Business
Planet 13 Announces Q4 2022 Financial Results
Q4 2022 Revenue of $24.8 million, compared to $25.6 million in Q3 2022 Q4 2022 Net loss of $...
About this update from Planet 13 Holdings Inc
[{"type":"text","content":"Planet 13 Announces Q4 2022 Financial ResultsQ4 2022 Revenue of $24.8 million, compared to $25.6 million in Q3 2022Q4 2022 Net loss of $38.6 million driven by $32.8 million impairment chargeQ4 2022 Adjusted EBITDA[1] loss of $0.8 millionFull year 2022 Revenue of $104.6 million, compared to $119.5 million for full year 2021Full year 2022 Operating Cash flow of $3.8 millionAll figures are reported in United States dollars ($) unless otherwise indicatedLAS VEGAS, NV / ACCESSWIRE / March 23, 2023 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) (\"Planet 13\" or the \"Company\"), a leading vertically-integrated cannabis company, today announced its financial results for the three-month and twelve-month periods ended December 31, 2022. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (\"GAAP\").\"Over the course of the year we saw state-wide pricing trends and the overall economic environment impact our revenue. Despite this backdrop, we continued to meet our goal of 8 - 10% of Nevada retail sales. For the full year we had 9% of the sales in Nevada. Towards the end of Q4 we saw those pricing compression trends start to stabilize and we remain optimistic about the outlook for 2023,\" said Larry Scheffler, Co-CEO of Planet 13. \"Despite the pressures on retail, we grew wholesale revenue by 26% year over year and had a top five brand in every product category. Moreover, in California, we increased our share of shelf and wholesale revenue every quarter.\"\"Across our organization we are focused on three things: increasing profitability, preserving capital, and setting ourselves up for future growth,\" commented Bob Groesbeck, Co-CEO of Planet 13. \"At the end of 2022, we are in a solid position. We have no debt, positive operating cash flow, and over $50 million in cash. This is a strong foundation that alongside our numerous growth projects sets us up for future operating cash flow expansion.\"Financial Highlights - Q4 - 2022[1] Adjusted EBITDA is a non-GAAP financial measureOperating ResultsAll comparisons below are to the quarter ended December 31, 2021, unless otherwise notedRevenues were $24.8 million as compared to $29.9 million, a decrease of 16.8%Gross profit was $10.7 million or 43.0% as compared to $16.2 million or 54.3%Operating expenses, excluding non-cash compens...