Planet 13 Announces Q2 2026 Financial Results
Rhea-AI Summary
Planet 13 (OTCQX: PLNH) reported Q2 2026 revenue of $22.9 million, down 14.9% year over year, with gross profit of $12.3 million and a gross margin of 53.9% versus 43.4% a year earlier.
Net loss narrowed to $5.6 million from $13.3 million, and Adjusted EBITDA loss improved to $0.5 million from $2.4 million, supported by the exit from California and company-wide cost reductions. Operating expenses fell 17.7% to $15.2 million. Cash and restricted cash totaled $16.5 million, slightly above year-end 2025.
According to Planet 13, Florida revenue grew 17.1% sequentially, it received OMMU approval for a Florida BHO extraction facility, announced an upcoming Sarasota store, and on July 27, 2026 entered a proposed merger agreement with Vireo Growth. No Q2 2026 conference call will be held due to the pending merger.
Positive
- Gross margin 53.9%, up from 43.4% in Q2 2025
- Net loss $5.6M, improved from $13.3M year over year
- Adjusted EBITDA loss $0.5M, better than $2.4M loss in Q2 2025
- Operating expenses $15.2M, down 17.7% versus Q2 2025
- Cash and restricted cash $16.5M versus $15.6M at December 31, 2025
- Florida revenue +17.1% QoQ demonstrating sequential growth in that market
Negative
- Revenue $22.9M, down 14.9% year over year
- Net loss $5.6M and Adjusted EBITDA still negative at $0.5M
- Total assets $144.3M versus $152.3M at December 31, 2025
- Total liabilities $105.5M, up from $101.2M at year-end 2025
- Shareholders’ equity $38.8M, down from $51.1M at December 31, 2025
News Explained
The merger remains pending, while common shares outstanding rose to 335.3 million from 325.7 million at year-end, reducing existing holders’ percentage ownership absent offsets.
Planet 13 reported results for the quarter ended
Under the supplied dilution definition, issuing additional shares increases the share count and reduces an existing holder’s percentage ownership absent offsetting changes; the release does not identify what caused this higher reported count.
Although the company says its stockholders would receive a stake in a larger combined company, the complete release provides no merger consideration, dilution terms, use-of-proceeds details, or conversion mechanics, so the proposed transaction’s ownership economics remain unspecified.
For the six months ended
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Q2 2026 Revenue of
$22.9 million - Q2 2026 Net loss of
$5.6 million - Q2 2026 Adjusted EBITDA loss of
$0.5 million
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) (“Planet 13” or the “Company”), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month period ended June 30, 2026. Planet 13’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).
"Q2 delivered on the expectations we set last quarter. Revenue grew
"These results reflect the strength of the platform our team built, but they also reflect the reality, that the market increasingly rewards scale, greater purchasing power, broader distribution and the balance sheet to absorb continued price compression. As previously announced, our definitive merger agreement with Vireo Growth gives Planet 13 stockholders a stake in a larger, more efficient combined company. Our focus remains on running the business well and executing a smooth path to closing for our shareholders, employees, patients and customers,” said Bob Groesbeck, Co-CEO of Planet 13.
Financial Highlights – Q2 – 2026
Operating Results
All comparisons below are to the quarter ended June 30, 2025, unless otherwise noted
- Revenue was
$22.9 million as compared to$26.9 million , a decrease of14.9% . The decrease in sales was driven by the exit of California retail and wholesale and continued price compression in Nevada and Florida. - Gross profit was
$12.3 million or53.9% as compared to$11.7 million or43.4% . The higher gross margin was driven by exiting California, company-wide cost and procurement initiatives, and a$1.0 million reduction in the Company's inventory reserve for Florida distillate as increased Florida sales reduced excess inventory on hand. Excluding the reserve adjustment, gross margin was49.5% . - Total expenses were
$15.2 million as compared to$18.5 million , a decrease of17.7% . Total expenses were down, driven by company-wide cost-cutting initiatives. - Net loss of
$5.6 million as compared to a net loss of$13.3 million . - Adjusted EBITDA loss of
$0.5 million as compared to Adjusted EBITDA loss of$2.4 million . Better Adjusted EBITDA performance was driven by better gross margins and cost-cutting initiatives across the company(1).
(1) The Company discloses adjusted EBITDA, which is a non-GAAP financial measure, to provide investors with insight into the performance of the Company. This measure is not defined under GAAP and should not be considered as an alternative to the financial measures provided by the Company in accordance with GAAP. Refer to additional information under the heading “Reconciliation of Non-GAAP Adjusted EBITDA” at the end of this release regarding non-GAAP supplemental disclosure and its reconciliation.
Balance Sheet
All comparisons below are to December 31, 2025, unless otherwise noted
- Cash and Restricted Cash of
$16.5 million as compared to$15.6 million - Total assets of
$144.3 million as compared to$152.3 million - Total liabilities of
$105.5 million as compared to$101.2 million
Q2 Highlights and Recent Developments
For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13’s press releases.
- On May 9, 2026, Planet 13 received OMMU approval for Florida BHO extraction facility.
- On July 22, 2026, Planet 13 announced continued expansion with upcoming Sarasota store.
- On July 27, 2026, Planet 13 announced the proposed merger with Vireo Growth Inc.
Results of Operations (Summary)
The following tables set forth consolidated statements of financial information for the three-month periods ending June 30, 2026, and June 30, 2025.
Financial Highlights
Results of Operations
| (Figures in millions | For the Three Months Ended | ||||||||||
| and % change based | June 30, | June 30, | |||||||||
| on these figures) | 2026 | 2025 | change | ||||||||
| Total Revenue | $ | 22.9 | $ | 26.9 | -14.9 | % | |||||
| Gross Profit | $ | 12.3 | $ | 11.7 | 5.7 | % | |||||
| Gross Profit % | 53.9 | % | 43.4 | % | 24.2 | % | |||||
| Operating Expenses | $ | 12.4 | $ | 16.1 | -22.9 | % | |||||
| Operating Expenses % | 54.3 | % | 59.9 | % | -9.4 | % | |||||
| Net Loss Before Provision for Income Taxes | $ | (2.7 | ) | $ | (6.9 | ) | -60.5 | % | |||
| Net Loss | $ | (5.6 | ) | $ | (13.3 | ) | -58.0 | % | |||
| Adjusted EBITDA | $ | (0.5 | ) | $ | (2.4 | ) | -78.7 | % | |||
| Adjusted EBITDA Margin % | -2.3 | % | -9.1 | % | |||||||
The Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, is available on the SEC’s website at www.sec.gov or at https://planet13.com/investors/. The Company’s Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR+ at https://www.sedarplus.ca/ and on its website at https://planet13.com/investors/.
This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.
Conference Call
Due to the pending merger of Planet 13 and Vireo Growth Inc., Planet 13 will not host a conference call for Q2 2026.
Non-GAAP Financial Measures
There are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization and Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses.
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented:
| Reconciliation of Non-GAAP Adjusted EBITDA | |||||||||||
| (Figures in millions | For the Three Months Ended | ||||||||||
| and % change based | June 30, | June 30, | |||||||||
| on these figures) | 2026 | 2025 | change | ||||||||
| Net Income (Loss) | $ | (5.6 | ) | $ | (13.3 | ) | -58.0 | % | |||
| Add impact of: | |||||||||||
| Interest (income)/expense, net | $ | 0.1 | $ | 0.4 | -74.7 | % | |||||
| Provision for income taxes | $ | 2.9 | $ | 6.4 | -55.3 | % | |||||
| Depreciation and amortization | $ | 1.4 | $ | 1.8 | -21.4 | % | |||||
| Depreciation included in cost of goods sold | $ | 0.7 | $ | 1.4 | -45.4 | % | |||||
| EBITDA | $ | (0.4 | ) | $ | (3.3 | ) | -86.9 | % | |||
| Share-based compensation and related premiums | $ | 0.7 | $ | 0.5 | 33.0 | % | |||||
| (Gain)/Loss on Sale of Assets | $ | (0.0 | ) | $ | - | 0.0 | % | ||||
| Gain on recovery of property in settlement | $ | - | $ | - | 0.0 | % | |||||
| Reserve for Slow Moving Inventory | $ | (1.0 | ) | $ | - | 0.0 | % | ||||
| Professional fees expensed related to M&A activities | $ | 0.3 | $ | 0.0 | 702.6 | % | |||||
| Expenses related to El Capitan Matter | $ | 0.0 | $ | 0.3 | -93.6 | % | |||||
| Adjusted EBITDA | $ | (0.5 | ) | $ | (2.4 | ) | -78.7 | % | |||
For more information on Planet 13, visit the investor website (https://planet13.com/investors/).
About Planet 13
Planet 13 (https://planet13.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in Nevada, Illinois, and Florida. Home to the nation's largest dispensary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption lounge in Las Vegas, DAZED!, the opening of its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 operates dispensaries across Florida, a key market in its expansive footprint. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. To learn more, visit planet13.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are often, but not always, identified by phrases such as “plans”, “expects”, “proposed”, “may”, “could”, “would”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases. In this news release, forward-looking statements relate to our strategic goals or future performance. Such forward-looking statements reflect what management of the Company believes, or believed at the time, to be reasonable assumptions and accordingly readers are cautioned not to place undue reliance upon such forward-looking statements and that actual results may vary from such forward-looking statements. These assumptions, risks and uncertainties which may cause actual results to differ include, among others: final regulatory and other approvals or consents needed to operate our business; fluctuations in general macroeconomic conditions; inflationary pressures; fluctuations in securities markets; expectations regarding the size of the cannabis market in the states in which we currently operate in or contemplate future operations and changing consumer habits in such states; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties including international conflict; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the states in which we currently operate in or contemplate future operations; employee relations and other risks and uncertainties discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission at www.sec.gov and on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and in the Company’s periodic reports subsequently filed with the U.S. Securities and Exchange Commission and on SEDAR+. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further inquiries, please contact:
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com
LodeRock Advisors Inc., Planet 13 Investor Relations
mark.kuindersma@loderockadvisors.com
725-331-7650 ext. 105210
Planet 13 Media:
Colin Trethewey / PRmediaNow Communications / Colin@PRmediaNow.com
| PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Balance Sheets (Unaudited, In United States Dollars) | |||||||
| June 30, | December 31, | ||||||
| 2026 | 2025 | ||||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash | $ | 6,581,239 | $ | 5,325,031 | |||
| Restricted Cash | 9,900,000 | 10,250,000 | |||||
| Accounts Receivable | 560,210 | 1,007,891 | |||||
| Inventory | 15,690,632 | 18,138,394 | |||||
| Other Receivables | 1,436,219 | 3,754,563 | |||||
| Prepaid Expenses and Other Current Assets | 3,290,425 | 2,659,056 | |||||
| Total Current Assets | 37,458,725 | 41,134,935 | |||||
| Property, Plant and Equipment | 30,556,681 | 34,121,678 | |||||
| Intangible Assets and Goodwill | 42,903,931 | 42,903,931 | |||||
| Right of Use Assets - Operating | 30,473,472 | 31,489,308 | |||||
| Long-term Deposits and Other Assets | 897,762 | 829,164 | |||||
| Deferred Tax Asset | 1,987,379 | 1,798,654 | |||||
| TOTAL ASSETS | $ | 144,277,950 | $ | 152,277,670 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| LIABILITIES | |||||||
| Current: | |||||||
| Accounts Payable | $ | 4,754,834 | $ | 7,212,187 | |||
| Accrued Expenses | 4,404,202 | 4,632,011 | |||||
| Income Taxes Payable | 383,594 | 159,080 | |||||
| Notes Payable - Current Portion | 9,750,000 | 9,750,000 | |||||
| Operating Lease Liabilities | 1,550,985 | 1,385,566 | |||||
| Total Current Liabilities | 20,843,615 | 23,138,844 | |||||
| Long-Term Liabilities: | |||||||
| Operating Lease Liabilities | 42,598,681 | 43,213,442 | |||||
| Other Long-term Liabilities | 1,276,763 | 1,250,433 | |||||
| Uncertain Tax Positions | 40,105,024 | 33,041,402 | |||||
| Deferred Tax Liability | 653,909 | 506,836 | |||||
| Total Liabilities | 105,477,992 | 101,150,957 | |||||
| SHAREHOLDERS' EQUITY | |||||||
| Common Stock, no par value, 1,500,000,000 shares authorized, 335,319,455 issued and outstanding at June 30, 2026 and 325,670,800 issued and outstanding at December 31, 2025 | - | - | |||||
| Preferred Stock, no par value, 50,000,000 shares authorized, 0 issued and outstanding at June 30, 2026 and 0 at December 31, 2025 | - | - | |||||
| Additional Paid-In Capital | 372,513,319 | 371,157,826 | |||||
| Deficit | (333,713,361 | ) | (320,031,113 | ) | |||
| Total Shareholders' Equity | 38,799,958 | 51,126,713 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 144,277,950 | $ | 152,277,670 | |||
| PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited, In United States Dollars) | |||||||
| Three Months Ended | |||||||
| June 30, | June 30, | ||||||
| 2026 | 2025 | ||||||
| Revenues, net of discounts | $ | 22,859,292 | $ | 26,854,361 | |||
| Cost of Goods Sold | (10,535,184 | ) | (15,195,868 | ) | |||
| Gross Profit | 12,324,108 | 11,658,493 | |||||
| Expenses: | |||||||
| General and Administrative | 11,331,216 | 13,641,035 | |||||
| Sales and Marketing | 1,325,367 | 1,625,971 | |||||
| Lease Expense | 1,108,257 | 1,382,068 | |||||
| Depreciation | 1,443,073 | 1,835,289 | |||||
| Total Expenses | 15,207,913 | 18,484,363 | |||||
| Loss From Operations | (2,883,805 | ) | (6,825,870 | ) | |||
| Other Income (Expense): | |||||||
| Interest income (expense), net | (95,557 | ) | (377,290 | ) | |||
| Foreign exchange (loss) | - | (224 | ) | ||||
| Other income, net | 261,170 | 325,704 | |||||
| Total Other Income (Expense) | 165,613 | (51,810 | ) | ||||
| Loss Before Provision for Income Taxes | (2,718,192 | ) | (6,877,680 | ) | |||
| Provision For Income Taxes | |||||||
| Current Tax Expense | (2,720,994 | ) | (6,510,445 | ) | |||
| Deferred Tax Recovery | (147,260 | ) | 86,883 | ||||
| (2,868,254 | ) | (6,423,562 | ) | ||||
| Net Loss and Comprehensive Loss | $ | (5,586,446 | ) | $ | (13,301,242 | ) | |
| Loss per Share | |||||||
| Basic and diluted loss per share | $ | (0.02 | ) | $ | (0.04 | ) | |
| Weighted Average Number of Shares of Common Stock | |||||||
| Basic and diluted | 330,658,007 | 325,362,689 | |||||
| PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Statements of Cash Flows (Unaudited, In United States Dollars) | |||||||
| Six Months Ended | |||||||
| June 30, | June 30, | ||||||
| 2026 | 2025 | ||||||
| CASH USED IN OPERATING ACTIVITIES | |||||||
| Net loss | $ | (13,682,248 | ) | $ | (15,348,409 | ) | |
| Adjustments for items not involving cash: | |||||||
| Shared based compensation | 1,355,493 | 557,627 | |||||
| Non-cash lease expense | 885,898 | 1,061,762 | |||||
| Depreciation | 4,413,530 | 6,283,526 | |||||
| Gain on disposal of fixed assets | (1,565,000 | ) | - | ||||
| Recovery of property in legal settlement | - | (4,588,153 | ) | ||||
| Amortization of note payable discount | 31,330 | 177,191 | |||||
| Lease incentive amortization | (39,345 | ) | 3,804 | ||||
| (8,600,342 | ) | (11,852,652 | ) | ||||
| Net Changes in Non-cash Working Capital Items | 9,309,809 | 6,206,445 | |||||
| Proceeds from lease incentives | 250,000 | - | |||||
| Repayment of lease liabilities | (530,059 | ) | (770,330 | ) | |||
| Total Operating | 429,408 | (6,416,537 | ) | ||||
| FINANCING ACTIVITIES | |||||||
| Repayment of Lafayette State Bank Note | - | (2,947,632 | ) | ||||
| Bank of Nevada Revolving Line of Credit | - | 9,750,000 | |||||
| Payment of Promissory Note to former VidaCann Shareholders | - | (5,000,000 | ) | ||||
| Total Financing | - | 1,802,368 | |||||
| INVESTING ACTIVITIES | |||||||
| Purchase of property and equipment | (1,088,200 | ) | (4,967,370 | ) | |||
| Proceeds from sales of fixed assets | 1,565,000 | - | |||||
| Total Investing | 476,800 | (4,967,370 | ) | ||||
| NET CHANGE IN CASH DURING THE PERIOD | 906,208 | (9,581,539 | ) | ||||
| CASH AND RESTRICTED CASH | |||||||
| Beginning of Period | 15,575,031 | 25,435,077 | |||||
| End of Period | $ | 16,481,239 | $ | 15,853,538 | |||
