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

Nicolás RodríguezBy , Managing Editor
Burn After Reading The 30-second intel for operators and investors

Planet 13 reports Q1 2026 revenue of $21.1 million, down 24.8% year-over-year, as it restructures after exiting California. The net loss is $8.1 million, though gross margin improves to 44.6% from 42.8%.

  • Operators: Planet 13 shows a smaller, higher-margin footprint can lift gross margin even as revenue falls. Operating expenses drop 22.6% to $13 million after cost cuts, tied to Nevada consolidation and the California exit.
  • Investors: Planet 13 ends the quarter with $16.3 million in cash and restricted cash against $103.2 million in total liabilities, with an Adjusted EBITDA loss of $2.3 million. Management points to federal medical rescheduling as a possible catalyst.
  • Do now: Compare your own gross margin and operating expense trends against Planet 13's 44.6% margin and 22.6% expense cut to check whether low-margin operations are dragging results.
Short on time? You’re done. Want the numbers?Keep reading ↓

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.

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Nicolás Rodríguez
May 14, 2026
Managing Editor at IgniteIt, covering the business, finance and policy of cannabis. 1,500+ articles for High Times, Benzinga and El Planteo.
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