Las Vegas-based cannabis giant, Planet 13 Holdings Inc. PLTH PLNH, unveiled its financial results for Q4 2023 on Wednesday, showcasing a revenue of $23.0 million despite a net loss of $14.3 million, inclusive of a $7.2 million non-cash impairment loss.
Co-CEO Larry Scheffler credited the robust performance to expanded gross margins and robust cost management strategies, solidifying Planet 13’s presence with a 9% share in Nevada’s retail market.
Co-CEO Bob Groesbeck emphasized strategic moves like the VidaCann acquisition to bolster the balance sheet, positioning the company for future growth amidst potential cannabis legalization in Florida.
Key Q4 2023 Financial Metrics
In Q4 2023, Planet 13 reported revenues of $23.0 million, reflecting a 7.5% dip from the same period in 2022. Despite a net loss of $14.3 million, an adjusted EBITDA of $1.3 million signaled improved performance through enhanced gross margins and cost controls.
Operating expenses of $18.1 million marked a 60.5% decrease from the previous year, showcasing the company’s financial prudence in managing costs effectively.
Key Full Year 2023 Financial Metrics
For the full year 2023, Planet 13’s revenue stood at $98.5 million, a 5.8% drop compared to 2022. The company maintained a healthy gross margin of 45.5% with a gross profit of $44.8 million.
While total expenses amounted to $105.9 million, including a one-time, non-cash impairment of $46.8 million, the company’s adjusted EBITDA for the year reached $1.4 million, showcasing resilience amidst market challenges.
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