Planet 13 Holdings Inc. PLTH PLNHF announced its financial results for the quarter ended March 31, 2023 late Monday.

“Planet 13 started the year with consistent results despite the macroeconomic conditions. During the first quarter, we saw stabilization in cannabis prices leading to improvement in our retail sales…sequential wholesale growth…and increased sales and productivity among our existing buyers.” specified Larry SchefflerCo-CEO of Planet 13.

Bob Groesbeckalso Co-CEO, commented, “In 2023, our corporate strategy has three key objectives: strengthening our core business, expanding reach, improving cash flow and preserving capital… Leveraging our strong core business and taking strategic steps to reduce costs.” across our organization and vigorously pursue value-added mergers and acquisitions to increase scale and operational leverage and improve our ability to generate free cash flow.”

Financial Highlights Q1 2023

• Revenue for Q1 2023: $24.9 million compared to $24.8 million for Q4 2022
• Q1 2023 net loss of $6.3 million
• Q1 2023: Adjusted EBITDA loss of $0.68 million
• Gross profit for Q1 2023: $10.9 million (43.7% of sales)
• Total spend in Q1 2023: $15.3 million (down 7.8% year-over-year)
• Cash of $42.7 million, total assets of $227.2 million compared to $233.6 million in the prior quarter.
• Total liabilities of $41.0 million compared to $42.7 million in the previous quarter.

price target

Planet 13 stocks acted 2.45% lower at $0.64 a share on Monday after close.

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