Planet 13 Holdings Inc. Announces Q4 and Full Year 2025 Results

Key Financial Highlights

• Q4 2025 Revenue: \$25.2 million
• Q4 2025 Net Loss: \$4.6 million, a significant improvement from Q4 2024’s net loss of \$26.4 million, which included an impairment charge of \$18.9 million
• Q4 2025 Adjusted EBITDA: Loss of \$0.3 million compared to \$0.0 million in Q4 2024
• Full Year 2025 Revenue: \$103.4 million
• Full Year Net Loss: \$63.9 million, compared to \$47.8 million in 2024 (includes \$29.8 million in non-cash impairment charges)
• Full Year Adjusted EBITDA: Loss of \$10.1 million, compared to loss of \$4.8 million in 2024
• Balance Sheet:
  • Cash: \$15.6 million (vs. \$23.4 million end-2024)
  • Total Assets: \$152.3 million (vs. \$206.7 million end-2024)
  • Total Liabilities: \$101.2 million (vs. \$94.0 million end-2024)

Management Commentary

“Our Q4 results show positive momentum and demonstrate the earnings power of our portfolio,” said Bob Groesbeck, Co-CEO of Planet 13.

Detailed Financial Analysis

Quarterly and Annual Comparison

The company’s quarterly net loss narrowed dramatically, largely due to the absence of impairment charges present in the prior year. However, on an annual basis, the net loss expanded, driven by substantial non-cash impairment charges. Adjusted EBITDA, a key metric for evaluating core business performance, reflected a modest quarterly loss and a deeper annual loss, indicating operational challenges and ongoing restructuring or investment.

Balance Sheet Concerns

• Cash Reserves: The decline to \$15.6 million may raise liquidity concerns for investors, especially given the ongoing losses and reduced asset base. This could be price sensitive if further cash burn is anticipated.
• Total Assets: The drop from \$206.7 million to \$152.3 million signals asset write-downs and possible business contraction.
• Total Liabilities: An increase to \$101.2 million suggests rising obligations, possibly from new financing, acquisitions, or operational liabilities.

Other Noteworthy Developments

• Impairment Charges: \$29.8 million in non-cash impairments for the full year is significant and may indicate asset value concerns or restructuring.
• Shareholder Equity: Additional paid-in capital stands at \$371.2 million; however, accumulated losses have eroded equity substantially.
• Share Count: 325,670,800 common shares issued and outstanding at December 31, 2025.
• Loss per Share: \$(0.20) for 2025.
• Acquisition Activity: Finders shares issued as part of the VidaCann acquisition and payment of promissory notes to former VidaCann shareholders may impact future results and strategic direction.
• No New Financing or Public Share Issuance: No proceeds raised from public share issuance in the period, and payment of \$5 million promissory note to former VidaCann shareholders.
• Conference Call: Management held an investor call on March 25, 2026 to discuss financial results and outlook, indicating transparency and engagement.

Non-GAAP Financial Measures

Planet 13 reports EBITDA and Adjusted EBITDA as supplemental metrics to GAAP results. These measures exclude non-recurring charges, share-based compensation, and changes in fair value of warrants. They provide a clearer view of core operational performance, but investors should note they are not substitutes for GAAP metrics.

Potential Price-Sensitive Issues for Shareholders

• Asset Impairments: Continued impairment charges may signal deteriorating asset values, which could negatively impact share price.
• Cash Position: Declining cash reserves raise liquidity concerns, especially given ongoing operational losses.
• Increasing Liabilities: Rising obligations may increase financial risk and affect the company’s ability to invest or pay dividends.
• Acquisition and Restructuring: The VidaCann acquisition and related share issuances/payment may affect future profitability and strategic positioning.
• No New Financing: The lack of new capital raises may constrain growth or operational flexibility.
• Loss per Share: The \$(0.20) loss per share for 2025 is material and could impact investor sentiment.
• Management Outlook: Management emphasizes earnings power and positive momentum, but the underlying financials suggest continued challenges.

Forward-Looking Statements

The company warns that its outlook and expectations are subject to risks and uncertainties, including those discussed in its Form 10-K/A and subsequent SEC filings. Actual results may differ materially from forward-looking statements.

Investor Contacts

For further inquiries, contact:
LodeRock Advisors Inc., Planet 13 Investor Relations: [email protected]
Co-Chief Executive Officers: [email protected]

Conclusion

The Q4 and full year 2025 results for Planet 13 Holdings Inc. reveal significant improvements in quarterly losses, but ongoing annual challenges, substantial impairment charges, and declining cash reserves. The company’s operational losses and rising liabilities warrant close investor scrutiny. The management’s outlook and ongoing acquisition activity may provide future opportunities, but risks remain. These results are material for shareholders and could impact share value.

Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. All forward-looking statements are subject to risks and uncertainties as detailed in Planet 13 Holdings Inc.’s official filings. Investors should consult the company’s full financial reports and their own advisors before making investment decisions.

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