Revenue continues to decline sharply (-24.8% YoY) with no guidance provided, signaling ongoing operational distress. The company is burning cash and liabilities are rising. Monitor the Q2 2026 earnings call for signs of stabilization from the 'repositioned' company management describes, and watch for any debt covenant or going-concern language in the 10-Q.
Price Chart
Executive Summary
Planet 13 reported Q1 2026 revenue of $21.1M, down 24.8% YoY from $28.0M, and a net loss of $8.1M vs a $2.0M loss in Q1 2025. The revenue decline was driven by the California exit and continued price compression in Nevada and Florida. Adjusted EBITDA loss improved slightly to -$2.3M from -$2.5M, but the company remains cash-flow negative from operations.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $21.1M, down 24.8% YoY from $28.0M
- Net loss widened to $8.1M from $2.0M in Q1 2025
- Adjusted EBITDA loss of $2.3M vs $2.5M in Q1 2025
- Gross margin improved to 44.6% from 42.8% due to California exit and cost actions
- Cash and restricted cash of $16.3M vs $15.6M at year-end 2025
- Total liabilities increased to $103.2M from $101.2M at year-end 2025
- Operating cash flow was -$0.2M in Q1 2026 vs -$5.2M in Q1 2025
- No guidance provided in the release
Financial Impact
Revenue declined $6.9M YoY (-24.8%); net loss increased by $6.1M
Risk Factors
- Continued revenue decline from price compression in core Nevada and Florida markets
- Net loss widening and negative operating cash flow
- Total liabilities of $103.2M exceed shareholders' equity of $43.7M
- No forward guidance provided, increasing uncertainty
- Cannabis remains illegal under U.S. federal law despite rescheduling developments
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-016788 |
| Document: plnh20260406_8k.htm | 0001437749-26-016788 |
| Document: 0001437749-26-016788-index-headers.html | 0001437749-26-016788 |
| Document: 0001437749-26-016788-index.html | 0001437749-26-016788 |
| Document: 0001437749-26-016788.txt | 0001437749-26-016788 |
| 8-K Data (Synthetic) | 0001437749-26-016788 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 5w ago | 425 | $0.1300 $0.1300 | · 0.00% | ▲ +0.12% | $0.1139 (−12.38%) |
Aug 25, 2026 5w ago | 425 | $0.1330 $0.1320 | ▼ −0.75% | ▼ −0.21% | $0.1139 (−14.36%) |
Aug 11, 2026 7w ago | 425 | $0.1220 $0.1470 | ▲ +20.49% | ▲ +20.90% | $0.1139 (−6.64%) |
Aug 11, 2026 7w ago | 425 | $0.1220 $0.1470 | ▲ +20.49% | ▲ +20.90% | $0.1139 (−6.64%) |
Jul 27, 2026 9w ago | 425 | $0.1200 $0.1155 | ▼ −3.75% | ▼ −6.26% | $0.1139 (−5.08%) |
Jul 27, 2026 9w ago | 425 / 8-K | $0.1200 $0.1155 | ▼ −3.75% | ▼ −6.26% | $0.1139 (−5.08%) |
May 15, 2026 20w ago | 8-K | $0.1410 $0.1580 | ▲ +12.06% | ▲ +10.44% | $0.1139 (−19.22%) |
May 13, 2026 20w ago | 8-K | $0.1380 $0.1350 | ▲ +2.17% | ▲ +1.46% | $0.1139 (+17.46%) |
US Market Status
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