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Planet 13 Holdings
(PLTH)
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Rating:43Neutral
Price Target:
C$0.15
▼(-14.44% Downside)
Action:Reiterated
Date:09/11/26
The score is primarily held down by weak financial performance: declining TTM revenue, persistent losses, negative operating/free cash flow, and higher leverage. Technical indicators add a mildly negative bias with price below key short-term levels and a lower 200-day trend. Valuation provides limited support because the negative P/E reflects ongoing unprofitability and there is no dividend yield data.
Positive Factors
Owned Retail Footprint
Owned, large-format dispensaries give Planet 13 direct access to consumers and control over the retail experience. This model can support merchandising, customer engagement, and brand development across operating markets, creating a durable platform for retail sales rather than relying solely on external distribution.
Negative Factors
Declining Revenue
Recent revenue contraction and multi-year volatility indicate that demand and operating scale have not developed consistently. A shrinking or uneven top line makes fixed retail and corporate costs harder to absorb, limits operating leverage, and complicates efforts to convert gross profit into sustainable earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Owned Retail Footprint
Owned, large-format dispensaries give Planet 13 direct access to consumers and control over the retail experience. This model can support merchandising, customer engagement, and brand development across operating markets, creating a durable platform for retail sales rather than relying solely on external distribution.
Read all positive factors
Planet 13 Holdings (PLTH) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$53.65M
Dividend YieldN/A
Average Volume (3M)65.07K
Price to Earnings (P/E)―
Beta (1Y)2.07
Revenue Growth-21.90%
EPS Growth-25.05%
CountryCA
Employees650
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.20
Shares Outstanding335,319,460
10 Day Avg. Volume116,255
30 Day Avg. Volume65,067
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)1.30
Price to Sales (P/S)0.63
P/FCF Ratio-3.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.06
Revenue Forecast (FY)C$125.62M
Planet 13 Holdings Business Overview & Revenue Model
Company Description
Planet 13 Holdings Inc. operates as a vertically integrated cannabis company, overseeing the cultivation, manufacturing, distribution, and marketing of cannabis and infused products. Its primary focus is serving both the medical and recreational m...
How the Company Makes Money
Planet 13 primarily makes money by selling cannabis products and related items directly to consumers through its owned and operated retail dispensaries. The core revenue stream is retail sales (e.g., flower, pre-rolls, vapes, concentrates, edibles...
Planet 13 Holdings Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call describes a transition quarter with identifiable and actionable positives that are expected to drive improvement. Key positives include meaningful federal regulatory change (medical rescheduling to Schedule III) that materially improves tax treatment for the company's largest market (Florida, ~40% of revenue), tangible cost reductions (G&A down nearly $3M YoY), gross margin momentum (adjusted improvement versus prior quarter), DAZED! strength (+~47% YoY), Nevada wholesale sequential recovery (+~41%), and an upcoming BHO concentrate contribution expected to lift margins. Offsetting these positives are Q1 transitional impacts (sequential revenue decline of ~16.3% driven by the California divestiture and one‑time loyalty benefit absence), an increased adjusted EBITDA loss (‑$2.3M), a sizeable uncertain tax position (~$37M) while guidance and retrospective tax relief remain unresolved, continued weak Las Vegas tourism (~7% below 2024) and short‑term margin dilution from CA inventory sales. Management frames Q2 as the first quarter expected to reflect the repositioned business without transition drag and points to regulatory and product drivers that should improve cash flow and profitability through 2026. On balance, the transformational regulatory change and operational cost progress weigh heavily in favor of improvement, while notable near‑term financial and macro headwinds create execution and timing risk.Positive Updates
Total Revenue and Sequential Context
Q1 2026 total revenue of $21.1M (down from $25.2M in Q4 2025, a sequential decline of ~$4.1M or ~16.3%) — management attributes most of the decline to two nonrecurring items (California divestiture removing ~$2.5M of quarterly revenue and the absence of a one‑time Florida loyalty accrual benefit recognized in Q4). Adjusted for those items, underlying revenue was approximately flat sequentially.
Negative Updates
Sequential Revenue Decline and Transition Costs
Total revenue declined ~16.3% sequentially to $21.1M in Q1, primarily due to a ~$2.5M revenue removal from the California divestiture and the nonrecurrence of a Florida loyalty accrual benefit recorded in Q4. Management characterizes Q1 as a transition quarter with drag from exits and consolidation.
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Q1-2026 Updates
Positive
Negative
Total Revenue and Sequential Context
Q1 2026 total revenue of $21.1M (down from $25.2M in Q4 2025, a sequential decline of ~$4.1M or ~16.3%) — management attributes most of the decline to two nonrecurring items (California divestiture removing ~$2.5M of quarterly revenue and the absence of a one‑time Florida loyalty accrual benefit recognized in Q4). Adjusted for those items, underlying revenue was approximately flat sequentially.
Read all positive updates
Company Guidance
Planet 13 guided that Q2 will be the first quarter to reflect the repositioned portfolio without transition drag and said April results tracked the Q2 plan; Q1 metrics: total revenue $21.1M (down ~$4.1M vs Q4’s $25.2M), SuperStore/DAZED $9.3M, neighborhood network $10.9M (Florida ~$8.0M; Florida ≈40% of Q1 revenue), combined retail $20.2M, wholesale $0.9M (down from $2.0M in Q4; Nevada wholesale +~41% sequentially), DAZED revenue +~47% YoY, gross profit $9.4M with gross margin 44.6% (flat Q/Q; +5.4% excl. Q4 loyalty benefit), sales & marketing $1.2M (flat Q/Q; -22% YoY), G&A $11.2M (down ~$0.8M Q/Q and ~ $3M YoY), adjusted EBITDA loss $2.3M (vs. loss $0.3M in Q4; improved vs. loss $2.4M in Q1 2025), cash & restricted cash $16.3M (up from $15.6M), CapEx $0.7M, divestiture proceeds ~$1.5M, operating cash flow essentially breakeven, and guidance that gross margin and cash generation should materially improve through 2026 as BHO revenue (starting in Q2) and federal/state regulatory actions (medical rescheduling effective late April, Clark County hemp rules mid‑July, federal hemp changes Nov 12) remove competitive imbalances; note Q1 tax provision $4.2M under pre‑rescheduling 280E and an uncertain tax position of ~ $37M under review.Planet 13 Holdings Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
34
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 91.90M | 105.19M | 116.41M | 98.51M | 104.57M | 119.49M |
| Gross Profit | 33.16M | 33.40M | 56.11M | 44.82M | 47.97M | 66.01M |
| EBITDA | -14.98M | -18.36M | -825.39K | -4.11M | -14.68M | -3.62M |
| Net Income | -62.05M | -65.04M | -47.80M | -73.61M | -59.55M | -22.46M |
Balance Sheet | ||||||
| Total Assets | 144.04M | 152.00M | 206.73M | 151.75M | 233.63M | 216.81M |
| Cash, Cash Equivalents and Short-Term Investments | 16.45M | 15.55M | 23.38M | 11.83M | 52.36M | 61.59M |
| Total Debt | 53.81M | 54.25M | 56.95M | 26.83M | 27.20M | 24.44M |
| Total Liabilities | 105.31M | 100.97M | 94.02M | 44.11M | 42.74M | 43.10M |
| Stockholders Equity | 38.74M | 51.03M | 112.71M | 107.64M | 190.89M | 173.71M |
Cash Flow | ||||||
| Free Cash Flow | -10.01M | -21.13M | -6.83M | -21.31M | -12.90M | -82.14M |
| Operating Cash Flow | -7.36M | -14.44M | 5.21M | -12.05M | 3.80M | -379.88K |
| Investing Cash Flow | 7.99M | 2.57M | -3.79M | -9.19M | -14.18M | -81.76M |
| Financing Cash Flow | -15.37K | 1.83M | 6.73M | -267.53K | 1.14M | 64.54M |
Planet 13 Holdings Technical Analysis
Negative
0.18
Price Trends
0.18
Negative
0.18
Negative
0.21
Negative
Market Momentum
>-0.01
Positive
39.23
Neutral
4.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PLTH, the sentiment is Negative. The current price of 0.18 is above the 20-day moving average (MA) of 0.18, below the 50-day MA of 0.18, and below the 200-day MA of 0.21, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 39.23 is Neutral, neither overbought nor oversold. The STOCH value of 4.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:PLTH.
Planet 13 Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | C$2.09B | 12.13 | 6.82% | ― | 3.81% | 344.13% | |
53 Neutral | C$3.52B | -67.42 | -4.47% | ― | 1.50% | 81.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | C$2.17B | -1.40 | -35.22% | ― | -2.30% | 26.63% | |
43 Neutral | C$53.65M | -0.59 | -131.41% | ― | -21.90% | -25.05% | |
43 Neutral | C$420.12M | -2.09 | -28.27% | ― | -5.83% | -115.39% |
* Healthcare Sector Average
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Planet 13 Holdings
0.16
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Planet 13 Holdings Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Planet 13 Narrows Q2 Loss as Margins Improve, Preps Merger and Florida Push
Neutral
Aug 13, 2026
Planet 13 reported second-quarter 2026 revenue of $22.9 million, down 14.9% year over year as it exited California retail and wholesale and faced continued price compression in Nevada and Florida. Despite lower sales, gross profit rose to $12.3 mi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.