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.

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