Planet 13 (PLTH) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $21.1 million, down from $25.2 million in Q4 and 24.8% year-over-year, mainly due to the California exit and price compression in Nevada and Florida.

• Q1 2026 was a transition quarter, reflecting costs from strategic repositioning, including exiting California, consolidating Nevada operations, and cost reductions, with early benefits seen in April results.

• Net loss increased to $8.1 million from $2.0 million year-over-year.

• Adjusted EBITDA loss was $2.3 million in Q1, a slight improvement from a $2.5 million loss in Q1 2025.

• Federal medical rescheduling and upcoming regulatory changes are expected to benefit operations, especially in Florida.

Financial highlights

• Gross profit was $9.4 million, with a gross margin of 44.6%, flat sequentially but up from 42.8% in Q1 2025.

• Total expenses decreased 19.0% to $15.1 million, reflecting cost-cutting initiatives.

• Cash and restricted cash ended at $16.3 million, up from $15.6 million at year-end 2025.

• Total assets were $146.9 million, down from $152.3 million at December 31, 2025.

• Total liabilities rose to $103.2 million from $101.2 million at year-end.

Outlook and guidance

• Q2 is expected to be the first quarter reflecting the repositioned portfolio without transition drag or costs.

• Management expects a stronger operating base due to structural changes and favorable regulatory shifts.

• Gross margin is expected to improve further as the Florida BHO lab comes online and the impact of the California exit fades.

• The company is holding at 38 stores in Florida, prioritizing cash conservation until market conditions improve.

• Regulatory changes in Clark County and at the federal level are expected to benefit operations in the second half of 2026 and beyond.