Planet 13 Q2 revenue falls on California retail exit, price pressure
PLNH•Analyst coverage
The one available analyst rating on the shares is "buy".
Outlook and expenses
Planet 13 did not provide specific financial guidance for the current or future periods.
Total expenses decreased due to company-wide cost-cutting initiatives.
Loss narrows as margins improve
Net loss narrowed to $5.6 million from $13.3 million a year earlier.
Adjusted EBITDA loss shrank to $0.5 million, reflecting cost cuts and higher gross margin. The company said the gross margin improvement was attributed to the California exit, cost and procurement initiatives, and an inventory reserve reduction from increased Florida sales.
Q2 revenue falls on California exit and price pressure
U.S. cannabis operator Planet 13 said its second-quarter revenue fell 15% year over year, driven by its exit from California retail and wholesale and continued price compression in Nevada and Florida.
The company reported Q2 revenue of $22.90 million.
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