Las Vegas-based cannabis giant, Planet 13 Holdings Inc. PLTH PLNH, revealed its financial performance for the fourth quarter of 2023 on Wednesday afternoon.
Despite a net loss of $14.3 million, which included a $7.2 million non-cash impairment loss, the company reported a commendable revenue of $23.0 million and adjusted EBITDA of $1.3 million.
Larry Scheffler, co-CEO of Planet 13 attributed the strong performance to the expansion of gross margins and effective cost management strategies. Notably, the company accounted for approximately 9% of Nevada's retail market share, underscoring its operational resilience and brand strength in the region.
Bob Groesbeck, co-CEO, highlighted strategic actions taken to fortify the company's balance sheet, including the acquisition of VidaCann, positioning Planet 13 for growth opportunities, particularly with the potential legalization of adult-use cannabis in Florida.
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Key Financial Metrics - Q4 2023
In Q4 2023, Planet 13 reported revenues of $23.0 million, reflecting a 7.5% decrease compared to the same period in 2022. Gross profit stood at $11.0 million, representing a 47.8% gross margin, driven by reduced product discounting at retail.
Operating expenses totaled $18.1 million, down 60.5% from the previous year. Despite a net loss of $14.3 million, the company achieved an adjusted EBITDA of $1.3 million, signaling improved performance through better gross margin and stringent cost control measures.
Key Financial Metrics - Full Year 2023
For the full year 2023, Planet 13 reported revenues of $98.5 million, marking a 5.8% decline compared to 2022. Gross profit reached $44.8 million, maintaining a healthy gross margin of 45.5%.
Total expenses amounted to $105.9 million, including a one-time, non-cash $46.8 million impairment. Adjusted EBITDA for the year was $1.4 million, showcasing the company's resilience amidst challenging market conditions.
Want to talk more about companies' valuations, earnings, and investment opportunities? Join us at the upcoming Benzinga Cannabis Capital Conference in Florida at the new Hollywood venue on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn, and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!