Planet 13 (PLTH) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $22.9M, down 14.9% year-over-year, mainly due to the California exit and price compression in all markets.

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

• Net loss for Q2 2026 was $5.6M ($0.02 per share), a significant improvement from $13.3M ($0.04 per share) in Q2 2025.

• 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 16.6% premium over the 20-day VWAP.

Financial highlights

• Q2 2026 net revenue: $22.9M (down 14.9% YoY); six months: $44.0M (down 19.9% YoY).

• Gross profit for six months: $21.7M (down 8.1% YoY); gross margin rose to 53.9%.

• Total expenses for six months: $30.3M (down 18.3% YoY); Q2: $15.2M (down 17.7% YoY).

• Net loss for six months: $13.7M, improved from $15.3M in prior year.

• Cash and restricted cash at period end: $16.5M (up from $15.6M at year-end 2025).

Outlook and guidance

• Management expects continued margin improvement as Florida scales and new products are introduced.

• Focus remains on cost control, customer experience, and leveraging resources in Illinois and Florida.

• The merger with Vireo is expected to provide strategic benefits and enhanced scale.

• Management expects continued benefits from cost actions and the California exit.