Quarterly ResultMay 13, 2026, 04:22 PM
Planet 13 Q1 Net Loss Widens to $8.1M; Revenue Down 24.7%
AI Summary
Planet 13 Holdings Inc. reported a significant widening of its net loss to $8.1 million for Q1 2026, compared to a $2.0 million net loss in Q1 2025. Revenues decreased by 24.7% to $21.1 million. The company recognized a $1.52 million gain from the sale of its Planet 13 Orange County dispensary assets and noted the ongoing assessment of the U.S. Department of Justice's order to reschedule medical marijuana to Schedule III.
Key Highlights
- Net loss widened to $8.1 million in Q1 2026 from $2.0 million in Q1 2025.
- Revenues decreased 24.7% to $21.1 million in Q1 2026 from $28.0 million in Q1 2025.
- Basic and diluted loss per share was $(0.02) in Q1 2026, up from $(0.01) in Q1 2025.
- Gross profit declined to $9.4 million in Q1 2026 from $12.0 million in Q1 2025.
- Cash used in operating activities improved to $(0.17) million from $(5.19) million.
- Recognized a $1.52 million gain on the sale of fixed assets (Orange County dispensary).
- All California operations have been sold, with license transfers pending Q2 2026.
- Uncertain tax positions increased to $37.1 million from $33.0 million at year-end 2025.