Planet 13 Announces Q4 2024 Financial Results

About this update from Planet 13 Holdings Inc

All results are reported in United States dollars ($) unless otherwise indicated. LAS VEGAS, March 26, 2025 (GLOBE NEWSWIRE) -- 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, 2024. Planet 13’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). “In 2024, despite industry-wide price compression, we remained disciplined in executing our key priorities—expanding our retail footprint, scaling operations, and strengthening our product portfolio and brand equity. These strategic moves position Planet 13 to navigate competitive pressures,” stated Larry Scheffler, Co-CEO of Planet 13 . “As we move into 2025, our focus is on maximizing productivity and efficiency across our footprint. We are taking decisive steps to enhance per-store performance, optimize retail and wholesale operations, and streamline corporate costs—all with a clear goal of strengthening margins and creating a more resilient, high-performing business," said Bob Groesbeck, Co-CEO of Planet 13. Financial Highlights – Q4 – 2024 Operating Results All comparisons below are to the quarter ended December 31, 2023, unless otherwise noted Financial Highlights – Full Year 2024 Operating Results All comparisons below are to the full year ended December 31, 2023, unless otherwise noted Balance Sheet All comparisons below are to December 31, 2023, unless otherwise noted Q4 Highlights and Recent Developments For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13's  Management's Discussion and Analysis of the Financial Condition and Results of Operations for the Three and Twelve Months Ended December 31, 2024 (the “ MD&A ”). Results of Operations (Summary) The following table sets forth consolidated statements of financial information for the three-month and full-year periods ended December 31, 2024 and December 31, 2023. The Company's Annual Report on Form 10-K for the year ended December 31, 2024, is available on the SEC's website at www.sec.gov or at https://investors.planet13.com/overview/default.aspx . The Company's Management Discussion and Analysis for the year and the accompanying financial statements and notes are available under the Company's profile on SEDAR+ and on its website at https://investors.planet13.com/overview/default.aspx This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements. Conference Call Planet 13 will host a conference call on March 26, 2025 at 5:00 p.m. ET to discuss its fourth quarter and full year financial results and provide investors with key business highlights, strategy and outlook. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO. Non-GAAP Financial Measures There are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization, and Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented: About Planet 13 Planet 13 (https://planet13.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in California, Nevada, Illinois, and Florida. Home to the nation's largest dispensary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption lounge in Las Vegas, DAZED!, the opening of its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 operates 30 dispensaries across Florida, a key market in its expansive footprint, bringing its total to 34 locations nationwide. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. To learn more, visit planet13.com and follow Planet 13 on X @ShopPlanet13 and on Instagram @planet13official_. Cautionary Note Regarding Forward-Looking Information This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are often, but not always, identified by phrases such “ plans ” , “ expects ” , “ proposed ” , “ may ” , “ could ” , “ would ” , “ intends ” , “ anticipates ” , or “ believes ” , or variations of such words and phrases. In this news release, forward-looking statements relate to the Company ’ s fourth quarter 2024 financial performance and expectations for future financial performance. Such forward-looking statements reflect what management of the Company believes, or believed at the time, to be reasonable assumptions and accordingly readers are cautioned not to place undue reliance upon such forward-looking statements and that actual results may vary from such forward-looking statements. These assumptions, risks and uncertainties which may cause actual results to differ include, among others, those assumptions, risks and uncertainties discussed under the heading  “ Risk Factors ”  in the Company ’ s Annual Report on Form 10-K/A for the year ended December 31, 2024 and any of the Company ’ s subsequent periodic reports filed with the U.S. Securities and Exchange Commission at www.sec.gov and on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made only as to the date of this press release and we assume no obligation to update or revise any forward-looking statements should they change, except as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. For further inquiries, please contact: LodeRock Advisors Inc., Planet 13 Investor Relations [email protected] Bob Groesbeck and Larry Scheffler Co-Chief Executive Officers [email protected]

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