Planet 13 Holdings Inc. reported its financial results for the first quarter of 2025, revealing a net revenue of $28.03 million, a 22.5% increase from $22.88 million in the same period last year. The growth is attributed primarily to the full quarter contribution from VidaCann, which was acquired in May 2024. The company's gross profit for the quarter was $12.01 million, reflecting a gross profit margin of 42.8%, down from 45.8% in the prior year, largely due to lower wholesale margins.
The company's operating expenses rose significantly, totaling $18.62 million, up 31.6% from $14.15 million in the previous year. This increase was driven by higher general and administrative costs, which surged by 39.8% to $14.02 million, influenced by the integration of VidaCann's operations. Despite the rise in expenses, Planet 13's net loss for the quarter narrowed to $2.05 million, or $0.01 per share, compared to a loss of $5.87 million, or $0.03 per share, in the first quarter of 2024.
Operationally, Planet 13 reported a decrease in customer counts at its flagship Las Vegas Superstore, which impacted revenue generation. The company also noted a decline in wholesale revenue from its cultivation operations in California and Nevada. However, the retail segment saw a boost, with flower sales increasing by 41.6% year-over-year, contributing to the overall revenue growth. As of March 31, 2025, the company employed approximately 900 full-time and 100 part-time employees, maintaining a workforce that supports its multi-state operations.
Looking ahead, Planet 13 is focused on expanding its footprint in Florida, where it operates 32 medical dispensaries and plans to open additional locations. The company is also optimistic about improving margins as tourism returns to Las Vegas and as it continues to enhance its product offerings. However, management acknowledged potential economic challenges, including inflation and reduced disposable income among consumers, which could affect future performance. The company remains committed to its growth strategy while navigating the complexities of the cannabis market.
About Planet 13 Holdings Inc.
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