Planet 13 (PLTH) Q4 2025 earnings summary

Executive summary

• Q4 showed operational stabilization with sequential revenue growth, margin recovery, and a narrowed net loss of $4.6 million, reflecting restructuring and market exits.

• Full year 2025 revenue was $103.4 million, down 11.2% year-over-year, with a net loss of $63.9 million, including $29.8 million in non-cash impairment charges.

• The exit from California and cost reductions in Nevada have positioned the company for improved profitability and cash flow in 2026.

• Florida operations delivered strong growth, with ongoing investments in product quality, new store openings, and a new rewards program.

• Strategic actions included exiting California, opening new dispensaries in Florida, and launching a new rewards program.

Financial highlights

• Q4 total revenue was $25.2 million, up 8% sequentially from $23.3 million in Q3, but down 16.7% year-over-year due to a weaker tourist environment in Las Vegas and increased competition in Florida.

• Gross profit reached $11.2 million in Q4 (44.6% margin), rebounding from 21.3% in Q3; full year gross profit was $39.9 million (38.6% margin), reflecting margin compression.

• Adjusted EBITDA loss narrowed to $0.3 million in Q4 from a $4.1 million loss in Q3; full year adjusted EBITDA loss was $10.1 million.

• Ended Q4 with $15.6 million in cash and restricted cash, down from $25.4 million a year earlier.

• Operating expenses for Q4 were $13.1 million, down from $14.5 million, and $59.9 million for the year, down 2.2% year-over-year.

Outlook and guidance

• Expectation of positive adjusted EBITDA and cash flow for the full year 2026, with margins projected north of 50% starting in Q1.

• Q2 will be the first quarter fully reflecting the repositioned portfolio, with no California drag and improved Florida productivity.

• Anticipate meaningful cash position improvement throughout 2026, with no significant CapEx planned.

• Management aims to capitalize on a more favorable regulatory environment and demonstrate the earnings power of the streamlined portfolio.