Planet 13 Third-Quarter Revenue Slips 0.8 Percent to 23.1 Million Dollars: The Net Loss Narrows to 6.4 Million Dollars as the Gross Margin Rises to 56.2 Percent, Released November 12
Planet 13 Holdings Inc., a vertically integrated multi-state cannabis company, announced on November 12, 2026, in Las Vegas in a GlobeNewswire release, financial results for the three-month period ended September 30, 2026. Revenue was 23.1 million dollars, down 0.8 percent from 23.3 million dollars a year earlier, and up 1.0 percent sequentially from 22.9 million dollars in the second quarter, a second consecutive quarter of sequential growth, driven by a 15.1 percent sequential increase in Florida, where revenue was up 45 percent year over year. Gross profit was 13.0 million dollars at a gross margin of 56.2 percent, compared with 5.0 million dollars and 21.3 percent a year earlier, which the company attributed to exiting California wholesale, cost reductions in Nevada cultivation, and improved third party procurement. Total expenses were 17.5 million dollars, down 62.1 percent, with the prior-year period including a 29.8 million dollar impairment loss.
The net loss was 6.4 million dollars, compared with a net loss of 44.0 million dollars a year earlier. The adjusted EBITDA loss was 0.2 million dollars, compared with an adjusted EBITDA loss of 4.1 million dollars. Cash and restricted cash were 15.7 million dollars, compared with 15.6 million dollars at December 31, 2025, with total assets of 139.8 million dollars and total liabilities of 107.0 million dollars.
On the proposed merger with Vireo Growth Inc., the registration statement on Form S-4 was declared effective on November 2, 2026, and Planet 13 stockholders will vote on the merger agreement at a special meeting on December 10, 2026. Due to the pending merger, the company will not host a conference call for the quarter. Co-chief executive Larry Scheffler said the levers pulled in Florida are showing up in the numbers, while lower tourist traffic in Las Vegas continued to weigh on Nevada. Co-chief executive Bob Groesbeck said the company delivered a second consecutive quarter of revenue growth and adjusted EBITDA improvement. This item reports only the published results and statements and is not investment advice.
Source: Planet 13 Holdings
Published by GSM · USA (original Chinese edition)
Photo: 拉斯维加斯大道全景（资料图）。／Panorama of the Las Vegas Strip (file photo).（Matthew Field，CC BY 2.5，Wikimedia Commons）
