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Planet 13 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 revenue was $23.3 million, down from $26.6 million in Q2 and 27.6% year-over-year, due to lower tourist volumes, price compression, and increased competition in Nevada and Florida.
Net loss reached $44.0 million, including a $29.8 million non-cash impairment loss; adjusted EBITDA loss was $4.1 million.
Strategic exit from California underway to focus on higher-return markets and improve profitability.
October showed sequential revenue improvement in both Las Vegas and Florida, signaling early success of repositioning efforts.
Financial highlights
SuperStore and neighborhood network generated $21.1 million in retail revenue, down from $23.9 million in Q2.
Wholesale revenue was $2.2 million, down from $2.7 million in Q2, due to winding down California and Nevada wholesale challenges.
Gross profit was $5 million with a gross margin of 21.3%, down from $16.7 million (51.9%) year-over-year; adjusted gross margin would have been ~45%.
Operating expenses decreased 21.3% to $13.9 million, but total expenses rose to $46.2 million due to impairment charges.
Adjusted EBITDA margin was -17.5%, compared to 4.2% in Q3 2024.
Outlook and guidance
Expecting stronger Q4 performance in core states, with margin improvement as one-time charges subside.
BHO lab in Florida to be operational by year-end, with full product suite available in Q1 2026.
California divestiture expected to close in Q1 2026, with positive margin impact in 2026.
No immediate plans for new store openings in Florida; focus remains on profitability before expansion.
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Planet 13 Holdings Inc., an integrated cannabis company, cultivates, produces, distributes, and markets cannabis and cannabis-infused products for medical and retail cannabis markets in Nevada, the United States. The company offers flower, pre-rolls, and cannabis oils. It also provides various infused products comprising concentrates for vaporization; capsules; honey oil; shatter; wax; hash; edibles, such as gummies, chocolates, candy bars, and cotton candy; drinks; topicals comprising lotions and balms that are used to alleviate soreness and treat conditions such as arthritis and inflammation; and other merchandise merchandise related to marijuana industry.
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