Zinger Key Points
- Planet 13’s Q2 2024 revenue rose by 20.3% to $31.1 million, driven by Florida operations and strong SuperStore sales.
- Despite the revenue growth, Planet 13 reported a net loss of $8.1 million in Q2 2024, up from $4.6 million last year.
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Planet 13 Holdings Inc. PLTH PLNH reported $31.1 million in net revenue during the quarter, representing a 20.3% year-over-year increase from $25.8 million, but net loss raised to $8.1 million, a nearly 75% YoY.
“Q2 was an exciting period for Planet 13, marked by strong financial performance and execution of our growth initiatives,” said Larry Scheffler, co-CEO. “We closed the transformational acquisition in Florida and opened our completely unique DAZED! Consumption Lounge. In addition to consolidating results in Florida, we generated strong sequential organic revenue growth, better margins, and increased cash flow across our operations”
Q2 2024 Financial Highlights
- Gross profit: $15.8 million, compared to $11.9 million in the same quarter of 2023.
- Net loss: $8.1 million, up from $4.6 million in the prior year’s period.
- Adjusted EBITDA: $3.2 million, compared to $2.8 million in the same quarter of last fiscal year.
- Gross profit margin: 50.9% of net sales, up from 46.0% in the prior year period.
- Total expenses: $19.4 million, up from $15.4 million in Q2 2023.
Read Also: Cannabis Co. Cresco Lab’s Q2 Gross Profit Increases Over 9% YoY, Reports Nearly 7% Drop In Revenue
Planet 13‘s Q2 2024 results were also bolstered by strong sales at its flagship Planet 13 SuperStore and its Illinois neighborhood store. The company's growth was further supported by a month and a half of revenue from its newly acquired operations in Florida. The consolidation of Florida operations contributed to both revenue growth and increased expenses.
Additional Financial Details
Cash on hand increased to $26.7 million as of June 30, 2024, up from $11.8 million at the end of 2023. Total assets grew to $242.4 million, with total liabilities rising to $84.4 million.
The significant net loss in Q2 2024 for Planet 13 can be attributed to the increased total expenses, which rose by 26% due to the consolidation of Florida operations. Additionally, while the company saw revenue growth, the costs associated with expanding its cultivation and retail network in Florida and other strategic investments contributed to the higher net loss.
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