Q2 2021 Revenue of $32.8 million, up 205% compared to Q2, 2020
- Q2 2021 Adjusted EBITDA of $7.2 million
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, NV / ACCESSWIRE / August 26, 2021 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) (“ Planet 13 ” or the “ Company “), a leading vertically-integrated cannabis company, today announced its financial results for the three-month and six-month period ended June 30, 2021. Planet 13’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).
“Q2 was a strong quarter for Planet 13. With tourism back, the Superstore’s in-store experience is once again proving that it is on the list of must visit destinations for any trip to Vegas. Every week thousands of people share their experience at the store with their friends on social media and the compounding impact of that organic marketing is obvious as even after being open for three years we are seeing strong growth and increasing share of the Nevada market every month,” said Larry Scheffler, Co-CEO of Planet 13. “Along with our dispensary operations, our product brands are continuing to gain traction. According to Headset data, HaHa was the number two edibles and number three beverage brand in the state and TRENDI was the number three concentrate and number six vape brand.”
“Along with stellar performance from our Nevada operations, 2021 has been about securing our next growth opportunities. I’m proud to say we opened our Orange County location on time and on budget. We are now focused on growing consumer awareness that will ultimately drive the sales we know are possible from that location,” commented Bob Groesbeck, Co-CEO of Planet 13. “Subsequent to the quarter, we also won a dispensary license for the Chicago area giving us a clear path for our next SuperStore. Supported by a robust M&A pipeline and over $130 million in cash, Planet 13’s future is bright.”
Related:Planet 13 Q1 Revenues Up 286%
Financial Highlights – Q2 – 2021
All comparisons below are to the quarter ended June 30, 2020, unless otherwise noted
- Revenues were $32.8 million as compared to $10.8 million, an increase of 205.2%
- Gross profit before biological adjustments was $18.7 million or 56.9% as compared to $4.7 million or 43.8%
- Operating expenses, excluding non-cash compensation expense and depreciation and amortization, was $12.5 million as compared to $5.8 million, an increase of 114.8%
- Net loss before taxes of $0.9 million as compared to a net loss of $3.3 million
- Net loss of $4.4 million as compared to a net loss of $4.0 million
- Adjusted EBITDA of $7.2 million as compared to Adjusted EBITDA loss of $0.6 million
All comparisons below are to December 31, 2020, unless otherwise noted
- Cash of $136.3 million as compared to $79.0 million
- Total assets of $226.2 million as compared to $150.0 million
- Total liabilities of $37.6 million as compared to $29.3 million
Q2 Highlights and Recent Developments
For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13’s Management’s Discussion and Analysis of the Financial Condition and Results of Operations for the Three and Six Months Ended June 30, 2021 (the “ MD&A “).
- On May 10, 2021 Planet 13 announced the conversion of all Class A restricted shares to common shares.
- On June 2, 2021, Nevada announced the passage of Bill 341 allowing cannabis consumption lounges.
- On June 22, 2021, Planet 13 announced adding Select and STIIIZY store-in-stores at the Orange County SupterStore.
- On July 1, 2021, Planet 13 opened the Orange County SuperStore.
- On July 7, 2021, Planet 13 announced Moxie as the third store-in-store in Orange County SuperStore.
- On July 14, 2021, Planet 13 announced the results of its AGM.
- On August 5, 2021, Planet 13 announced that its 49% owned subsidiary Planet 13 Illinois won a Chicago dispensary license.
Planet 13 Announces Strong Q2 2021 Financial Results
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