Planet 13 Holdings Inc. Reports Strong Q3 2024 Financial and Operational Performance
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Planet 13 Holdings Inc., a leading vertically integrated cannabis company, has released its Form 10-Q report for the third quarter of 2024. The report highlights significant financial and operational achievements, driven primarily by the acquisition of VidaCann and strategic expansions in key markets.
Financial Highlights
- Net Revenue: $32.16 million, increased by 29.7% compared to the same period last year, primarily due to the acquisition of VidaCann.
- Gross Profit: $16.70 million, representing a 50.8% increase from the previous year, with a gross profit margin of 51.9% compared to 44.7% last year.
- Loss From Operations: $(3.32) million, a significant improvement from a loss of $(43.99) million in the prior year period.
- Net Loss and Comprehensive Loss: $(7.41) million, improved from a net loss of $(46.25) million in the same quarter last year.
- Basic and Diluted Loss Per Share: $(0.02), compared to $(0.21) in the previous year, reflecting improved financial performance.
Business Highlights
- Revenue Segments: The company reported a significant increase in net revenue for the three and nine months ended September 30, 2024, primarily driven by the acquisition of VidaCann. The revenue breakdown by product category shows notable growth in flower, concentrates, and edibles, while wholesale revenue saw a decline.
- Geographical Performance: The acquisition of VidaCann has expanded the company's footprint in Florida, contributing to increased revenue. However, there was a reduction in customer numbers and average ticket size at the Planet 13 Las Vegas Superstore, attributed to economic factors such as inflation and interest rate changes.
- Sales Units: The company's premium cultivation facilities in Nevada and California operated near capacity, with increased yields contributing to higher production volumes. The VidaCann operations in Florida also operated at or near capacity, although seasonal variability affected product quality.
- New Production Launches: The company is advancing its retail store footprint in Florida with 27 stores currently open and five more under construction. Additionally, improvements are being made to the VidaCann Cultivation facility to enhance product quality.
- Future Outlook: The company anticipates upward trends in margins as tourist customers return to Las Vegas and through the introduction of its award-winning brands into the Florida market. The ongoing improvements in cultivation facilities are expected to stabilize product quality and increase premium flower availability.