Planet 13 Holdings (TSE:PLTH)
:PLTH
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Planet 13 Holdings
(PLTH)
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Rating:47Neutral
Price Target:
C$0.18
▼(-17.27% Downside)
Action:ReiteratedDate:03/26/26
The score is held down primarily by weak financial performance (declining revenue, large losses, negative cash flow, and higher leverage) and a still-bearish technical trend (price below key moving averages with negative MACD). The latest earnings call provides a moderate offset with improving Q4 metrics and guidance targeting higher margins and positive adjusted EBITDA in 2026, while valuation support is limited due to negative earnings and no dividend.
Positive Factors
Improving gross margins
Management guidance and Q4 margin rebound indicate structurally improved product mix and cost control. If sustained, margins >50% would raise gross cash generation capacity, support EBITDA conversion and reduce dependence on external funding over the 2–6 month horizon.
Negative Factors
Sustained operating losses
Persistent losses and declining top line constrain reinvestment and equity value over time. Even with margin improvements, durable recovery requires consistent revenue growth and margin realization; continued negative profitability raises the need for external capital and elevates execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving gross margins
Management guidance and Q4 margin rebound indicate structurally improved product mix and cost control. If sustained, margins >50% would raise gross cash generation capacity, support EBITDA conversion and reduce dependence on external funding over the 2–6 month horizon.
Read all positive factors
Planet 13 Holdings (PLTH) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$70.56M
Dividend YieldN/A
Average Volume (3M)43.27K
Price to Earnings (P/E)―
Beta (1Y)2.25
Revenue Growth2.19%
EPS Growth-91.41%
CountryCA
Employees1,000
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.01
Shares Outstanding328,170,800
10 Day Avg. Volume27,448
30 Day Avg. Volume43,271
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)1.30
Price to Sales (P/S)0.63
P/FCF Ratio-3.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$0.25Price Target Upside12.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.06
Revenue Forecast (FY)C$131.52M
Planet 13 Holdings Business Overview & Revenue Model
Company Description
Planet 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 compan...
How the Company Makes Money
Planet 13 primarily makes money by selling cannabis and cannabis-derived products to consumers through its owned and operated dispensaries. Revenue is generated from in-store retail transactions (adult-use and/or medical, depending on the jurisdic...
Planet 13 Holdings Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call emphasized meaningful operational stabilization and margin recovery in Q4—total revenue grew ~8% sequentially, gross margin rebounded to 44.6%, adjusted EBITDA improved materially (from a $4.1M loss to a $0.3M loss), Nevada wholesale momentum rose 38% sequentially, and DAZED!/retail initiatives are driving customer engagement. Strategic actions (California exit, Nevada cultivation consolidation, completed BHO lab capex) plus regulatory catalysts (Clark County hemp restrictions and potential federal rescheduling) position the company for improving cash flow and profitability in 2026. Offsets include lingering tourism headwinds in Las Vegas, residual near-term losses (small Q1 2026 loss expected), CA exit reducing revenue run-rate ($2.5M–$3M/quarter), pending BHO approvals timing, and Florida ballot uncertainty. Overall, the positives—clear operational progress, margin improvement, portfolio cleanup and regulatory tailwinds—outweigh the remaining execution and macro/regulatory risks, supporting a constructive outlook for 2026.Positive Updates
Sequential Revenue Growth
Total revenue rose to $25.2M in Q4 from $23.3M in Q3, an approximately 8% sequential increase, with combined SuperStore + neighborhood retail at $23.2M versus $21.3M in Q3 (~9% sequential improvement).
Negative Updates
Tourism Headwinds Impacting SuperStore
Las Vegas visitor volume fell 6.3% year-over-year and average visitor spending downtown declined 15.6% YoY, pressuring SuperStore traffic and spend. Management noted the F1 event displaced ~4 days of normal retail traffic in Q4.
Read all updates
Q4-2025 Updates
Positive
Negative
Sequential Revenue Growth
Total revenue rose to $25.2M in Q4 from $23.3M in Q3, an approximately 8% sequential increase, with combined SuperStore + neighborhood retail at $23.2M versus $21.3M in Q3 (~9% sequential improvement).
Read all positive updates
Company Guidance
Management guided that 2026 will be a year of converting last year’s restructuring into positive cash flow and profitability: they expect gross margins north of 50% starting in Q1 2026 and a positive adjusted EBITDA for the full year (a small EBITDA loss is expected in Q1 as residual California results roll through, then each quarter thereafter looks positive); capex should be minimal after completing the BHO lab, the California exit removes roughly $2.5–3.0M of quarterly revenue (Q2 will be the first “clean” quarter reflecting the repositioned portfolio), and cash & restricted cash stood at $15.6M at year‑end with management expecting the cash position to improve meaningfully through 2026—backdrop metrics cited on the call include Q4 total revenue of $25.2M (+~8% sequential), combined retail $23.2M (vs. $21.3M Q3), SuperStore $9.2M, neighborhood stores $14.0M (Florida $10.3M), wholesale $2.0M (Nevada wholesale +38% sequential), Q4 gross profit $11.2M (44.6% margin vs. 21.3% in Q3), sales & marketing $1.1M, G&A ~$12M, and adjusted EBITDA narrowing to a $0.3M loss from a $4.1M loss in Q3; management is hopeful the BHO lab will be approved by end of Q1 and flagged regulatory tailwinds (Clark County hemp restrictions and potential federal rescheduling/280E relief) as additional upside (Clark County action effective in ~120 days, with estimated $1–2M/month market benefit).Planet 13 Holdings Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
34
Negative
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 105.19M | 116.41M | 98.51M | 104.57M | 119.49M |
| Gross Profit | 33.40M | 56.11M | 44.82M | 47.97M | 66.01M |
| EBITDA | -18.36M | -825.39K | -4.11M | -14.68M | -3.62M |
| Net Income | -65.04M | -47.80M | -73.61M | -48.98M | -19.46M |
Balance Sheet | |||||
| Total Assets | 152.00M | 206.73M | 151.75M | 233.63M | 216.81M |
| Cash, Cash Equivalents and Short-Term Investments | 15.55M | 23.38M | 11.83M | 52.36M | 61.59M |
| Total Debt | 54.25M | 56.95M | 26.83M | 27.20M | 24.44M |
| Total Liabilities | 100.97M | 94.02M | 44.11M | 42.74M | 43.10M |
| Stockholders Equity | 51.03M | 112.71M | 107.64M | 190.89M | 173.71M |
Cash Flow | |||||
| Free Cash Flow | -21.13M | -6.83M | -21.31M | -12.90M | -82.14M |
| Operating Cash Flow | -14.44M | 5.21M | -12.05M | 3.80M | -379.88K |
| Investing Cash Flow | 2.57M | -3.79M | -9.19M | -14.18M | -81.76M |
| Financing Cash Flow | 1.83M | 6.73M | -267.53K | 1.14M | 64.54M |
Planet 13 Holdings Technical Analysis
Neutral
0.22
Price Trends
0.22
Negative
0.25
Negative
0.28
Negative
Market Momentum
>-0.01
Negative
50.07
Neutral
70.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PLTH, the sentiment is Neutral. The current price of 0.22 is above the 20-day moving average (MA) of 0.21, below the 50-day MA of 0.22, and below the 200-day MA of 0.28, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 50.07 is Neutral, neither overbought nor oversold. The STOCH value of 70.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | C$2.13B | 16.23 | 6.29% | ― | 6.18% | -28.69% | |
56 Neutral | C$1.67B | -13.95 | -9.71% | ― | 4.27% | 3.41% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | C$2.50B | -8.05 | -28.58% | ― | -3.38% | -31.35% | |
48 Neutral | C$2.17B | -1.75 | -30.10% | ― | -4.58% | -141.91% | |
47 Neutral | C$70.56M | -1.02 | -80.81% | ― | 2.19% | -91.41% | |
45 Neutral | C$561.12M | -3.01 | -33.00% | ― | -6.48% | 22.63% |
* Healthcare Sector Average
TSE:PLTH
Planet 13 Holdings
0.22
-0.11
-33.85%
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Planet 13 Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Planet 13 Narrows Quarterly Loss as It Resets Portfolio and Targets Cash-Flow Breakthrough
Negative
Mar 26, 2026
Planet 13 reported fourth-quarter 2025 revenue of $25.2 million, down 16.7% year over year, with a net loss narrowing to $4.6 million as operating expenses declined and gross margin improved slightly. For the full year, revenue fell 11.2% to $103....
Business Operations and StrategyFinancial Disclosures
Planet 13 Sets Date to Unveil Q4 2025 Results and Update Investors
Neutral
Mar 19, 2026
Planet 13 Holdings Inc., a leading cannabis retailer and producer with major operations in Nevada, Illinois and Florida, continues to expand its high-profile retail footprint, including the flagship superstore and new consumption lounge in Las Veg...
Business Operations and StrategyM&A Transactions
Planet 13 Finalizes California Exit to Refocus on Core Growth Markets
Positive
Feb 20, 2026
Planet 13 Holdings has substantially completed its planned exit from California by divesting its Orange County retail and distribution licenses and selling the property tied to its Coalinga cultivation facility, while advancing the transfer of the...
Business Operations and StrategyExecutive/Board Changes
Planet 13 Grants 9.5 Million RSUs to Management and Staff Under Equity Plan
Positive
Jan 5, 2026
Planet 13 Holdings has granted 9.5 million restricted stock units to its officers, directors and employees under its 2023 Equity Compensation Plan, with the awards vesting in three equal tranches on grant, May 16, 2026 and May 16, 2027. The sizabl...
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.