Business
Planet 13 Announces Q2 2023 Financial Results
Q2 2023 Revenue of $25.8 million, compared to $24.9 million in Q1 2023 Q2 2023 Net loss of $...
About this update from Planet 13 Holdings Inc
[{"type":"text","content":"Planet 13 Announces Q2 2023 Financial ResultsQ2 2023 Revenue of $25.8 million, compared to $24.9 million in Q1 2023Q2 2023 Net loss of $4.3 millionQ2 2023 Adjusted EBITDA of $3.0 millionAll figures are reported in United States dollars ($) unless otherwise indicatedLAS VEGAS, NV / ACCESSWIRE / August 9, 2023 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) (\"Planet 13\" or the \"Company\"), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month period ended June 30, 2023. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (\"GAAP\").\"During the quarter, we grew our share of total Nevada state-wide sales and once again had some of the most sold brands across all major product categories. We had a steady quarter in California and across our business we saw improvement in gross margins and EBITDA margins sequentially. Overall we've had a good first half of the year,\" said Larry Scheffler, Co-CEO of Planet 13.\"We are executing on the strategic goals we laid out at the beginning of the year. We continue to strengthen the destination appeal and reputation of the SuperStore and are making progress towards opening our consumption lounge. We are also nearing the completion of our new dispensary in Illinois, an exciting addition to our retail portfolio,\" commented Bob Groesbeck, Co-CEO of Planet 13. \"Between our ongoing construction projects, the strength of our business in Nevada and our rock-solid balance sheet 2024 is shaping up to be a good year for Planet 13.\"Financial Highlights - Q2 - 2023Operating ResultsAll comparisons below are to the quarter ended June 30, 2022, unless otherwise notedRevenue was $25.8 million as compared to $28.4 million, a decrease of 9.1%. The decline in revenue was driven by a decline in the average price of cannabis in Nevada, partially offset by an increase in wholesale revenue in Nevada.Gross profit was $11.9 million or 46.0% as compared to $13.8 million or 48.7%. 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 revenue.Total expenses were $15.4 million as compared to $15.6 million, a decrease of 1.6%. The decline in total expenses was driven by lower share-b...