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Planet 13 (PLTH) investor relations material
Planet 13 Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $26.9M, down from $28M in Q1 and a 13.6% year-over-year decline, driven by price compression and weaker demand in Nevada and increased competition in Florida.
Net loss widened to $13.3M from $8.1M year-over-year, reflecting lower gross profit and severance costs from cost reduction efforts.
Management focused on operational discipline, cost savings, targeted pricing, and loyalty initiatives to reinforce competitive positioning.
Two underperforming Miami stores were closed, while new dispensaries opened in Orange Park and Edgewater, Florida.
Financial highlights
Total retail revenue was $24.2M, nearly flat sequentially, while wholesale revenue dropped to $2.7M from $3.4M in Q1.
Gross profit was $11.6M–$11.7M, with gross margin at 43.4%, down from 50.9% year-over-year but up from 42.8% in Q1.
Adjusted EBITDA loss was $2.4M, improving slightly from Q1 but down from a $3.2M profit year-over-year.
Operating cash used was $1.2M, a significant improvement over Q1.
Cash balance at quarter-end was $15.9M, down from $23.4M at year-end 2024.
Outlook and guidance
Cost reduction initiatives are expected to yield over $1M in G&A savings in both Q3 and Q4.
Management anticipates continued improvement in profitability as savings flow through future quarters.
BHO extraction lab in Florida on track for Q4 completion, enabling a full suite of products.
Continued focus on operational efficiency and targeted pricing to navigate challenging market conditions.
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