Las Vegas-based Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) this week reported a net loss of $47.8 million for the full 2024 calendar year, down from its net loss of $73.6 million in 2023.
The company’s cash bleed continued in the fourth quarter last year, in which it lost $26.4 million, up sequentially from the $7.4 million lost in the third quarter and also up year-over-year from a net loss of $14.3 million. The company said a large chunk of the fourth-quarter losses were due to a one-time impairment charge of $18.9 million related primarily to a dispensary license it owns in Orange County, California.
Revenue for 2024 topped $116.4 million, an18.2% year-over-year increase from $98.5 million; for the fourth quarter, revenue increased 31.8% year-over-year to $30.3 million, up from $23 million.
Operating expenses, meanwhile, were down for the full year by 13.3% to $82.6 million from $95.2 million, but were almost double in the fourth quarter, to $35.8 million from $18.9 million, due to the aforementioned impairment charge.
Co-CEO Bob Groesbeck said in a press release that the business’s focus heading into 2025 is on “maximizing productivity and efficiency across our footprint.”
“We are taking decisive steps to enhance per-store performance, optimize retail and wholesale operations, and streamline corporate costs – all with a clear goal of strengthening margins and creating a more resilient, high-performing business,” Groesbeck said.
At the end of 2024, Planet 13 had $206.7 million in total assets, including $23.3 million in cash, against $94 million in total liabilities.
[[{“value”:”The company attributed much of the loss to a one-time impairment charge in the fourth quarter.
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