Planet 13 (OTCQX: PLNH) Q1 2026 revenue falls 24.8% as net loss widens

Rhea-AI Filing Summary

Planet 13 Holdings Inc. reported weaker results for Q1 2026 as it continued a strategic transition. Total revenue fell to $21.1 million from $28.0 million, a 24.8% decline versus Q1 2025. Net loss expanded to $8.1 million compared with $2.0 million, while loss per share widened to $0.02 from $0.01.

Gross profit decreased to $9.4 million, but gross margin improved to 44.6% from 42.8% as operating expenses dropped to $13.0 million from $16.8 million. Adjusted EBITDA was a loss of $2.3 million, slightly better than the $2.5 million loss a year earlier. Cash and restricted cash totaled $16.3 million at March 31, 2026, with operating cash flow close to breakeven. Management framed Q1 as a transition quarter reflecting costs of its California exit and broader restructuring, and highlighted recent U.S. federal cannabis rescheduling developments as supportive for its Florida operations.

Positive

• None.

Negative

• Revenue and net loss deterioration: Q1 2026 revenue declined 24.8% year over year to $21.1 million while net loss widened to $8.1 million from $2.0 million, indicating materially weaker performance during the transition period.

Insights

Cannabis sector equity analyst

Revenue contracted and losses widened, but margins and cash flow showed some stabilization.

Planet 13 saw Q1 2026 revenue drop 24.8% year over year to $21.1 million, while net loss deepened to $8.1 million. Management attributes the weaker top line and higher loss to transition costs tied to exiting California and consolidating operations.

Despite the revenue decline, gross margin improved to 44.6% and operating expenses fell 22.6%, supporting a slightly better Adjusted EBITDA loss of $2.3 million. Operating cash use was minimal at about $0.2 million, and cash plus restricted cash stood at $16.3 million as of March 31, 2026.

Strategically, the company has refocused on Nevada, Illinois, and Florida, calling Q1 a transition quarter and pointing to favorable U.S. federal rescheduling developments that could benefit its Florida revenue base. Actual financial benefit will depend on execution and future regulatory implementation, which will be reflected in subsequent quarters.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Revenue: $21.1 million Net loss: $8.1 million Gross margin: 44.6% +5 more

8 metrics

Revenue $21.1 million Q1 2026, down 24.8% from $28.0 million in Q1 2025

Net loss $8.1 million Q1 2026, compared with $2.0 million in Q1 2025

Gross margin 44.6% Q1 2026, up from 42.8% in Q1 2025

Adjusted EBITDA $(2.3) million Q1 2026, versus $(2.5) million in Q1 2025

Cash and restricted cash $16.3 million As of March 31, 2026 (cash $6.0M, restricted cash $10.25M)

Operating cash flow $(0.17) million Cash used in operating activities for Q1 2026

Total assets $146.9 million As of March 31, 2026, versus $152.3 million at December 31, 2025

Total liabilities $103.2 million As of March 31, 2026

Key Terms

Adjusted EBITDA, EBITDA, Non-GAAP financial measures, Deferred Tax Asset, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

EBITDA financial

"EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

Non-GAAP financial measures financial

"There are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Deferred Tax Asset financial

"Deferred Tax Asset | | | 1,783,723 | | | | 1,798,654 |"

A deferred tax asset is an accounting recognition that a company expects to pay less tax in the future because of past losses or timing differences between accounting and tax rules; think of it as an IOU from the tax system that can reduce future tax bills. It matters to investors because it can boost future cash flow and reported profits if the company generates enough taxable income to use it, but its value depends on realistic prospects for future earnings.

Uncertain Tax Positions financial

"Uncertain Tax Positions | | | 37,053,990 | | | | 33,041,402 |"

Right of Use Assets - Operating financial

"Right of Use Assets - Operating | | | 30,967,920 | | | | 31,489,308 |"

Earnings Snapshot

Revenue: $21.1 million

Q1 2026

Revenue $21.1 million -24.8% YoY

Net loss $8.1 million +295.5% YoY

Adjusted EBITDA $(2.3) million -7.7% YoY (improvement in loss)

Gross margin 44.6% +4.2 percentage points YoY

Understanding 8-K Material Events →

false 0001813452 0001813452 2026-05-13 2026-05-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 13, 2026

PLANET 13 HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Nevada		000-56374		83-2787199
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

2548 West Desert Inn Road, Suite 100 Las Vegas, Nevada		89109
(Address of principal executive offices)		(Zip Code)

(702) 815-1313

(Registrant’s telephone number, including area code)      

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.424)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 13, 2026, Planet 13 Holdings Inc. (the “Company”) announced via press release its results for the first quarter ended March 31, 2026. A copy of the Company’s press release is hereby furnished and incorporated herein by reference as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

Exhibit No.		Description
99.1		Press Release dated May 13, 2026.
104		Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Planet 13 Holdings Inc.
Date: May 13, 2026	By:	/s/ Robert Groesbeck
	Name	Robert Groesbeck
	Its:	Co-Chief Executive Officer
Date: May 13, 2026	By:	/s/ Larry Scheffler
	Name:	Larry Scheffler
	Its:	Co-Chief Executive Officer

2

Exhibit 99.1

Planet 13 Announces Q1 2026 Financial Results

● Q1 2026 Revenue of $21.1 million

● Q1 2026 Net loss of $8.1 million

● Q1 2026 Adjusted EBITDA loss of $2.3 million

All figures are reported in United States dollars ($) unless otherwise indicated

Las Vegas, Nevada – May 13, 2026 – 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 March 31, 2026. Planet 13’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

“Q1 was a transition quarter that reflected the cost of the strategic work we executed over the past several quarters including the California exit, the Wagon Trail consolidation in Nevada, and the disciplined cost reduction across the organisation. With that work substantially behind us, Q2 is the first quarter the repositioned company will operate without those transition costs in our results,” said Larry Scheffler, Co-CEO of Planet 13.

“The federal medical rescheduling rule that took effect in April is the most consequential development our industry has seen in over five years, and it directly benefits Planet 13's largest revenue contributor in Florida. Combined with the adult-use rescheduling proceeding scheduled for hearings in June and July, and hemp regulations taking effect through the back half of 2026, the federal landscape this business operates in has materially shifted in our favor. The structural repositioning we have executed over the past eighteen months has positioned the company to participate in that improving environment from a much stronger operating base,” said Bob Groesbeck, Co-CEO of Planet 13. 

Financial Highlights – Q1 – 2026

Operating Results

All comparisons below are to the quarter ended March 31, 2025, unless otherwise noted

● Revenue was $21.1 million as compared to $28.0 million, a decrease of 24.8%. The decrease in sales was driven by the exit of California retail and wholesale and continued price compression in the core markets of Nevada and Florida. 

● Gross profit was $9.4 million or 44.6% as compared to $12.0 million or 42.8%. The higher gross margin was driven by exiting California and company-wide actions to improve margins. 

● Total expenses were $15.1 million as compared to $18.6 million, a decrease of 19.0%. Total expenses were down, driven by company-wide cost-cutting initiatives. 

● Net loss of $8.1 million as compared to a net loss of $2.0 million. 

● Adjusted EBITDA loss of $2.3 million as compared to Adjusted EBITDA loss of $2.5million. Adjusted EBITDA loss was driven by lower gross profit and operating leverage. 

1

Balance Sheet

All comparisons below are to December 31, 2025, unless otherwise noted

● Cash and Restricted Cash of $16.3 million as compared to $15.6 million

● Total assets of $146.9 million as compared to $152.3 million

● Total liabilities of $103.2 million as compared to $101.2 million

Q1 Highlights and Recent Developments

For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13’s press releases.

	●	On February 12, 2026, Planet 13 announced the completion of its exit from California.
	●	On May 5, 2026, Planet 13 announced the appointment of Nancy Saitta and Leilani Bradford to the Board of Directors.

Results of Operations (Summary)

The following tables set forth consolidated statements of financial information for the three-month periods ending March 31, 2026, and March 31, 2025.

Financial Highlights

Results of Operations

(Figures in millions		For the Three Months Ended
and % change based		March 31,				March 31,
on these figures)		2026				2025				change
Total Revenue		$	21.1			$	28.0				-24.8	%
Gross Profit		$	9.4			$	12.0				-21.6	%
Gross Profit %			44.6	%			42.8	%			4.2	%
Operating Expenses		$	13.0			$	16.8				-22.6	%
Operating Expenses %			61.7	%			60.0	%			2.8	%
Net Loss Before Provision for Income Taxes		$	(3.9	)		$	(1.8	)			115.7	%
Net Loss		$	(8.1	)		$	(2.0	)			295.5	%
Adjusted EBITDA		$	(2.3	)		$	(2.5	)			-7.7	%
Adjusted EBITDA Margin %			-11.1	%			-9.0	%

The Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 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.

2

Conference Call

Planet 13 will host a conference call on May 13, 2026 at 5:00 p.m. ET to discuss its first quarter financial results and provide investors with key business highlights, strategy, and outlook. The call will be chaired by Robert Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Steve McLean, Interim CFO.

CONFERENCE CALL DETAILS

Date: May 13, 2026 | Time: 5:00 p.m. EST

Call registration link: https://registrations.events/direct/Q4I9280335

PARTICIPANT DIAL-IN NUMBERS:
USA / International Toll +1.646.307.1951
USA - Toll-Free +1.888.500.3691
 

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		March 31,				March 31,
on these figures)		2026				2025				change
Net Income (Loss)		$	(8.1	)		$	(2.0	)			295.5	%
Add impact of:
Interest (income)/expense, net		$	0.1			$	0.2				-55.2	%
Provision for income taxes		$	4.2			$	0.2				1689.1	%
Depreciation and amortization		$	1.5			$	1.8				-16.1	%
Depreciation included in cost of goods sold		$	0.8			$	1.3				-43.3	%
EBITDA		$	(1.6	)		$	1.4				-211.4	%
Share-based compensation and related premiums		$	0.7			$	0.1				1050.8	%
(Gain)/Loss on Sale of Assets		$	(1.5	)		$	-				0.0	%
Gain on recovery of property in settlement		$	-			$	(4.6	)			-100.0	%
Professional fees expensed related to M&A activities		$	0.0			$	0.2				-79.8	%
Expenses related to El Capitan Matter		$	0.1			$	0.3				-82.5	%
Adjusted EBITDA		$	(2.3	)		$	(2.5	)			-7.7	%

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.

3

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

4

PLANET 13 HOLDINGS INC.

Interim Condensed Consolidated Balance Sheets

(Unaudited, In United States Dollars)

		March 31,				December 31,
		2026				2025
ASSETS
Current Assets:
Cash		$	6,007,037			$	5,325,031
Restricted Cash			10,250,000				10,250,000
Accounts Receivable			712,846				1,007,891
Inventory			17,187,957				18,138,394
Other Receivables			1,578,192				3,754,563
Prepaid Expenses and Other Current Assets			2,096,804				2,659,056
Total Current Assets			37,832,836				41,134,935
Property, Plant and Equipment			32,527,756				34,121,678
Intangible Assets and Goodwill			42,903,931				42,903,931
Right of Use Assets - Operating			30,967,920				31,489,308
Long-term Deposits and Other Assets			898,725				829,164
Deferred Tax Asset			1,783,723				1,798,654
TOTAL ASSETS		$	146,914,891			$	152,277,670
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Current:
Accounts Payable		$	6,692,826			$	7,212,187
Accrued Expenses			3,260,040				4,632,011
Income Taxes Payable			159,080				159,080
Notes Payable - Current Portion			9,750,000				9,750,000
Operating Lease Liabilities			1,456,078				1,385,566
Total Current Liabilities			21,318,024				23,138,844
Long-Term Liabilities:
Operating Lease Liabilities			42,888,732				43,213,442
Other Long-term Liabilities			1,265,654				1,250,433
Uncertain Tax Positions			37,053,990				33,041,402
Deferred Tax Liability			663,317				506,836
Total Liabilities			103,189,717				101,150,957
SHAREHOLDERS' EQUITY
Common Stock, no par value, 1,500,000,000 shares authorized, 328,270,798 issued and outstanding at March 31, 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 March 31, 2026 and 0 at December 31, 2025			-				-
Additional Paid-In Capital			371,852,089				371,157,826
Deficit			(328,126,915	)			(320,031,113	)
Total Shareholders' Equity			43,725,174				51,126,713
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	146,914,891			$	152,277,670

5

PLANET 13 HOLDINGS INC.

Interim Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited, In United States Dollars)

		Three Months Ended
		March 31,				March 31,
		2026				2025
Revenues, net of discounts		$	21,092,230			$	28,031,807
Cost of Goods Sold			(11,678,617	)			(16,024,302	)
Gross Profit			9,413,613				12,007,505
Expenses:
General and Administrative			11,207,427				14,016,688
Sales and Marketing			1,201,175				1,547,018
Lease Expense			1,212,146				1,304,893
Depreciation			1,469,219				1,751,430
Total Expenses			15,089,967				18,620,029
Loss From Operations			(5,676,354	)			(6,612,524	)
Other Income (Expense):
Interest income (expense), net			(79,068	)			(176,411	)
Foreign exchange (loss)			-				(2,889	)
Other income, net			1,843,619				4,978,523
Total Other Income (Expense)			1,764,551				4,799,223
Loss Before Provision for Income Taxes			(3,911,803	)			(1,813,301	)
Provision For Income Taxes
Current Tax Expense			(4,012,587	)			(1,071,602	)
Deferred Tax Recovery			(171,412	)			837,736
			(4,183,999	)			(233,866	)
Net Loss and Comprehensive Loss		$	(8,095,802	)		$	(2,047,167	)
Loss per Share
Basic and diluted loss per share		$	(0.02	)		$	(0.01	)
Weighted Average Number of Shares of Common Stock
Basic and diluted			327,921,909				325,261,578

6

PLANET 13 HOLDINGS INC.

Interim Condensed Consolidated Statements of Cash Flows

(Unaudited, In United States Dollars)

		Three Months Ended
		March 31,				March 31,
		2026				2025
CASH USED IN OPERATING ACTIVITIES
Net loss		$	(8,095,802	)		$	(2,047,167	)
Adjustments for items not involving cash:
Shared based compensation			694,263				60,331
Non-cash lease expense			437,101				506,530
Depreciation			2,223,690				3,081,283
Gain on disposal of fixed assets			(1,520,000	)			-
Recovery of property in legal settlement			-				(4,570,227	)
Amortization of note payable discount			15,221				126,725
Lease incentive amortization			(15,714	)			2,381
			(6,261,241	)			(2,840,144	)
Net Changes in Non-cash Working Capital Items			6,292,616				(1,986,054	)
Proceeds from lease incentives			50,000				-
Repayment of lease liabilities			(254,198	)			(362,842	)
Total Operating			(172,823	)			(5,189,040	)
FINANCING ACTIVITIES
Repayment of Lafayette State Bank Note			-				(2,947,632	)
Bank of Nevada Revolving Line of Credit			-				3,000,000
Total Financing			-				52,368
INVESTING ACTIVITIES
Purchase of property and equipment			(665,171	)			(2,691,268	)
Proceeds from sales of fixed assets			1,520,000				-
Total Investing			854,829				(2,691,268	)
NET CHANGE IN CASH DURING THE PERIOD			682,006				(7,827,940	)
CASH AND RESTRICTED CASH
Beginning of Period			15,575,031				25,435,077
End of Period		$	16,257,037			$	17,607,137

7

FAQ

How did Planet 13 (PLNH) perform financially in Q1 2026?

Planet 13 reported Q1 2026 revenue of $21.1 million, down from $28.0 million a year earlier, and a net loss of $8.1 million versus $2.0 million. The quarter reflected transition costs related to strategic restructuring.

What happened to Planet 13’s profitability in Q1 2026?

Profitability weakened, with net loss increasing to $8.1 million from $2.0 million in Q1 2025 and loss per share widening to $0.02. However, Adjusted EBITDA improved slightly to a loss of $2.3 million from $2.5 million.

How did Planet 13’s margins and operating expenses change in Q1 2026?

Gross margin improved to 44.6% from 42.8%, while operating expenses fell to $13.0 million from $16.8 million. This combination softened the impact of lower revenue and helped slightly improve Adjusted EBITDA, despite a larger net loss.

What is Planet 13’s cash position as of March 31, 2026?

As of March 31, 2026, Planet 13 reported cash of $6.0 million and restricted cash of $10.25 million, for total cash and restricted cash of $16.3 million. Operating activities used only about $0.2 million in cash during the quarter.

How did Planet 13 explain its Q1 2026 results?

Management described Q1 2026 as a transition quarter, citing costs from exiting California, consolidating Nevada operations, and cost-reduction efforts. They also highlighted recent U.S. federal cannabis rescheduling developments as potentially beneficial, especially for Planet 13’s Florida operations.

What non-GAAP measures does Planet 13 highlight for Q1 2026?

Planet 13 emphasized EBITDA and Adjusted EBITDA. EBITDA was a loss of $1.6 million in Q1 2026 versus a positive $1.4 million in 2025, while Adjusted EBITDA was a loss of $2.3 million compared with a $2.5 million loss a year earlier.

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