Q3 2024 Revenue of $32.2 million Q3 2024 Net loss of $7.4 million Q3 2024 Adjusted EBITDA of $1.3 million
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, Nov. 8, 2024 – PRESS RELEASE – Planet 13 Holdings Inc., a leading vertically integrated multistate cannabis company, announced its financial results for the three-month period ended Sept. 30, 2024. Planet 13’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP).
“Despite Florida not moving forward with adult-use, we see a significant growth runway by expanding our store footprint and enhancing cultivation assets in the state,” Planet 13 co-CEO Larry Scheffler said. “In addition to our Florida operations, we’re focused on driving growth by scaling our neighborhood store network and broadening the distribution of our HaHa edibles. We’re actively making progress on our growth initiatives while continuing to innovate and elevate the cannabis shopping experience.”
“While we experienced headwinds in Q3 from traditional seasonality in Florida and continued pressure on consumer spending, we are taking strategic steps to set ourselves up for long-term success,” Planet 13 co-CEO Bob Groesbeck said. “Our focus remains on delivering a one-of-a-kind shopping experience for the consumer, making thoughtful investments and most importantly, prioritizing cash flow. With our diversified footprint, multiple growth opportunities, and a strong balance sheet, we are well positioned to drive further growth and profitability in 2025.”
Financial Highlights: Q3 2024
Operating Results
All comparisons below are to the quarter ended Sept. 30, 2023, unless otherwise notedRevenue was $32.2 million as compared to $24.8 million, an increase of 29.7%. The increase in sales was driven by the addition of Florida as well as strong sales at the Illinois neighborhood store.Gross profit was $16.7 million or 51.9% as compared to $11.1 million or 44.7%. The improvement in gross margin was driven by a lower cost of cultivation through full utilization of cultivation facilities and better yields, along with the addition of high margin Florida revenue.Total expenses were $20 million as compared to $55.1 million, a decrease of 63.6%. Lower total expenses were driven by lower impairment loss in the quarter.Net loss of $7.4 million as compared to a net loss of $46.3 million.Adjusted EBITDA of $1.3 million as compared to adjusted EBITDA of $0.2 million. Adjusted EBITDA was higher due to the inclusion of Florida, better gross margin performance, and increased operating leverage.
Balance Sheet
All comparisons below are to Dec. 31, 2023, unless otherwise noted
Cash of $27.4 million as compared to $11.8 millionTotal assets of $243 million as compared to $151.7 millionTotal liabilities of $92.3 million as compared to $44.1 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 24, 2024, Planet 13 announced the launch of its new Lifestyles brand company.On Aug. 12, 2024, Planet 13 announced the opening of its 27th Florida dispensary, located in Ocala.On Aug. 15, 2024, Planet 13 announced the exclusive Nevada launch of Khalifa Kush ‘Products Powered by Planet 13’ at the Las Vegas SuperStore.On Sept. 11, 2024, Planet 13 announced the proposed acquisition of a Las Vegas dispensary.On Oct. 15, 2024, Planet 13 announced the opening of its 28th Florida dispensary, located in Port Orange near Daytona Beach.
An operational results summary can be found here.
The cannabis company reported $32 million in revenue for the third quarter. Read More
