Planet 13 Holdings Inc. Earnings Recaps
Q1 2026
May 15, 2026
Shares fell 1.4% following Q1 results that reflected the drag from the California divestiture and the absence of a one-time loyalty benefit. Despite underlying revenue stability and margin resilience, investors remain cautious amid ongoing market headwinds and a cautious near-term outlook.
Key takeaways
- Total revenue declined sequentially to $21.1 million from $25.2 million, primarily due to the exit from California ($2.5 million impact) and the non-recurrence of a Florida loyalty accrual benefit from Q4.
- Underlying revenue, excluding these items, was approximately flat quarter-over-quarter with April trends tracking in line with internal Q2 plans.
- Gross margin held steady at 44.6%, improving 5.4% sequentially on an adjusted basis after excluding the prior quarter’s loyalty benefit; margin pressure was partly from selling remaining California inventory below cost.
- Adjusted EBITDA loss widened to $2.3 million from $0.3 million sequentially, driven mainly by the nonrecurrence of the Florida loyalty benefit and the California exit costs.
- Cost discipline continues with G&A down $800,000 sequentially to $11.2 million and lowered nearly $3 million year-over-year, poised for further efficiencies in 2026.
Q3 2025
Nov 13, 2025
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.
Key takeaways
- 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.