannabis-infused products for medical and retail cannabis markets in Nevada, the United States. The company offers flower, pre-rolls, and cannabis oils. It also provides various infused products comprising concentrates for vaporization; capsules; honey oil; shatter; wax; hash; edibles, such as gummies, chocolates, candy bars, and cotton candy; drinks; topicals comprising lotions and balms that are used to alleviate soreness and treat conditions such as arthritis and inflammation; and other merchandise merchandise related to marijuana industry.
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