Business
Planet 13 Announces Q1 2023 Financial Results
Q1 2023 Revenue of $24.9 million, compared to $24.8 million in Q4 2022 Q1 2023 Net loss of $...
About this update from Planet 13 Holdings Inc
[{"type":"text","content":"Planet 13 Announces Q1 2023 Financial ResultsQ1 2023 Revenue of $24.9 million, compared to $24.8 million in Q4 2022Q1 2023 Net loss of $6.3 millionQ1 2023 Adjusted EBITDA loss of $0.68 millionAll figures are reported in United States dollars ($) unless otherwise indicatedLAS VEGAS, NV / ACCESSWIRE / May 15, 2023 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQB:PLNHF) (\"Planet 13\" or the \"Company\"), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month ended March 31, 2023. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (\"GAAP\").\"Planet 13 started the year with consistent results notwithstanding overall economic conditions. In Q1 we saw a stabilization in cannabis prices resulting in an improvement in our retail revenue from the SuperStore. In Nevada, we maintained our share of sales above 8%, consistent with our long-term goals. We also saw strong sequential growth in wholesale as we continued to add more accounts and increase sales and productivity with our existing buyers. In California, growth in our wholesale business offset some of the seasonal decline in retail sales,\" said Larry Scheffler, Co-CEO of Planet 13.\"In 2023, our corporate strategy has three key goals: strengthen our core business, increase scale, and improve cashflow and preserve capital,\" commented Bob Groesbeck, Co-CEO of Planet 13. \"We are leveraging our strong core business, taking strategic steps to reduce costs across our organization, and aggressively pursuing accretive M&A to add scale, operating leverage and improve our ability to generate free cash flow.\"Financial Highlights - Q1 - 2023Operating ResultsAll comparisons below are to the quarter ended March 31, 2022, unless otherwise notedRevenue was $24.9 million as compared to $25.7 million, a decrease of 3.0%. The decline in revenue was driven by a large decline in the average price of cannabis in Nevada, partially offset by an increase in revenue from Planet 13 OC and additional wholesale revenue in California and Nevada.Gross profit was $10.9 million or 43.7% as compared to $12.9 million or 50.2%. The decline in gross profit was driven by a decrease in the average price of cannabis in Nevada and a greater percentage of revenue coming from lower-margin wholesale ...