Filing Flows › Planet 13 Holdings (PLNH) › Q2 2025
Planet 13 Holdings (PLNH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
Planet 13 Holdings (PLNH) reported revenue of $26.9M for the second quarter 2025 (Q2 2025), -14% from a year earlier and -4% from the quarter before. Operating margin was -25.6%, net loss $13.3M (49.5% of revenue).
Planet 13 Holdings, Q2 2025: revenue $26.9M (-14% year over year), operating margin -25.6%, net loss $13.3M, operating cash flow −$1.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $26.9M | -4% | -14% |
| Operating profit | −$6.9M | — | — |
| Net earnings | −$13.3M | — | — |
| Operating cash flow | −$1.2M | — | — |
What changed
Revenue was $26.9M in Q2 2025, down 14% year over year and down 4% from the previous quarter. Retail was the largest line at 90% of revenue. Retail lost $3.4M year over year (down 12%), 81% of the total change.
Gross margin was 43.4%, down 7.5 points from a year earlier. Operating costs exceeded revenue by $6.9M, an operating margin of -25.6%. Operating expenses fell 7% while revenue fell 14%. The fastest-growing cost line was General & admin (+11%). The quarter ended with a net loss of $13.3M, wider than the previous quarter's $2.0M loss.
Operating cash flow was −$1.2M. Non-cash charges added back $3.2M of depreciation and $497K of share-based compensation. Working capital and other items added $8.4M. Capital expenditures of $2.3M exceeded it, leaving free cash flow of −$3.5M.
Questions
What was Planet 13 Holdings' revenue in the second quarter 2025?
Planet 13 Holdings (PLNH) reported revenue of $26.9M for the second quarter 2025 (Q2 2025), -14% from a year earlier and -4% from the quarter before.
Was Planet 13 Holdings profitable in the second quarter 2025?
Operating loss was $6.9M (-25.6% of revenue) and net loss $13.3M.
Source: Planet 13 Holdings 10-Q on SEC EDGAR.