Q3 2025 Net loss of $44.0 million, which includes a $29.8 million non-cash impairment loss
Q3 2025 Adjusted EBITDA loss of $4.1 million
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNH) ("Planet 13" or the "Company"), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month period ended September 30, 2025. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").
"Q3 marked the low point for Planet 13. We took decisive action to address our cost structure and operational challenges, reducing SG&A significantly and taking impairment and inventory reserve charges to clean up our balance sheet. Excluding these one-time items, our underlying gross margin would have been approximately 45% reflecting the strength of our cultivation platform and our ability to compete on price while maintaining healthy economics. October's sequential improvements in both Nevada and Florida validate that we've turned the corner," said Larry Scheffler, Co-CEO of Planet 13.
"We've made the difficult but necessary decisions to position Planet 13 for sustainable operations. Exiting California eliminates a persistent cash drain and allows us to focus our resources on Nevada and Florida, markets where we have clear competitive advantages and paths to strong returns. With our BHO lab coming online by year-end and early momentum building in Q4, we're executing against a clear roadmap: disciplined operations, improved margins, and durable cash flow generation," said Bob Groesbeck, Co-CEO of Planet 13.
Financial Highlights, Q3 – 2025
Operating Results
All comparisons below are to the quarter ended September 30, 2024, unless otherwise noted
Revenue was $23.3 million as compared to $32.2 million, a decrease of 27.6%. The decrease in sales was driven by price compression and a weaker consumer environment in Nevada and increased competition in Florida.
Gross profit was $5.0 million or 21.3% as compared to $16.7 million or 51.9%. The lower gross margin was driven by significant one-time costs primarily related to Florida and California. Gross Margin excluding one-time costs would have been approximately 45%.
Total expenses were $46.2 million as compared to $20.0 million, an increase of 130.8%. Total expenses include $29.8 million of impairment loss. Operating Expenses were $13.9 down 21.3% from $17.6 million in Q3 2024.
Net loss of $44.0 million as compared to a net loss of $7.4 million. Net Loss included $29.8 million of non-cash impairment loss.
Adjusted EBITDA loss of $4.1 million as compared to Adjusted EBITDA of $1.3 million. Adjusted EBITDA loss was driven by lower gross profit and operating leverage.
Balance Sheet
All comparisons below are to December 31, 2024, unless otherwise noted
Cash of $17.2 million as compared to $23.4 million
Total assets of $158.5 million as compared to $206.7 million
Total liabilities of $103.9 million as compared to $94.0 million
Q3 Highlights and Recent Developments
For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13's press releases.
On July 11, 2025, Planet 13 announced the launch of a revamped loyalty program.
On September 9, 2025, Planet 13 announced the launch HaHa branded fast-acting, soft chews in Florida
On October 13, 2025, Planet 13 announced the opening of DeLand dispensary in Florida.
On October 20, 2025, Planet 13 announced the opening of Pace dispensary in Florida.
On November 3, 2025, Planet 13 announced the divestiture and closing of its California operations.
Results of Operations (Summary)
The following tables set forth consolidated statements of financial information for the three-month periods ending September 30, 2025, and September 30, 2024.
Financial Highlights
Results of Operations
(Figures in millions
For the Three Months Ended
and % change based
September 30,
September 30,
on these figures)
2025
2024
change
Total Revenue
$
23.3
$
32.2
-27.6
%
Gross Profit
$
5.0
$
16.7
-70.3
%
Gross Profit %
21.3
%
51.9
%
-59.0
%
Operating Expenses
$
13.9
$
17.6
-21.3
%
Operating Expenses %
59.7
%
54.9
%
8.8
%
Net Loss Before Provision for Income Taxes
$
(43.1
)
$
(2.9
)
1377.1
%
Net Loss
$
(44.0
)
$
(7.4
)
493.1
%
Adjusted EBITDA
$
(4.1
)
$
1.3
-403.0
%
Adjusted EBITDA Margin %
-17.5
%
4.2
%
The Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, is available on the SEC's website at www.sec.gov or at https://planet13.com/investors/. The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR+ at https://www.sedarplus.ca/ and on its website at https://planet13.com/investors/.
This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.
Conference Call
Planet 13 will host a conference call on November 12, 2025 at 5:00 p.m. ET to discuss its third quarter financial results and provide investors with key business highlights, strategy, and outlook. The call will be chaired by Robert Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Steve McLean, Interim CFO.
CONFERENCE CALL DETAILS
Date: November 12, 2025 | Time: 5:00 p.m. ESTCall registration link: https://registrations.events/direct/Q4I928030PARTICIPANT DIAL-IN NUMBERS:USA / International Toll +1.646.307.1951USA - Toll-Free +1.888.500.3691Canada - Toronto +1.647.360.0158Canada - Toll-Free +1.888.500.3691
Non-GAAP Financial Measures
There are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization and Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses.
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented:
Reconciliation of Non-GAAP Adjusted EBITDA
(Figures in millions
For the Three Months Ended
and % change based
September 30,
September 30,
on these figures)
2025
2024
change
Net Income (Loss)
$
(44.0
)
$
(7.4
)
493.1
%
Add impact of:
Interest (income)/expense, net
$
0.1
$
(0.0
)
-403.8
%
Provision for income taxes
$
0.8
$
4.5
-81.8
%
Depreciation and amortization
$
1.9
$
2.4
-21.2
%
Depreciation included in cost of goods sold
$
0.9
$
1.2
-26.7
%
EBITDA
$
(40.3
)
$
0.6
-6504.7
%
Share-based compensation and related premiums
$
0.6
$
0.0
2326.2
%
Impairment losses
$
29.8
$
-
0.0
%
Loss on Sale of Assets
$
2.2
$
-
0.0
%
Gain on recovery of property in settlement
$
-
$
-
0.0
%
Reserve for Slow Moving Inventory
$
3.5
$
-
0.0
%
Professional fees expensed related to M&A activities
$
0.1
$
0.1
-53.2
%
Expenses related to ...
