Planet 13's Q4 Financials; Net Loss Reduced By 50%; EBITDA Improved By 47%

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Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) announced its Q4 financial results for the three-month period ended December 31, 2021 today, as follows: 

Q4 Financial Highlights

(All financial information is provided in U.S. dollars unless otherwise indicated and in comparison to the previous quarter.)

• Total Revenue: decreased -9.4% to $29.9M
• Gross Profit: decreased -8% to $16.2M
• Net Loss: reduced -50% to $(5.1)M
• Adjusted EBITDA: improved +47.2% to $1.9M 
• Cash/Cash Equiv./Securities on Hand: declined -16.4% to $61.4M

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Q4 Operational Highlights

• closed its acquisition of a Florida cannabis license.
• launched a shop-in-shop in its Planet 13 Las Vegas dispensary.
• announced its proposed acquisition of Next Green Wave Holdings Inc..

Management Commentary

Larry Scheffler, Co-CEO, said:

• "During a quarter that is seasonally slower and marked by significantly less tourist traffic, our brands grew 21% in a market that was down 5% [and, as such,] was able to maintain a market share above 10% in the Las Vegas cannabis market.
•  Similarly, while the California market was down sequentially in Q4, our Orange County store grew 7.2% in the quarter on the back of increased brand awareness."

Bob Groesbeck, Co-CEO, said:

• "In Florida we are making strong progress to bring cultivation and retail online."

Stock Performance

During the Q4 period from October 1st to December 31st, the company's stock price went DOWN -38.1% and has gone DOWN a further -14.9% since Q4 ended and is now DOWN -69.2% from its peak price in 2021.