Planet 13 Financial Metrics In Q3 All Declined

Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) announced its financial results for the three-month period ending September 30, 2022, last Thursday, November 10th.
 

Q3 Financial Highlights

(The information below compares Q3 2022 with Q2 2022 and all figures are in U.S. dollars.)

• Total Revenue: DOWN 9.9% to $26.6M
• Gross Profit: DOWN 23.2%
• Gross Profit Margin: DOWN to 41.2% from 48.7%
• Net Loss: UP 215.0% to $(6.3)M
• Adj. EBITDA: DOWN 86.7% to $0.4M
• Cash on Hand: DOWN 3.2% to $50.9M
   

Management Commentary

Larry Scheffler, Co-CEO, said: 

• "We continue to perform well, maintaining retail market share in our historical 8-10% range in addition to holding or gaining share for each of our brands in Nevada, according to research firm Headset.
• Despite high inflation and interest rates which have driven down consumer spending, we realized an 18% increase in Nevada dispensaries year over year.
• In California we are seeing growth from our Orange County location as it continues to win more customers and convert locals into regular and loyal shoppers..."

Bob Groesbeck, Co-CEO said:

• "...We've signed a conditional location in Illinois, adding a fourth state to our portfolio,
• we've begun harvesting at our premium, indoor cultivation expansion in Nevada,
• and in Florida we continue to progress cultivation forward while exploring ways to reduce CAPEX needs and shorten timelines.
• While current retail trends are weak, our focus continues to be on building a stronger, more resilient company that is well positioned to take advantage of future legislative changes."

Q3 Operational Highlights

• announced it had closed on a Florida property for its cultivation and production campus.
• announced it had begun drafting an application to add a cannabis consumption lounge to its Las Vegas SuperStore.
• announced it had agreed to an option to purchase the remaining 51% ownership of Planet 13 Illinois.
• announced it has commenced its first harvest from Nevada cultivation expansion.
   

Stock Performance

Planet 13's stock price remained stable throughout Q3 (i.e. July - September) but is UP 10.8% since then. That being said, however, the stock price is DOWN 58.4% YTD.

---

More By This Author:

Aurora Cannabis Q1 Financials Show Improvement: Stock Jumps 18%
Clinical Stage Psychedelic Stock Index Up 6%; Therapy Clinic Stocks Down 8%
Major Canadian Cannabis LP Stocks Advanced 12% Last Week