Business
Planet 13 Announces Q3 2023 Financial Results
Q3 2023 Revenue of $24.8 million Q3 2023 Net loss of $46.0 million, which included a non-cas...
About this update from Planet 13 Holdings Inc
[{"type":"text","content":"Planet 13 Announces Q3 2023 Financial ResultsQ3 2023 Revenue of $24.8 millionQ3 2023 Net loss of $46.0 million, which included a non-cash impairment loss of $39.6 millionQ3 2023 Adjusted EBITDA of $0.2 millionAll figures are reported in United States dollars ($) unless otherwise indicatedLAS VEGAS, NV / ACCESSWIRE / November 8, 2023 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNH) (\"Planet 13\" or the \"Company\"), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month period ended September 30, 2023. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (\"GAAP\").\"I'm proud of our team's ability to compete and maintain market share in a very competitive market. Based on available data, our dispensaries were responsible for almost one in every ten dollars of cannabis bought in Nevada. Our brands continued to perform well, being among the top selling in their respective categories. We look forward to bringing our retail experience and brands to Illinois and Florida in the coming months,\" said Larry Scheffler, Co-CEO of Planet 13.\"This quarter, we took major steps towards executing the strategic goals we laid out at the start of the year and becoming a major player in Florida. We are also getting very close to opening our Illinois dispensary and completing the next phase of exciting new additions to the SuperStore. I'm very excited for 2024 when all our hard work starts to pay dividends,\" commented Bob Groesbeck, Co-CEO of Planet 13.Financial Highlights - Q3 - 2023Operating ResultsAll comparisons below are to the quarter ended September 30, 2022, unless otherwise notedRevenue was $24.8 million as compared to $25.6 million, a decrease of 3.3%. The decline in revenue was driven by lower sales at the SuperStore and a slight decline in wholesale revenue in Nevada.Gross profit was $11.1 million or 44.7% as compared to $10.6 million or 41.2%. The improvement in gross margin was driven by a decrease in product discounting at retail.Total expenses were $55.1 million as compared to $15.0 million, an increase of 268.4%. This included a one-time, non-cash $39.6 million impairment. Excluding impairment, total expenses were $15.4 million.Net loss of $46.0 million as compared to a net loss of $6.3 million. The increase...