Planet 13 Announces Q4 2023 Financial Results

Planet 13 Holdings Inc., a leading vertically-integrated cannabis company, reported its financial outcomes for the fourth quarter and full year ending December 31, 2023. The company saw a Q4 2023 revenue of $23.0 million and an adjusted EBITDA of $1.3 million. This comes amidst an overall net loss of $14.3 million for the quarter, inclusive of a $7.2 million non-cash impairment loss.

Year-over-year, the Q4 revenue experienced a 7.5% decrease, mainly attributed to lower sales at the SuperStore and a decline in wholesale revenue in Nevada. Despite this, operational improvements were evident as gross profit margin improved and operating expenses significantly reduced by 60.5% compared to the previous year. For the full year, revenue fell by 5.8% to $98.5 million. The total net loss for 2023 widened to $73.6 million, largely due to a one-time impairment charge.

The balance sheet shows a decrease in total assets and cash but a relatively stable position in total liabilities. Amid financial turbulence, Planet 13 maintained approximately 9% of Nevada's retail market share and continued its strategic expansion with significant developments such as opening a new dispensary in Waukegan, Illinois, and acquiring VidaCann to leverage the adult-use market in Florida.

Co-CEOs expressed optimism regarding the company’s resilience and strategic positioning for future growth despite the challenging economic landscape. The full year and Q4 2023 results reflect Planet 13's effective cost management and strategic expansions which are anticipated to support its future endeavors.