Planet 13 Holdings (PLTH) AI Stock Analysis

• Market Cap: C$71.58M
• Dividend Yield: N/A
• Average Volume (3M): 157.63K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.46
• Revenue Growth: 2.19%
• EPS Growth: -91.41%
• Country: CA
• Employees: 1,000
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.20
• Shares Outstanding: 325,363,800
• 10 Day Avg. Volume: 147,309
• 30 Day Avg. Volume: 157,633
• PEG Ratio: 0.05
• Price to Book (P/B): 0.99
• Price to Sales (P/S): 0.96
• P/FCF Ratio: -16.34
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: C$0.22 ▼(-23.79% Downside)

The score is held down primarily by weak financial performance (declining revenue, ongoing losses, pressured cash flow, and rising leverage) and bearish technicals (below key moving averages with negative MACD). Valuation is difficult to support due to losses (negative P/E). The latest earnings call adds a modest offset from early operational improvements and cost actions, but profitability remains a key risk.

Positive Factors

Vertical integration & flagship retail

Owning cultivation, production and a high-traffic flagship retail outlet gives Planet 13 durable control over supply, product quality and customer experience. This vertical model supports margin capture, brand strength and resilience versus pure-play retailers as markets mature.

Fundamental gross margin resilience

A roughly mid-40s gross margin (excluding one-time inventory charges) indicates underlying product profitability and manufacturing efficiency. Sustained gross margins give management room to pursue cost rationalization and recover to positive operating earnings as volumes normalize.

Product capabilities expansion (Florida BHO lab)

Bringing an in-house BHO extraction lab online expands higher-margin concentrate and infused product capacity, deepening vertical integration. Over the medium term this boosts SKU breadth, improves margin mix and supports growth in Florida’s improving market dynamics.

Negative Factors

Revenue decline and persistent losses

Ongoing revenue contraction and negative operating profitability erode equity and reduce internal funding capacity. Structural revenue weakness in core markets raises the bar for achieving sustainable profits even after cost cuts, prolonging need for external financing or strategic shifts.

Rising leverage and weakened equity

Increased leverage and falling equity reduce financial flexibility and raise fixed financing costs. In a regulated, capital-constrained industry like cannabis, higher debt levels heighten refinancing and covenant risk, limiting ability to invest in growth or withstand episodic revenue shocks.

Cash flow stress and tight liquidity

Severely deteriorating free cash flow and a thin cash buffer relative to near-term debt create runway risk. Weak operating cash conversion forces reliance on external capital or asset sales, increasing dilution or operational compromises if revenue recovery is slower than management expects.

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 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 Money

Planet 13 generates revenue primarily through retail sales at its dispensaries, where it sells a wide range of cannabis products directly to consumers. The company benefits from high foot traffic in Las Vegas, attracting both local residents and tourists. In addition to retail sales, Planet 13 earns revenue from wholesale distribution of its products to other dispensaries, leveraging its cultivation and production capabilities. The company has established strategic partnerships that enhance its brand visibility and market reach, contributing to its overall earnings. Furthermore, the development of new products and services, along with potential expansion into other states, positions Planet 13 to tap into the growing cannabis market, driving revenue growth over time.

Planet 13 Holdings Financial Statement Overview

Summary

Overall weak fundamentals: declining TTM revenue growth (-7.58%), persistent losses with negative net profit/EBIT margins, rising leverage (debt-to-equity 0.60) and reduced equity. Cash flow is also pressured with sharply negative free cash flow growth (-73.3%).

Income Statement

Planet 13 Holdings has experienced declining revenue growth with a negative growth rate of -7.58% in the TTM period. The company is facing profitability challenges, as evidenced by negative net profit and EBIT margins. The gross profit margin remains relatively stable at 45.56%, but the overall profitability is under pressure due to high operating losses.

Balance Sheet

The company's debt-to-equity ratio has increased to 0.60 in the TTM period, indicating rising leverage. Return on equity is negative, reflecting ongoing losses. The equity ratio is not explicitly calculated, but the balance sheet shows a decrease in stockholders' equity, suggesting potential financial instability.

Cash Flow

Cash flow metrics indicate significant challenges, with a negative free cash flow growth rate of -73.3% in the TTM period. The operating cash flow to net income ratio is negative, highlighting cash flow difficulties. However, the free cash flow to net income ratio is positive, suggesting some ability to cover net losses with free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	108.44M	116.41M	98.51M	104.57M	119.49M	70.49M
Gross Profit	41.72M	56.11M	44.82M	47.97M	66.01M	35.37M
EBITDA	-52.72M	-825.39K	-4.11M	-14.68M	-3.62M	3.86M
Net Income	-84.92M	-47.80M	-73.61M	-48.98M	-19.46M	-7.94M
Balance Sheet
Total Assets	158.50M	206.73M	151.75M	233.63M	216.81M	150.00M
Cash, Cash Equivalents and Short-Term Investments	17.18M	23.38M	11.83M	52.36M	61.59M	79.00M
Total Debt	58.84M	56.95M	26.83M	27.20M	24.44M	23.21M
Total Liabilities	103.91M	94.02M	44.11M	42.74M	43.10M	29.30M
Stockholders Equity	54.58M	112.71M	107.64M	190.89M	173.71M	120.70M
Cash Flow
Free Cash Flow	-3.99M	-6.83M	-21.31M	-12.90M	-82.14M	-8.95M
Operating Cash Flow	-1.43M	5.21M	-12.05M	3.80M	-379.88K	-914.97K
Investing Cash Flow	-2.55M	-3.79M	-9.19M	-14.18M	-81.76M	-8.03M
Financing Cash Flow	-45.83K	6.73M	-267.53K	1.14M	64.54M	75.00M

Planet 13 Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.29
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 0.29 is above the 20-day moving average (MA) of 0.25, above the 50-day MA of 0.27, and below the 200-day MA of 0.31, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 38.11 is Neutral, neither overbought nor oversold. The STOCH value of 29.89 is Neutral, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GTII	75 Outperform	C$2.29B	38.20	2.42%	―	6.18%	-28.69%
TRUL	60 Neutral	C$2.01B	-10.72	-9.95%	―	4.27%	3.41%
CURA	58 Neutral	C$2.44B	-6.48	-27.61%	―	-3.38%	-31.35%
CL	52 Neutral	C$658.48M	―	-11.79%	―	-6.48%	22.63%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VRNO	49 Neutral	C$2.17B	-4.68	-33.01%	―	-4.58%	-141.91%
PLTH	42 Neutral	C$71.58M	-0.60	-83.55%	―	2.19%	-91.41%

Planet 13 Holdings Corporate Events

Planet 13 Grants 9.5 Million RSUs to Management and Staff Under Equity Plan

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 sizable RSU issuance underscores the company’s continued use of equity-based compensation to align management and staff with long-term shareholder interests as it pursues growth across its core U.S. cannabis markets and expands its retail and consumption lounge footprint.

The most recent analyst rating on (TSE:PLTH) stock is a Hold with a C$0.33 price target. To see the full list of analyst forecasts on Planet 13 Holdings stock, see the TSE:PLTH Stock Forecast page.

Planet 13 Holdings Reports Q3 2025 Financial Results Amid Strategic Restructuring

Planet 13 Holdings reported a challenging Q3 2025 with a revenue of $23.3 million and a net loss of $44.0 million, which included a significant non-cash impairment loss. The company has taken strategic steps to address operational challenges by exiting the California market to focus on Nevada and Florida, aiming for sustainable operations and improved margins. Despite the financial setbacks, Planet 13 is optimistic about future growth, with plans to enhance its operations and product offerings in its key markets.

The most recent analyst rating on (TSE:PLTH) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Planet 13 Holdings stock, see the TSE:PLTH Stock Forecast page.