Q2 Financial Highlights

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

• Total Revenue: increased 27.4% to $32.8M
• Gross Profit: increased 43.0% to $18.3M
• Gross Profit as a % of Total Revenue: increased to 55.8% from 53.8%
• Net Profit (Loss): increased to $(4.4)M from $0.44M
• Adjusted EBITDA: increased 38.5% to $7.2M
• Adj. EBITDA as % of Tot. Revenue: increased to 22.0% from 21.8%
• Cash/Cash Equiv./Securities on Hand: declined 3.4% to $136.3M

Image source

Q2 Operational Highlights

• announced the conversion of all Class A restricted shares to common shares.
• announced adding Select and STIIIZY store-in-stores at the Orange County SuperStore.

Management Commentary

Larry Scheffler, Co-CEO of Planet 13 commented as follows:

• "Along with our dispensary operations, our product brands are continuing to gain traction. According to Headset data, HaHa was the number two edibles and number three beverage brand in the state and TRENDI was the number three concentrate and number six vape brand."

Bob Groesbeck, Co-CEO of Planet 13, commented further, saying:

• "We opened our Orange County location on time and on budget. We are now focused on growing consumer awareness that will ultimately drive the sales we know are possible from that location.
• Supported by a robust M&A pipeline and over $130 million in cash, Planet 13's future is bright."

Stock Performance

The company's stock price has declined by 41.4% since it peaked on February 10th, 2021 yet, despite an excellent Q2 financial report, shows no sign of improvement declining 20.7% since the end of Q2 as illustrated in the chart below.