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Planet 13 Holdings (TSE:PLTH)
:PLTH
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Planet 13 Holdings
(OTC:PLTH)
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Rating:49Neutral
Price Target:
C$0.50
▲(38.89% Upside)
Planet 13 Holdings faces significant financial challenges, with declining revenues and ongoing losses impacting its financial performance score. Technical analysis shows mixed momentum, while valuation is hampered by a negative P/E ratio and no dividend yield. The earnings call provided a balanced view of strengths and weaknesses, but overall, the stock's outlook remains cautious.
Planet 13 Holdings (PLTH) vs. iShares MSCI Canada ETF (EWC)
Market Cap
$95.98M
Dividend YieldN/A
Average Volume (3M)218.71K
Price to Earnings (P/E)―
Beta (1Y)2.30
Revenue Growth18.62%
EPS Growth52.09%
CountryCA
Employees1,000
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.06
Shares Outstanding325,363,800
10 Day Avg. Volume169,806
30 Day Avg. Volume218,714
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap1.49
Enterprise Value/Revenue1.22
Enterprise Value/Gross Profit2.68
Enterprise Value/Ebitda-15.19
Forecast
1Y Price Target
$0.35Price Target Upside-3.33% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
Planet 13 Holdings Business Overview & Revenue Model
Company DescriptionPlanet 13 Holdings Inc., an integrated cannabis company, engages in the cultivation, production, distribution, and marketing of cannabis and cannabis-infused products for medical and retail cannabis markets in Nevada, the United States. The company also operates licensed cannabis dispensaries; non-cannabis retail merchandise store and event space; and owns and operates Trece Eatery + Spirits, coffee shop and pizzeria. In addition, it provides consultation, education, and convenience services. The company owns and manufactures chocolates, gummies, sparkling beverages, vapes and concentrates, and flowers under the TRENDI, Leaf & Vine, Dreamland, and HaHa, and Medizin brands. Planet 13 Holdings Inc. is headquartered in Las Vegas, Nevada.
How the Company Makes MoneyPlanet 13 generates revenue primarily through the sale of cannabis products at its retail locations. The company operates a vertically integrated business model, which means it cultivates its own cannabis, manufactures products, and sells them directly to consumers. Key revenue streams include retail sales from its dispensary, wholesale sales to other dispensaries, and the sale of branded products. Additionally, Planet 13 benefits from significant partnerships, such as collaborations with local businesses for co-marketing initiatives and events, which help drive foot traffic and enhance brand visibility. The company also invests in marketing and experiential offerings to create a unique customer experience, further contributing to its earnings.
Planet 13 Holdings Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong performance in specific areas such as SuperStore revenue growth and brand stability, alongside improvements in operational efficiency and cost management. However, these positives were counterbalanced by declines in overall revenue, tourism, and wholesale revenue, as well as ongoing financial losses and strategic store closures. The company is implementing strategies to address these challenges, but the balance of highlights and lowlights suggests a mixed outlook.Q2-2025 Updates
Positive Updates
Increase in SuperStore Revenue
The SuperStore, including DAZED!, generated $12 million in revenue, up 7% from Q1 2025 despite a challenging market in Las Vegas.
Improvement in Florida Flower Quality
Florida flower quality saw significant gains with potency up 20% from last year and yields up 45%.
Strong Brand Performance
Medizin grew 21% year-over-year and HaHa maintained its spot as the third best-selling brand in Nevada.
Gross Margin Stability
Gross margin improved slightly to 43.4% from 42.8% in Q1 2025, due to directing a greater share of production to retail stores.
Reduction in G&A Expenses
General and administrative expenses declined to $13.6 million from $14.1 million in Q1 2025, reflecting cost reduction initiatives.
Improved Operating Cash Flow
Operating cash flow improved with a use of $1.2 million compared to Q1 2025, showing better cash management focus.
Negative Updates
Decline in Total Revenue
Total revenue for Q2 2025 was $26.9 million, down from $28 million in Q1 2025 amid a challenging macroeconomic environment.
Tourism and Sales Decline in Nevada
Las Vegas tourism and statewide cannabis sales were both down double digits year-over-year, significantly impacting revenue.
Wholesale Revenue Drop
Wholesale revenue decreased to $2.7 million from $3.4 million in Q1 2025 due to market factors and strategic internal decisions.
Adjusted EBITDA Loss
Adjusted EBITDA loss was $2.4 million, a slight improvement from a $2.5 million loss in Q1 2025, indicating ongoing financial challenges.
Store Closures in Florida
Two non-performing stores in Miami were closed, reflecting strategic adjustments to the store network.
Company Guidance
In the Q2 2025 financial results call for Planet 13, the company reported $26.9 million in revenue, a slight decrease from $28 million in Q1. Despite a 14% decline in statewide cannabis flower sales and an 18% drop in flower prices compared to the previous year, Planet 13's SuperStore, including DAZED!, generated $12 million in revenue, representing a 7% increase from Q1. The neighborhood store network reported $12.2 million in revenue, a 9% sequential decline. Wholesale revenue was $2.7 million, down from $3.4 million in Q1. The gross profit was $11.6 million with a gross margin of 43.4%, slightly up from 42.8% in Q1. Sales and marketing expenses increased to $1.6 million from $1.5 million in Q1, while G&A expenses decreased to $13.6 million from $14.1 million. The adjusted EBITDA loss improved slightly to $2.4 million from $2.5 million in Q1. The company held a cash balance of $15.9 million as of June 30, 2025, and used $1.2 million in operating cash flow, focusing on cost savings and efficiency.Planet 13 Holdings Financial Statement Overview
Summary
Planet 13 Holdings is facing significant financial challenges with persistent net losses, negative operating margins, and cash flow issues. Despite some revenue growth and improvements in cash management, the company struggles with profitability and efficiency.Income Statement
Planet 13 Holdings has faced challenges with declining revenue and profitability. The revenue growth rate from 2023 to 2024 was 18.2%, but the company continues to report significant net losses with a net profit margin of -41.1% in 2024. Gross profit margin decreased to 48.2%, indicating pressures on cost management. EBIT and EBITDA margins are negative, reflecting operational inefficiencies.45
Neutral
Balance Sheet
The balance sheet shows moderate stability with a debt-to-equity ratio of 0.51, which is within a manageable range. However, the equity ratio dropped to 54.5%, reflecting a decrease in equity relative to assets. Return on equity (ROE) is negative due to the net losses, highlighting challenges in generating returns for shareholders.50
Neutral
Cash Flow
Cash flow analysis reveals a negative free cash flow, although it improved from the previous year, indicating better cash management. The operating cash flow to net income ratio is -0.11, which is a concern, implying that the company is not efficiently converting income into cash flow. Despite improvements, free cash flow remains negative, indicating ongoing cash management challenges.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 117.33M | 116.41M | 98.51M | 104.57M | 119.49M | 70.49M |
| Gross Profit | 53.46M | 56.11M | 44.82M | 47.97M | 66.01M | 35.37M |
| EBITDA | -9.42M | -825.39K | -4.11M | -14.68M | -2.29M | 3.86M |
| Net Income | -49.20M | -47.80M | -73.61M | -48.98M | -19.46M | -7.94M |
Balance Sheet | ||||||
| Total Assets | 200.98M | 206.73M | 151.75M | 233.63M | 216.81M | 150.00M |
| Cash, Cash Equivalents and Short-Term Investments | 15.85M | 23.38M | 11.83M | 52.36M | 61.59M | 79.00M |
| Total Debt | 58.70M | 56.95M | 26.83M | 27.20M | 24.44M | 23.21M |
| Total Liabilities | 103.05M | 94.02M | 44.11M | 42.74M | 43.10M | 29.30M |
| Stockholders Equity | 97.92M | 112.71M | 107.64M | 190.89M | 173.71M | 120.70M |
Cash Flow | ||||||
| Free Cash Flow | -14.96M | -6.83M | -21.31M | -12.90M | -82.14M | -8.95M |
| Operating Cash Flow | -4.97M | 5.21M | -12.05M | 3.80M | -379.88K | -914.97K |
| Investing Cash Flow | -9.98M | -3.79M | -9.19M | -14.18M | -81.76M | -8.03M |
| Financing Cash Flow | 2.08M | 6.73M | -267.53K | 1.14M | 64.54M | 75.00M |
Planet 13 Holdings Technical Analysis
Negative
0.36
Price Trends
0.34
Negative
0.32
Negative
0.39
Negative
Market Momentum
-0.02
Positive
41.96
Neutral
19.81
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PLTH, the sentiment is Negative. The current price of 0.36 is above the 20-day moving average (MA) of 0.33, above the 50-day MA of 0.34, and below the 200-day MA of 0.39, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 41.96 is Neutral, neither overbought nor oversold. The STOCH value of 19.81 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:PLTH.
Planet 13 Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$74.97M | 5.00 | 13.88% | ― | -0.53% | ― | |
75 Outperform | C$165.49M | 10.56 | 15.74% | ― | 33.04% | 191.50% | |
66 Neutral | C$317.01M | 78.67 | 2.02% | ― | 38.86% | ― | |
60 Neutral | C$195.50M | 6.71 | -14.14% | ― | 27.24% | ― | |
49 Neutral | $95.98M | ― | -38.44% | ― | 18.62% | 52.09% | |
44 Neutral | C$167.19M | -2.05 | 74.01% | ― | 0.31% | -1.42% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
TSE:PLTH
Planet 13 Holdings
0.37
-0.43
-53.80%
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TSE:XLY
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TSE:LOVE
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.