Planet 13 Hldgs Inc Financials

PLNH

FY2025 annual

Revenue $103.4M -11.2% YoY

Net Income -$63.9M -33.7% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow -$20.8M -203.9% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Planet 13 Hldgs Inc (PLNH) reported $103.4M in revenue for fiscal year 2025, down 11.2% from the prior fiscal year. This page shows its 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).

Rhea AI PLNH FY2025 2026-05-13

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 a 48.2% gross margin in FY2024 to 38.6% 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 $1.2M in FY2025, while total liabilities reached $101.2M. Equity fell to $51.1M, leaving a much thinner capital cushion to absorb operating volatility than in prior years.

Liquidity is tightening in a specific way: cash of $5.3M now sits well below inventory of $18.1M. With the current ratio down to 1.8x from 3.1x two years earlier, more short-term resources are tied up in product and less are immediately available for day-to-day flexibility.

Financial Health Signals

Financial health score not available

Planet 13 Hldgs Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Weak

2/9

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.

Earnings Quality No Cash Backing

N/A

Planet 13 Hldgs Inc reported a net loss of $63.9M while operations used $14.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

$103.4M

YoY-11.2%

Planet 13 Hldgs Inc generated $103.4M in revenue in fiscal year 2025. This represents a decrease of 11.2% from the prior year.

Net Income

-$63.9M

YoY-33.7%

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.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$20.8M

YoY-203.9%

Planet 13 Hldgs Inc recorded an outflow of $20.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 203.9% from the prior year.

Cash & Debt

$5.3M

YoY-77.2%

Planet 13 Hldgs Inc held $5.3M in cash against $1.2M in long-term debt as of fiscal year 2025, with $23.1M of liabilities due within a year.

Shares Outstanding

328M

YoY+0.9%

Planet 13 Hldgs Inc had 328M shares outstanding in fiscal year 2025. This represents an increase of 0.9% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin

38.6%

YoY-9.6pp

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.

Net Margin

-61.8%

YoY-20.8pp

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.

Return on Equity

-125.0%

YoY-82.6pp

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.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Capital Expenditures

$6.6M

YoY-45.4%

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.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

PLNH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PLNH annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21
Revenue	$92.4M	$103.4M-11.2%	$116.4M+18.2%	$98.5M-5.8%	$104.6M-12.5%	$119.5M
Cost of Revenue	$54.5M	$63.5M+5.3%	$60.3M+12.3%	$53.7M-5.2%	$56.6M+5.8%	$53.5M
Gross Profit	$37.9M	$39.9M-28.9%	$56.1M+25.2%	$44.8M-6.6%	$48.0M-27.3%	$66.0M
SG&A Expenses	$46.5M	$51.6M+0.9%	$51.2M+20.6%	$42.4M-14.1%	$49.4M-17.6%	$59.9M
Interest Expense	-$98K	-$477K-43.1%	-$333K-270.2%	$196K+3.3%	$189K+1103.8%	-$19K
Income Tax	$12.0M	$11.6M-4.5%	$12.2M+5.7%	$11.5M+31.8%	$8.8M-35.1%	$13.5M
Net Income	-$62.3M	-$63.9M-33.7%	-$47.8M+35.1%	-$73.6M-23.6%	-$59.5M-165.1%	-$22.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$22.9M+8.4%	$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
Cost of Revenue	$10.5M-9.8%	$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
Gross Profit	$12.3M+30.9%	$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
SG&A Expenses	$11.3M+1.1%	$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
Interest Expense	-$96K-20.9%	-$79K-146.8%	$169K+283.7%	-$92K+75.6%	-$377K-113.9%	-$176K+62.7%	-$472K-1661.3%	$30K
Income Tax	$2.9M-31.4%	$4.2M+0.4%	$4.2M+409.5%	$818K-87.3%	$6.4M+2646.7%	$234K-82.1%	$1.3M-70.9%	$4.5M
Net Income	-$5.6M+31.0%	-$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

Not reported in any period shown, so not listed: R&D Expenses, Operating Income, EPS (Diluted).

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

PLNH Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PLNH annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$152.3M-26.3%	$206.7M+36.2%	$151.7M-31.0%	$220.1M+2.9%	$213.8M
Current Assets	$41.1M-24.2%	$54.3M+14.8%	$47.3M-16.9%	$56.9M-27.0%	$78.0M
Cash & Equivalents	$5.3M-77.2%	$23.4M+97.7%	$11.8M-69.5%	$38.8M-33.8%	$58.6M
Inventory	$18.1M-20.5%	$22.8M+44.8%	$15.8M+21.2%	$13.0M-8.6%	$14.2M
Accounts Receivable	$1.0M-31.6%	$1.5M+23.2%	$1.2M-9.9%	$1.3M+9.1%	$1.2M
Goodwill	N/A	N/A	$0	N/A	$0
Total Liabilities	$101.2M+7.6%	$94.0M+113.2%	$44.1M+3.2%	$42.7M-0.8%	$43.1M
Current Liabilities	$23.1M-8.7%	$25.3M+65.8%	$15.3M-0.6%	$15.4M+20.7%	$12.7M
Long-Term Debt	$1.2M+4.8%	$1.2M+33.2%	$884K	N/A	N/A
Total Equity	$51.1M-54.6%	$112.7M+4.7%	$107.6M-39.3%	$177.3M+3.9%	$170.7M
Retained Earnings	-$320.0M-25.0%	-$256.1M-22.9%	-$208.3M-54.6%	-$134.7M-79.2%	-$75.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$144.3M-1.8%	$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
Current Assets	$37.5M-1.0%	$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
Cash & Equivalents	$6.6M+9.6%	$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
Inventory	$15.7M-8.7%	$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
Accounts Receivable	$560K-21.4%	$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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$45.2M
Total Liabilities	$105.5M+2.2%	$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
Current Liabilities	$20.8M-2.2%	$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
Long-Term Debt	$1.3M+1.3%	$1.2M+1.2%	$1.2M+1.2%	$1.2M+1.2%	$1.2M+1.2%	$1.2M+1.1%	$1.2M	N/A
Total Equity	$38.8M-11.3%	$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
Retained Earnings	-$333.7M-1.7%	-$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

PLNH Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PLNH annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$7.3M	-$14.2M-372.4%	$5.2M+143.3%	-$12.0M-78.1%	-$6.8M-100.0%	-$3.4M
Capital Expenditures	$2.7M	$6.6M-45.4%	$12.0M+43.5%	$8.4M-49.7%	$16.7M-35.6%	$25.9M
Free Cash Flow	-$10.0M	-$20.8M-203.9%	-$6.8M+66.6%	-$20.4M+12.8%	-$23.4M+20.0%	-$29.3M
Investing Cash Flow	$8.0M	$2.5M+166.8%	-$3.8M+58.8%	-$9.2M+35.1%	-$14.2M+82.7%	-$81.8M
Financing Cash Flow	$0	$1.8M-73.2%	$6.7M+2614.9%	-$268K-123.4%	$1.1M-98.2%	$64.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$602K+448.5%	-$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
Capital Expenditures	$423K-36.4%	$665K-12.0%	$756K-11.0%	$849K-62.7%	$2.3M-15.4%	$2.7M+5.0%	$2.6M+4.1%	$2.5M
Free Cash Flow	$179K+121.4%	-$838K+80.9%	-$4.4M+12.5%	-$5.0M-42.8%	-$3.5M+55.5%	-$7.9M-97.3%	-$4.0M-1058.3%	$417K
Investing Cash Flow	-$378K-144.2%	$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
Financing Cash Flow	$0	$0	$0	$0-100.0%	$1.8M+3241.7%	$52K+214.3%	-$46K-114.2%	$322K

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

PLNH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

PLNH annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	38.6%-9.6pp	48.2%+2.7pp	45.5%-0.4pp	45.9%-9.4pp	55.2%
Net Margin	-61.8%-20.8pp	-41.1%+33.7pp	-74.7%-17.8pp	-56.9%-38.1pp	-18.8%
Return on Equity	-125.0%-82.6pp	-42.4%+26.0pp	-68.4%-34.8pp	-33.6%-20.4pp	-13.2%
Return on Assets	-42.0%-18.9pp	-23.1%+25.4pp	-48.5%-21.4pp	-27.1%-16.6pp	-10.5%
Current Ratio	1.78-0.4x	2.14-1.0x	3.09-0.6x	3.70-2.4x	6.13
Debt-to-Equity	0.020.0x	0.010.0x	0.01-0.2x	0.240.0x	0.25
FCF Margin	-20.1%-14.2pp	-5.9%+14.9pp	-20.8%+1.7pp	-22.4%+2.1pp	-24.5%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	53.9%+9.3pp	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%
Net Margin	-24.4%+13.9pp	-38.4%-20.1pp	-18.3%	-188.9%	-49.5%-42.2pp	-7.3%+80.0pp	-87.3%-64.3pp	-23.1%
Return on Equity	-14.4%+4.1pp	-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%
Return on Assets	-3.9%+1.6pp	-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%
Current Ratio	1.800.0x	1.770.0x	1.78+0.1x	1.70-0.1x	1.81-0.2x	2.05-0.1x	2.14+0.8x	1.37
Debt-to-Equity	0.030.0x	0.030.0x	0.020.0x	0.020.0x	0.010.0x	0.010.0x	0.01-0.6x	0.61
FCF Margin	0.8%+4.8pp	-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%

Not reported in any period shown, so not listed: Operating Margin.

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Where Planet 13 Hldgs Inc Ranks

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) recorded an outflow of $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) recorded an outflow of $14.2M in operating cash flow during fiscal year 2025, representing cash used by 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.

How many shares does Planet 13 Hldgs Inc have outstanding?

Planet 13 Hldgs Inc (PLNH) had 328M shares outstanding as of fiscal year 2025.

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.

How does Planet 13 Hldgs Inc's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Planet 13 Hldgs Inc (PLNH) held $5.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $14.2M over that year. Dividing the one by the other, the reported balance equals about 5 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

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) reported a net loss of $63.9M while operations used $14.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.