Planet 13 reported a challenging Q3 2025 with revenues of $23.3 million, down from $26.6 million in Q2, largely driven by a decline in tourism and operational adjustments. However, initial signs of recovery in October offer encouragement for improved performance in Q4.

• SuperStore revenue declined to $9.8 million amid a 10% drop in tourism impacting Las Vegas operations.
• Neighborhood store network revenue reached $11.3 million, with Florida recognized as reaching a low point due to quality issues, but showing signs of recovery.
• Adjusted EBITDA loss of $4.1 million reflects significant one-time charges, while gross margin was impacted by strategic pricing and inventory clearances.
• Cash reserves remain solid at $17.2 million, with minimal capital expenditures expected for the remainder of the year.
• Planned exit from California operations is set to be completed in Q1 2026, allowing for a stronger focus on high-return markets.