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Planet 13 Holdings has reported preliminary Q3 2020 revenue of $22.8 million, marking a 110% increase compared to Q2 2020 and a 36.5% rise from Q3 2019. This quarter achieved record revenue, with gross margins around 50%. Key contributors include $18.5 million from in-store sales and $3.4 million from delivery services. The average daily customer count at the SuperStore reached 1,625. With operational enhancements and growth in their wholesale segment, the company aims to increase revenue from in-house brands to 50%.
Planet 13 Holdings has completed its bought deal financing, raising C$23,019,550 through the sale of 6,221,500 units, priced at C$3.70 each. The financing attracted an additional 811,500 units due to the full exercise of the over-allotment option. Each unit comprises one common share and half a warrant, with a two-year exercise price of C$5.00. The net proceeds will support retail expansion outside Nevada and general corporate purposes. The Warrants will trade on the CSE under the symbol PLTH.WT.B.
Planet 13 Holdings announced Q2 2020 results, reporting revenues of $10.8 million, a 34.9% decline from the previous year. The company disclosed an adjusted EBITDA loss of $0.7 million compared to a profit of $2.7 million last year. However, July and August 2020 revenues reached $15.1 million, with sales growth attributed to increased customer conversion and successful delivery operations. Despite reporting a net loss of $4.0 million, Planet 13 emphasizes its strong cash position of $22.7 million and the expansion of its product offerings.
Planet 13 Holdings (CSE:PLTH, OTCQB:PLNHF) announced plans to release its second quarter financial results for the period ending June 30, 2020, on August 31, 2020, after the market closes. A conference call is scheduled for 5:00 p.m. EST, featuring Co-CEOs Bob Groesbeck and Larry Scheffler, along with CFO Dennis Logan, to discuss the results and business highlights. Investors can access the call via toll-free numbers or listen to the webcast.