Planet 13 Reports Q1 2026 Revenue Decline, Wider Net Loss Following California Exit

Planet 13 (OTCQX: PLNH) reported first-quarter 2026 revenue of $21.1 million, down 24.8% year-over-year, as the company continued its restructuring following its exit from the California retail and wholesale markets.

The company reported:

• Gross profit of $9.4 million
• Gross margin of 44.6%
• Net loss of $8.1 million
• Adjusted EBITDA loss of $2.3 million

Management said the quarter reflected transition costs tied to:

• the California exit
• Nevada consolidation efforts
• broader company-wide cost reductions

Despite lower revenue, gross margin improved from 42.8% last year as Planet 13 focused on higher-margin operations.

Operating expenses declined 22.6% year-over-year to $13 million following cost-cutting initiatives.

Planet 13 ended the quarter with:

• $16.3 million in cash and restricted cash
• total liabilities of $103.2 million

Management also highlighted federal medical cannabis rescheduling as a potentially meaningful catalyst for its Florida business and broader U.S. cannabis operations.