Planet 13 Q2 Revenue Declines YoY But Grows Sequentially 10.6%, Here Are The Details

Planet 13 Holdings Inc. PLNHF PLTH Q2 2022 revenues were $28.4 million, a decrease of 13.5%, compared to $32.8 million in Q2 2021.

Q2 Financial Highlights

  • Gross profit was $13.8 million or 48.7% as compared to $19.0 million or 57.9%

  • Net income before taxes of $0.9 million as compared to a net loss of $2.6 million

  • Net loss of $2.0 million as compared to a net loss of $5.6 million

  • Adjusted EBITDA of $3.0 million as compared to adjusted EBITDA of $7.2 million

  • Cash of $52.6 million as compared to $61.6 million in December 31, 2021.

  • Total assets of $268.4 million as compared to $216.8 million in December 31, 2021.

  • Total liabilities of $35.5 million as compared to $43.1 million in December 31, 2021.

"Since we reported Q1 we've seen a material weakening of the consumer, which has impacted tourist spending in Nevada. Despite this, we have been able to maintain above 9% retail market share. We are taking steps as a company to improve resiliency in the face of this new macro dynamic," stated Larry Scheffler, co-CEO of Planet 13. "During the quarter all of our brands held or gained share in Nevada according to research firm Headset. We also launched our owned brands in California for the first time, starting with the widely popular TRENDI products."

Bob Groesbeck, co-CEO of Planet 13, stated, "Q2 was a big quarter for advancing our growth initiatives. We secured our cultivation property in Florida. We entered into an option agreement to purchase the remaining ownership in our subsidiary which holds an Illinois dispensary license. In Nevada, consumption lounge legislation was finally passed and we've completed our premium, indoor cultivation expansion and are just waiting on final approvals. Our expansions are progressing according to plan and it is likely that a year from now we will have doubled our retail and state footprint."

Photo by Esteban Lopez on Unsplash

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Posted In: CannabisEarningsNewsPenny StocksSmall CapMarketsBob GroesbeckLarry Scheffler
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