Business
Planet 13 Announces Q4 2023 Financial Results
Q4 2023 Revenue of $23.0 million Q4 2023 Net loss of $14.3 million, which included a non-cas...
About this update from Planet 13 Holdings Inc
[{"type":"text","content":"Planet 13 Announces Q4 2023 Financial Results Q4 2023 Revenue of $23.0 millionQ4 2023 Net loss of $14.3 million, which included a non-cash impairment loss of $7.2 millionQ4 2023 Adjusted EBITDA of $1.3 millionAll results are reported in United States dollars ($) unless otherwise indicated.LAS VEGAS, NV / ACCESSWIRE / March 13, 2024 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNH) (\"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, 2023. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (\"GAAP\").\"Amidst recent challenges, economic uncertainties, and ongoing pressure on cannabis prices, I am pleased to announce a strong quarter. Our performance was highlighted by solid revenue and positive Adjusted EBITDA, fueled by the expansion of gross margins and effective cost management. We were responsible for approximately 9% of Nevada's retail market share and boasted a top brands in each category, underscoring the resilience of our operations and brand appeal in Nevada,\" stated Larry Scheffler, Co-CEO of Planet 13.\"We recently took decisive actions to fortify our balance sheet and set the Company up for growth through our acquisition of VidaCann. With the potential for adult-use in Florida, we are now well positioned to capture the full benefit of this tremendous opportunity,\" commented Bob Groesbeck, Co-CEO of Planet 13.Financial Highlights - Q4 - 2023Operating ResultsAll comparisons below are to the quarter ended December 31, 2022, unless otherwise notedRevenues were $23.0 million as compared to $24.8 million, a decrease of 7.5%. The decline in revenue was driven by lower sales at the SuperStore and a decline in wholesale revenue in Nevada.Gross profit was $11.0 million or 47.8% as compared to $10.7 million or 43.0%. The improvement in gross margin was driven by a decrease in product discounting at retail.Operating expenses were $18.1 million as compared to $45.9 million, a decrease of 60.5%Net loss of $14.3 million as compared to a net loss of $49.2 millionAdjusted EBITDA of $1.3 million as compared to Adjusted EBITDA loss of $0.6 million. Adjusted EBITDA margin was higher due to better gross margin performance and strong cost control....