Planet 13 (PLTH) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was $25.2 million, up 8% sequentially from $23.3 million in Q3 but down 16.7% year-over-year, with net loss narrowing to $4.6 million from $26.4 million in Q4 2024, reflecting operational stabilization and a cleaner portfolio.

• Full year 2025 revenue was $103.4 million, down 11.2% year-over-year, with a net loss of $63.9 million, including $29.8 million in non-cash impairment charges.

• The exit from California and cost reductions in Nevada have positioned the company for improved profitability and cash flow in 2026.

• Florida operations delivered strong growth, with ongoing investments in product quality and new store openings.

• Gross margin for Q4 improved to 44.6% from 43.2% year-over-year, but full-year gross margin declined to 38.6% due to weaker flower quality and price compression in Florida.

Financial highlights

• Q4 total revenue was $25.2 million, up 8% sequentially from $23.3 million in Q3.

• Gross profit reached $11.2 million, with a gross margin of 44.6%, rebounding from 21.3% in Q3 due to the absence of a prior inventory reserve.

• Adjusted EBITDA loss narrowed to $0.3 million from a $4.1 million loss in Q3, a $3.8 million improvement.

• Ended Q4 with $15.6 million in cash and restricted cash, down from $25.4 million at end of 2024.

• Q4 2025 operating expenses were $13.1 million (down from $14.5 million); full-year operating expenses were $59.9 million (down from $61.3 million).

Outlook and guidance

• Expectation of positive adjusted EBITDA for the full year 2026, with margins projected north of 50% starting in Q1.

• Q2 will be the first quarter fully reflecting the repositioned portfolio, with no California drag and improved Florida productivity.

• Management aims to reach cash flow positive in 2026 and demonstrate the earnings power of the current portfolio.

• Anticipate meaningful cash position improvement throughout 2026, with no significant CapEx planned.

• The company expects a more favorable operational and regulatory environment, with the California exit and new BHO lab in Florida supporting future growth.