Planet 13 Hldgs Inc Financials
This page shows Planet 13 Hldgs Inc (PLNH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Margin compression against a largely fixed overhead base turned a brief cash-flow improvement into renewed balance-sheet strain.
By FY2025, gross profit had dropped to$39.9M while SG&A stayed at$51.6M , so the core revenue engine no longer covered the operating platform before other costs. The shift from a48.2% gross margin in FY2024 to38.6% in FY2025 shows the setback was not just softer demand; it was weaker unit economics hitting an overhead base that did not shrink with it.
The balance-sheet pressure is not mainly a borrowing story: long-term debt was only
Liquidity is tightening in a specific way: cash of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Planet 13 Hldgs Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Planet 13 Hldgs Inc's revenue declined 11.2% year-over-year, from $116.4M to $103.4M. This contraction results in a growth score of 37/100.
Planet 13 Hldgs Inc carries a low D/E ratio of 0.02, meaning only $0.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Planet 13 Hldgs Inc's current ratio of 1.78 indicates adequate short-term liquidity, earning a score of 31/100. The company can meet its near-term obligations, though with limited headroom.
While Planet 13 Hldgs Inc generated -$14.2M in operating cash flow, capex of $6.6M consumed most of it, leaving -$20.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Planet 13 Hldgs Inc generates a -125.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -42.4% the prior year.
Planet 13 Hldgs Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Planet 13 Hldgs Inc generates $0.22 in operating cash flow (-$14.2M OCF vs -$63.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Planet 13 Hldgs Inc generated $103.4M in revenue in fiscal year 2025. This represents a decrease of 11.2% from the prior year.
Planet 13 Hldgs Inc reported -$63.9M in net income in fiscal year 2025. This represents a decrease of 33.7% from the prior year.
Cash & Balance Sheet
Planet 13 Hldgs Inc generated -$20.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 203.9% from the prior year.
Planet 13 Hldgs Inc held $5.3M in cash against $1.2M in long-term debt as of fiscal year 2025.
Planet 13 Hldgs Inc had 326M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.
Margins & Returns
Planet 13 Hldgs Inc's gross margin was 38.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 9.6 percentage points from the prior year.
Planet 13 Hldgs Inc's net profit margin was -61.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 20.8 percentage points from the prior year.
Planet 13 Hldgs Inc's ROE was -125.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 82.6 percentage points from the prior year.
Capital Allocation
Planet 13 Hldgs Inc invested $6.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 45.4% from the prior year.
PLNH Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $21.1M-16.4% | $25.2M+8.4% | $23.3M-13.3% | $26.9M-4.2% | $28.0M-7.4% | $30.3M-5.8% | $32.2M+3.4% | $31.1M |
| Cost of Revenue | $11.7M-16.4% | $14.0M-23.7% | $18.3M+20.5% | $15.2M-5.2% | $16.0M-6.8% | $17.2M+11.2% | $15.5M+1.4% | $15.3M |
| Gross Profit | $9.4M-16.3% | $11.2M+126.8% | $5.0M-57.5% | $11.7M-2.9% | $12.0M-8.3% | $13.1M-21.6% | $16.7M+5.4% | $15.8M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $11.2M-6.4% | $12.0M-0.1% | $12.0M-12.1% | $13.6M-2.7% | $14.0M-0.6% | $14.1M-4.6% | $14.8M+20.3% | $12.3M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | -$79K-146.8% | $169K+283.7% | -$92K+75.6% | -$377K-113.9% | -$176K+62.7% | -$472K-1661.3% | $30K-64.2% | $85K |
| Income Tax | $4.2M+0.4% | $4.2M+409.5% | $818K-87.3% | $6.4M+2646.7% | $234K-82.1% | $1.3M-70.9% | $4.5M+10.9% | $4.1M |
| Net Income | -$8.1M-75.3% | -$4.6M+89.5% | -$44.0M-230.5% | -$13.3M-549.7% | -$2.0M+92.3% | -$26.4M-256.7% | -$7.4M+8.2% | -$8.1M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PLNH Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $146.9M-3.5% | $152.3M-3.9% | $158.5M-21.1% | $201.0M-1.4% | $203.8M-1.4% | $206.7M-14.9% | $243.0M+0.2% | $242.4M |
| Current Assets | $37.8M-8.0% | $41.1M-8.7% | $45.1M-9.5% | $49.8M-3.8% | $51.7M-4.7% | $54.3M-6.7% | $58.2M+6.4% | $54.7M |
| Cash & Equivalents | $6.0M+12.8% | $5.3M-69.0% | $17.2M+8.4% | $15.9M+1.9% | $15.6M-33.5% | $23.4M-14.7% | $27.4M+2.8% | $26.7M |
| Inventory | $17.2M-5.2% | $18.1M-9.6% | $20.1M-18.2% | $24.5M+1.3% | $24.2M+6.0% | $22.8M+0.1% | $22.8M+9.6% | $20.8M |
| Accounts Receivable | $713K-29.3% | $1.0M-41.3% | $1.7M+7.7% | $1.6M-2.4% | $1.6M+10.9% | $1.5M+13.8% | $1.3M+20.2% | $1.1M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $45.2M-3.1% | $46.7M |
| Total Liabilities | $103.2M+2.0% | $101.2M-2.7% | $103.9M+0.8% | $103.1M+10.7% | $93.1M-1.0% | $94.0M+1.9% | $92.3M+9.4% | $84.4M |
| Current Liabilities | $21.3M-7.9% | $23.1M-12.7% | $26.5M-3.8% | $27.5M+9.0% | $25.3M-0.3% | $25.3M-40.5% | $42.6M+22.6% | $34.7M |
| Long-Term Debt | $1.2M+1.2% | $1.2M+1.2% | $1.2M+1.2% | $1.2M+1.2% | $1.2M+1.1% | $1.2M | N/A | N/A |
| Total Equity | $43.7M-14.5% | $51.1M-6.3% | $54.6M-44.3% | $97.9M-11.6% | $110.7M-1.8% | $112.7M-25.2% | $150.7M-4.7% | $158.1M |
| Retained Earnings | -$328.1M-2.5% | -$320.0M-1.5% | -$315.4M-16.2% | -$271.5M-5.2% | -$258.2M-0.8% | -$256.1M-11.5% | -$229.7M-3.3% | -$222.3M |
PLNH Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$173K+95.2% | -$3.6M+12.8% | -$4.2M-238.4% | -$1.2M+76.3% | -$5.2M-262.4% | -$1.4M-149.7% | $2.9M-44.6% | $5.2M |
| Capital Expenditures | $665K-12.0% | $756K-11.0% | $849K-62.7% | $2.3M-15.4% | $2.7M+5.0% | $2.6M+4.1% | $2.5M-39.5% | $4.1M |
| Free Cash Flow | -$838K+80.9% | -$4.4M+12.5% | -$5.0M-42.8% | -$3.5M+55.5% | -$7.9M-97.3% | -$4.0M-1058.3% | $417K-62.9% | $1.1M |
| Investing Cash Flow | $855K-57.6% | $2.0M-63.2% | $5.5M+340.8% | -$2.3M+15.4% | -$2.7M-5.6% | -$2.5M-3.6% | -$2.5M-159.1% | $4.2M |
| Financing Cash Flow | $0 | $0 | $0-100.0% | $1.8M+3241.7% | $52K+214.3% | -$46K-114.2% | $322K+109.3% | -$3.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PLNH Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.6%+0.0pp | 44.6%+23.3pp | 21.3%-22.1pp | 43.4%+0.6pp | 42.8%-0.4pp | 43.2%-8.7pp | 51.9%+1.0pp | 50.9% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -38.4%-20.1pp | -18.3%+170.6pp | -188.9%-139.4pp | -49.5%-42.2pp | -7.3%+80.0pp | -87.3%-64.3pp | -23.1%+2.9pp | -26.0% |
| Return on Equity | -18.5%-9.5pp | -9.0%+71.5pp | -80.5%-67.0pp | -13.6%-11.7pp | -1.8%+21.6pp | -23.5%-18.5pp | -4.9%+0.2pp | -5.1% |
| Return on Assets | -5.5%-2.5pp | -3.0%+24.7pp | -27.7%-21.1pp | -6.6%-5.6pp | -1.0%+11.8pp | -12.8%-9.7pp | -3.0%+0.3pp | -3.3% |
| Current Ratio | 1.770.0 | 1.78+0.1 | 1.70-0.1 | 1.81-0.2 | 2.05-0.1 | 2.14+0.8 | 1.37-0.2 | 1.57 |
| Debt-to-Equity | 0.030.0 | 0.020.0 | 0.02+0.0 | 0.010.0 | 0.010.0 | 0.01-0.6 | 0.61+0.1 | 0.53 |
| FCF Margin | -4.0%+13.4pp | -17.3%+4.2pp | -21.5%-8.4pp | -13.1%+15.1pp | -28.1%-14.9pp | -13.2%-14.5pp | 1.3%-2.3pp | 3.6% |
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Frequently Asked Questions
What is Planet 13 Hldgs Inc's annual revenue?
Planet 13 Hldgs Inc (PLNH) reported $103.4M in total revenue for fiscal year 2025. This represents a -11.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Planet 13 Hldgs Inc's revenue growing?
Planet 13 Hldgs Inc (PLNH) revenue declined by 11.2% year-over-year, from $116.4M to $103.4M in fiscal year 2025.
Is Planet 13 Hldgs Inc profitable?
No, Planet 13 Hldgs Inc (PLNH) reported a net income of -$63.9M in fiscal year 2025, with a net profit margin of -61.8%.
How much debt does Planet 13 Hldgs Inc have?
As of fiscal year 2025, Planet 13 Hldgs Inc (PLNH) had $5.3M in cash and equivalents against $1.2M in long-term debt.
What is Planet 13 Hldgs Inc's gross margin?
Planet 13 Hldgs Inc (PLNH) had a gross margin of 38.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Planet 13 Hldgs Inc's net profit margin?
Planet 13 Hldgs Inc (PLNH) had a net profit margin of -61.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Planet 13 Hldgs Inc's return on equity (ROE)?
Planet 13 Hldgs Inc (PLNH) has a return on equity of -125.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Planet 13 Hldgs Inc's free cash flow?
Planet 13 Hldgs Inc (PLNH) generated -$20.8M in free cash flow during fiscal year 2025. This represents a -203.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Planet 13 Hldgs Inc's operating cash flow?
Planet 13 Hldgs Inc (PLNH) generated -$14.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Planet 13 Hldgs Inc's total assets?
Planet 13 Hldgs Inc (PLNH) had $152.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Planet 13 Hldgs Inc's capital expenditures?
Planet 13 Hldgs Inc (PLNH) invested $6.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Planet 13 Hldgs Inc's current ratio?
Planet 13 Hldgs Inc (PLNH) had a current ratio of 1.78 as of fiscal year 2025, which is generally considered healthy.
What is Planet 13 Hldgs Inc's debt-to-equity ratio?
Planet 13 Hldgs Inc (PLNH) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Planet 13 Hldgs Inc's return on assets (ROA)?
Planet 13 Hldgs Inc (PLNH) had a return on assets of -42.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Planet 13 Hldgs Inc's cash runway?
Based on fiscal year 2025 data, Planet 13 Hldgs Inc (PLNH) had $5.3M in cash against an annual operating cash burn of $14.2M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Planet 13 Hldgs Inc's Piotroski F-Score?
Planet 13 Hldgs Inc (PLNH) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Planet 13 Hldgs Inc's earnings high quality?
Planet 13 Hldgs Inc (PLNH) has an earnings quality ratio of 0.22x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Planet 13 Hldgs Inc?
Planet 13 Hldgs Inc (PLNH) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.