Planet 13 (PLTH) investor relations material

Executive summary

• Q2 2026 net revenue was $22.9M, down 14.9% year-over-year, mainly due to the California exit and price compression in Nevada and Florida; Florida revenue grew 17.1% sequentially.

• Gross profit margin improved to 53.9% for Q2 2026, up from 43.4% year-over-year, aided by cost reductions, operational efficiencies, and a one-time $1M inventory reserve adjustment.

• Operating loss for Q2 2026 was $2.9M, a 57.8% improvement from Q2 2025; net loss for the quarter was $5.6M, down from $13.3M year-over-year.

• Adjusted EBITDA loss narrowed to $0.5M from $2.4M, reflecting cost-cutting and margin improvements.

• The company entered into a definitive merger agreement with Vireo Growth Inc. in July 2026, offering a premium to shareholders.

Financial highlights

• Q2 2026 net revenue: $22.9M (Q2 2025: $26.9M, -14.9%); six months ended June 30, 2026: $44.0M (2025: $54.9M, -19.9%).

• Gross profit for Q2 2026: $12.3M (up 5.7% year-over-year); gross margin: 53.9%.

• Operating expenses for six months: $30.3M (2025: $37.1M, -18.3%).

• Net loss for Q2 2026: $5.6M (Q2 2025: $13.3M); net loss for six months: $13.7M (2025: $15.3M).

• Adjusted EBITDA margin: -2.3% (improved from -9.1% year-over-year).

Outlook and guidance

• Management expects continued margin improvement due to cost controls, operational efficiencies, and scaling in Florida.

• Focus remains on executing the pending merger with Vireo Growth to create a larger, more efficient company.

• The merger with Vireo is expected to close pending customary approvals, with integration and strategic alignment anticipated.