Planet 13 (PLTH) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $21.1 million, down 24.8% year-over-year, primarily due to the California exit and price compression in all markets.

• Net loss widened to $8.1 million ($0.02/share), compared to $2.0 million ($0.01/share) in Q1 2025, driven by lower revenues and higher tax expense.

• Adjusted EBITDA loss was $2.3 million in Q1, a slight improvement from a $2.5 million loss in Q1 2025.

• Strategic repositioning included exiting California, consolidating Nevada operations, and cost reductions, positioning for improved performance in Q2.

• Early benefits from repositioning were seen in April results, with management focused on cost control, customer experience, and expansion in Florida and Illinois.

Financial highlights

• Gross profit was $9.4 million (44.6% margin), compared to $12.0 million (42.8%) in Q1 2025; margin improved both sequentially and year-over-year.

• Adjusted EBITDA loss was $2.3 million in Q1, improved year-over-year from $2.4 million loss in Q1 2025.

• G&A expenses declined to $11.2 million from $12 million in Q4, down nearly $3 million year-over-year; sales and marketing expenses decreased 22.4%.

• Cash and restricted cash ended at $16.3 million, up from $15.6 million at year-end 2025.

• Operating loss was $5.7 million, improved from $6.6 million loss in Q1 2025.

Outlook and guidance

• Q2 2026 is expected to be the first quarter reflecting the repositioned portfolio without transition drag, with April results tracking to plan.

• Gross margin is expected to improve further as the Florida BHO lab comes online and regulatory changes materialize.

• Management expects a stronger operating base due to structural changes and favorable regulatory shifts, with adequate liquidity to fund operations and planned capital expenditures.

• The outlook does not depend on a tourism recovery but on operational improvements and regulatory benefits.