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Planet 13 Misses on Revenue Despite Quarter Uptick
2mos ago Cannabis greenmarketreport Views: 286

-

Planet 13 Holdings (OTC: PLNHF) posted results that missed expectations —
showing how waning demand and slimming margins are affecting even the largest
operators.

The Nevada-based cannabis superstore delivered its financial results for the
second quarter ending June 30, 2021.

Planet 13 reported approximately $28.4 million in revenue during the period, a
15.5% loss versus the same period last year — below analysts’ estimates for
revenues of $33 million. Despite that, revenue this quarter is still up from
$25.7 million in the previous period.

Planet 13 also reported a second-quarter net loss of $2 million versus a $2.1
million loss sequentially; and a net loss of $5.6 in the same period last year.
The earnings were for a loss of once cent per share — beating analyst
expectations of a three-cent loss per share — versus a loss of two cents per
share in the previous quarter.

“Since we reported Q1 we’ve seen a material weakening of the consumer, which has
impacted tourist spending in Nevada,” said Co-CEO Larry Scheffler. “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.
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.”

The company posted an adjusted EBITDA of $3 million this quarter versus a loss
of $7.2 million

Planet 13 had $52.6 million worth of cash on hand versus $61.6 million this time
last year; total assets of $268.4 million as versus $216.8 million in the same
period last year; total liabilities of $35.5 million versus $43.1 million in the
same quarter last year.

“Q2 was a big quarter for advancing our growth initiatives,” said Co-CEO Bob
Groesbeck. 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.”

Planet 13 Misses on Revenue Despite Quarter Uptick on Green Market Report.




- Posted on Aug 15, 2022
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