Filing Flows › Planet 13 Holdings (PLNH) › Q1 2025
Planet 13 Holdings (PLNH) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 14, 2025
Planet 13 Holdings (PLNH) reported revenue of $28.0M for the first quarter 2025 (Q1 2025), +23% from a year earlier and -7% from the quarter before. Operating margin was -6.5%, net loss $2.0M (7.3% of revenue).
Planet 13 Holdings, Q1 2025: revenue $28.0M (+22% year over year), operating margin -6.5%, net loss $2.0M, operating cash flow −$5.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $28.0M | -7% | +23% |
| Operating profit | −$1.8M | — | — |
| Net earnings | −$2.0M | — | — |
| Operating cash flow | −$5.2M | — | — |
What changed
Revenue was $28.0M in Q1 2025, up 23% year over year and down 7% from the previous quarter. Retail was the largest line at 88% of revenue. Retail added $5.6M year over year (up 29%), 108% of the total change. Wholesale declined 11%.
Gross margin was 42.8%, down 3.0 points from a year earlier. Operating costs exceeded revenue by $1.8M, an operating margin of -6.5%. Operating expenses fell 1% while revenue rose 23%. The quarter ended with a net loss of $2.0M, narrower than the previous quarter's $26.4M loss.
Operating cash flow was −$5.2M. Non-cash charges added back $3.1M of depreciation and $60K of share-based compensation. Working capital and other items used $6.3M. Capital expenditures of $2.7M exceeded it, leaving free cash flow of −$7.9M.
Questions
What was Planet 13 Holdings' revenue in the first quarter 2025?
Planet 13 Holdings (PLNH) reported revenue of $28.0M for the first quarter 2025 (Q1 2025), +23% from a year earlier and -7% from the quarter before.
Was Planet 13 Holdings profitable in the first quarter 2025?
Operating loss was $1.8M (-6.5% of revenue) and net loss $2.0M.
Source: Planet 13 Holdings 10-Q on SEC EDGAR.