Earnings release
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Planet 13 Announces Q3 2025 Financial Results ● Q3 2025 Revenue of $23.3 million ● Q3 2025 Net loss of $44.0 million, which includes a $29.8 million non-cash impairment loss ● Q3 2025 Adjusted EBITDA loss of $4.1 million All figures are reported in United States dollars ($) unless otherwise indicated Las Vegas, Nevada – November 12, 2025 – Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) (“Planet 13 ” or the “Company”), a leading vertically -integrated multi-state cannabis company, today announced its financial results for the three -month period ended September 30, 2025. Planet 13’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). “Q3 marked the low point for Planet 13. We took decisive action to address our cost structure and operational challenges, red ucing SG&A significantly and taking impairment and inventory reserve charges to clean up our balance sheet. Excluding these one -time items, our underlying gross margin would have been approximately 45% reflecting the strength of our cultivation platform and our ability to compete on price while maintaining healthy economics. October's sequential improvements in both Nevada and Florida validate that we've turned the corner,” said Larry Scheffler, Co-CEO of Planet 13. “We've made the difficult but necessary decisions to position Planet 13 for sustainable operations. Exiting California eliminates a persistent cash drain and allows us to focus our resources on Nevada and Florida, markets where we have clear competitive advantages and paths to strong returns. With our BHO lab coming online by year-end and early momentum building in Q4, we're executing against a clear roadmap: disciplined operations, improved margins, and durable cash flow generation,” said Bob Groesbeck, Co-CEO of Planet 13. Financial Highlights – Q3 – 2025 Operating Results All comparisons below are to the quarter ended September 30, 2024, unless otherwise noted ● Revenue was $23.3 million as compared to $32.2 million, a decrease of 27.6%. The decrease in sales was driven by price compression and a weaker consumer environment in Nevada and increased competition in Florida. ● Gross profit was $5.0 million or 21.3% as compared to $16.7 million or 51.9%. The lower gross margin was driven by significant one-time costs primarily related to Florida and California. Gross Margin excluding one -time costs would have been approximately 45%. ● Total expenses were $46.2 million as compared to $20.0 million, an increase of 130.8%. Total expenses include $29.8 million of impairment loss. Operating Expenses were $13.9 down 21.3% from $17.6 million in Q3 2024. ● Net loss of $44.0 million as compared to a net loss of $7.4 million. Net Loss included $29.8 million of non -cash impairment loss. ● Adjusted EBITDA loss of $4.1 million as compared to Adjusted EBITDA of $1.3 million. Adjusted EBITDA loss was driven by lower gross profit and operating leverage. 1
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Balance Sheet All comparisons below are to December 31, 2024, unless otherwise noted ● Cash of $17.2 million as compared to $23.4 million ● Total assets of $158.5 million as compared to $206.7 million ● Total liabilities of $103.9 million as compared to $94.0 million Q3 Highlights and Recent Developments For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13’s press releases. ● On July 11, 2025, Planet 13 announced the launch of a revamped loyalty program. ● On September 9, 2025, Planet 13 announced the launch HaHa branded fast-acting, soft chews in Florida ● On October 13, 2025, Planet 13 announced the opening of DeLand dispensary in Florida. ● On October 20, 2025, Planet 13 announced the opening of Pace dispensary in Florida. ● On November 3, 2025, Planet 13 announced the divestiture and closing of its California operations. Results of Operations (Summary) The following tables set forth consolidated statements of financial information for the three -month periods ending September 30, 2025, and September 30, 2024. Financial Highlights Results of Operations (Figures in millions For the Three Months Ended and % change based September 30, September 30, on these figures) 2025 2024 change Total Revenue $ 23.3 $ 32.2 -27.6 % Gross Profit $ 5.0 $ 16.7 -70.3 % Gross Profit % 21.3 % 51.9 % -59.0 % Operating Expenses $ 13.9 $ 17.6 -21.3 % Operating Expenses % 59.7 % 54.9 % 8.8 % Net Loss Before Provision for Income Taxes $ (43.1 ) $ (2.9 ) 1377.1 % Net Loss $ (44.0 ) $ (7.4 ) 493.1 % Adjusted EBITDA $ (4.1 ) $ 1.3 -403.0 % Adjusted EBITDA Margin % -17.5 % 4.2 % The Company’s Quarterly Report on Form 10 -Q for the quarter ended September 30, 2025 , is available on the SEC’s website at www.sec.gov or at https://planet13.com/investors/. The Company’s Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR+ at https://www.sedarplus.ca/ and on its website at https://planet13.com/investors/. This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements. 2
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Conference Call Planet 13 will host a conference call on November 12, 2025 at 5:00 p.m. ET to discuss its third quarter financial results and provide investors with key business highlights, strategy, and outlook. The call will be chaired by Robert Groesbeck, Co -CEO, Larry Scheffler, Co-CEO, and Steve McLean, Interim CFO. CONFERENCE CALL DETAILS Date: November 12, 2025 | Time: 5:00 p.m. EST Call registration link: https://registrations.events/direct/Q4I928030 PARTICIPANT DIAL-IN NUMBERS: USA / International Toll +1.646.307.1951 USA - Toll-Free +1.888.500.3691 Canada - Toronto +1.647.360.0158 Canada - Toll-Free +1.888.500.3691 Non-GAAP Financial Measures There are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non -GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortizat ion and Adjusted EBITDA is calculated as EBITDA before share -based compensation, the change in fair value of warrants and one -time non- recurring expenses. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented: Reconciliation of Non-GAAP Adjusted EBITDA (Figures in millions For the Three Months Ended and % change based September 30, September 30, on these figures) 2025 2024 change Net Income (Loss) $ (44.0 ) $ (7.4 ) 493.1 % Add impact of: Interest (income)/expense, net $ 0.1 $ (0.0 ) -403.8 % Provision for income taxes $ 0.8 $ 4.5 -81.8 % Depreciation and amortization $ 1.9 $ 2.4 -21.2 % Depreciation included in cost of goods sold $ 0.9 $ 1.2 -26.7 % EBITDA $ (40.3 ) $ 0.6 -6504.7 % Share-based compensation and related premiums $ 0.6 $ 0.0 2326.2 % Impairment losses $ 29.8 $ - 0.0 % Loss on Sale of Assets $ 2.2 $ - 0.0 % Gain on recovery of property in settlement $ - $ - 0.0 % Reserve for Slow Moving Inventory $ 3.5 $ - 0.0 % Professional fees expensed related to M&A activities $ 0.1 $ 0.1 -53.2 % Expenses related to El Capitan Matter $ 0.0 $ 0.6 -92.7 % Adjusted EBITDA $ (4.1 ) $ 1.3 -403.0 % For more information on Planet 13, visit the investor website (https://planet13.com/investors/). About Planet 13 Planet 13 (https://planet13.com) is a vertically integrated cannabis company, with award -winning cultivation, production and dispensary operations across its locations in California, Nevada, Illinois, and Florida. Home to the nation's largest dispens ary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption l ounge in Las Vegas, DAZED!, the opening of its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experie nces to the Chicago metro area. Planet 13 operates dispensaries across Florida, a key market in its expansive footprint. Planet 13's mission is t o build a recognizable global brand known for world -class dispensary operations and innovative cannabis products. Licensed cannabis activity
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is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13's shares trade on the Cana dian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. To learn more, visit planet13.com. 3
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Cautionary Note Regarding Forward-Looking Information This news release contains forward -looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward -looking statements and are often, but not always, identified by phrases such as “plans”, “expects”, “proposed”, “may”, “could”, “would”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases. In this news release, forward -looking statements relate to our strategic goals or future performance. Such forward -looking statements reflect what management of the Company believes, or believed at the time, to be reasonable assumptions and accordingly readers are cautioned not to place undue reliance upon such forward -looking statements and that actual results may vary from such forward -looking statements. These assumptions, risks and uncertainties which may cause actual results to differ include, among others: final regulatory and other approvals or consents needed to operate our business; fluctuations in general macroeconomic conditions; inflationary pressures; fluctuations in securities markets; expectations re garding the size of the cannabis market in the states in which we currently operate in or contemplate future operations and changing consumer habits in such states; the ability of the Company to successfully achieve its business objectives; plans for expansion; polit ical and social uncertainties including international conflict; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis a nd cannabis related products in the states in which we currently operate in or contemplate future operations; employee relations and other risks and uncertainties discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission at www.sec.gov and on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and in the Company’s periodic reports subsequently filed with the U.S. Securities and Exchange Commission and on SEDAR+. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. For further inquiries, please contact: Robert Groesbeck or Larry Scheffler Co-Chief Executive Officers ir@planet13lasvegas.com LodeRock Advisors Inc., Planet 13 Investor Relations mark.kuindersma@loderockadvisors.com 725-331-7650 ext. 105210 Planet 13 Media: Colin Trethewey / PRmediaNow Communications / Colin@PRmediaNow.com 4
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PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Balance Sheets (Unaudited, In United States Dollars) September 30, December 31, 2025 2024 ASSETS Current Assets: Cash $ 17,181,080 $ 23,384,493 Restricted Cash - 2,050,584 Accounts Receivable 1,717,741 1,473,156 Inventory 20,058,145 22,821,994 Assets held for sale 3,000,000 - Prepaid Expenses and Other Current Assets 3,106,268 4,568,816 Total Current Assets 45,063,234 54,299,043 Property, Plant and Equipment 35,658,925 63,511,423 Intangible Assets and Goodwill 42,903,931 48,763,931 Right of Use Assets - Operating 31,416,231 38,229,399 Long-term Deposits and Other Assets 1,068,388 1,033,758 Deferred Tax Asset 2,386,490 896,525 TOTAL ASSETS $ 158,497,199 $ 206,734,079 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Current: Accounts Payable $ 6,400,594 $ 7,421,921 Accrued Expenses 7,283,743 7,285,415 Income Taxes Payable 159,080 139,480 Notes Payable - Current Portion 10,634,000 8,681,684 Operating Lease Liabilities 2,021,180 1,818,588 Total Current Liabilities 26,498,597 25,347,088 Long-Term Liabilities: Operating Lease Liabilities 46,183,190 46,448,666 Other Long-term Liabilities 1,263,555 1,220,722 Uncertain Tax Positions 29,956,413 19,321,475 Deferred Tax Liability 11,504 1,682,207 Total Liabilities 103,913,259 94,020,158 SHAREHOLDERS' EQUITY Common Stock, no par value, 1,500,000,000 shares authorized, 325,363,800 issued and outstanding at September 30, 2025 and 325,163,800 issued and outstanding at December 31, 2024 - - Preferred Stock, no par value, 50,000,000 shares authorized, 0 issued and outstanding at September 30, 2025 and 0 at December 31, 2024 - - Additional Paid-In Capital 369,995,620 368,821,339 Deficit (315,411,680 ) (256,107,418 ) Total Shareholders' Equity 54,583,940 112,713,921 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 158,497,199 $ 206,734,079 5
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PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited, In United States Dollars) Three Months Ended September 30, September 30, 2025 2024 Revenues, net of discounts $ 23,270,211 $ 32,159,070 Cost of Goods Sold (18,311,350 ) (15,463,050 ) Gross Profit 4,958,861 16,696,020 Expenses: General and Administrative 11,987,649 14,772,846 Sales and Marketing 1,171,083 1,572,549 Lease Expense 1,345,835 1,320,018 Impairment Loss 29,844,227 - Depreciation 1,855,914 2,355,052 Total Expenses 46,204,708 20,020,465 Loss From Operations (41,245,847 ) (3,324,445 ) Other Income (Expense): Interest income (expense), net (91,934 ) 30,263 Foreign exchange (loss) - (3,066 ) Other income, net (1,799,946 ) 376,717 Total Other Income (Expense) (1,891,880 ) 403,914 Loss Before Provision for Income Taxes (43,137,727 ) (2,920,531 ) Provision For Income Taxes Current Tax Expense (3,054,176 ) (4,220,945 ) Deferred Tax Recovery 2,236,050 (269,714 ) (818,126 ) (4,490,659 ) Net Loss and Comprehensive Loss $ (43,955,853 ) $ (7,411,190 ) Loss per Share Basic and diluted loss per share $ (0.14 ) $ (0.02 ) Weighted Average Number of Shares of Common Stock Basic and diluted 325,363,800 325,163,800 6
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PLANET 13 HOLDINGS INC. Interim Condensed Consolidated Statements of Cash Flows (Unaudited, In United States Dollars) Nine Months Ended September 30, September 30, 2025 2024 CASH USED IN OPERATING ACTIVITIES Net loss $ (59,304,262 ) $ (21,358,105 ) Adjustments for items not involving cash: Shared based compensation 1,174,281 154,893 Non-cash lease expense 1,566,859 1,264,904 Depreciation 9,037,214 9,829,358 Loss on impairment of fixed assets 23,984,227 2,393,087 Loss on impairment of intangible assets 5,860,000 762,091 Loss on disposal of fixed assets 1,674,517 88,849 Gain on disposal of ROU asset (18,827 ) - Recovery of property in legal settlement (4,086,174 ) - Loss on reserve for slow moving inventory 3,591,644 - Amortization of note payable discount 191,701 - Lease incentive amortization (7,143 ) 81,832 (16,335,963 ) (6,783,091 ) Net Changes in Non-cash Working Capital Items 6,959,387 14,146,701 Repayment of lease liabilities (1,194,307 ) (720,831 ) Total Operating (10,570,883 ) 6,642,779 FINANCING ACTIVITIES Proceeds from public share issuance - 9,862,208 Net Cash From VidaCann Acquisition - 911,715 VidaCann Acquisition-Cash Component - (4,000,000 ) Repayment of Lafayette State Bank Note (2,947,632 ) - Bank of Nevada Revolving Line of Credit 9,750,000 - Payment of Promissory Note to former VidaCann Shareholders (5,000,000 ) - Total Financing 1,802,368 6,773,923 INVESTING ACTIVITIES Purchase of property and equipment (5,816,104 ) (9,481,532 ) Proceeds from sales of fixed assets 2,244,448 7,000 Proceeds from the sale of Florida license, net of transaction costs - 8,237,909 Proceeds from sale of assets held for sale 4,086,174 - Total Investing 514,518 (1,236,623 ) NET CHANGE IN CASH DURING THE PERIOD (8,253,997 ) 12,180,079 CASH Beginning of Period 25,435,077 17,281,592 End of Period $ 17,181,080 $ 29,461,671 7