Filing Flows › Planet 13 Holdings (PLNH) › Q3 2025
Planet 13 Holdings (PLNH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Planet 13 Holdings (PLNH) reported revenue of $23.3M for the third quarter 2025 (Q3 2025), -28% from a year earlier and -13% from the quarter before. Operating margin was -185.4%, net loss $44.0M (188.9% of revenue).
Planet 13 Holdings, Q3 2025: revenue $23.3M (-28% year over year), operating margin -185.4%, net loss $44.0M, operating cash flow −$4.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.3M | -13% | -28% |
| Operating profit | −$43.1M | — | — |
| Net earnings | −$44.0M | — | — |
| Operating cash flow | −$4.2M | — | — |
What changed
Revenue was $23.3M in Q3 2025, down 28% year over year and down 13% from the previous quarter. Retail was the largest line at 90% of revenue. Retail lost $7.9M year over year (down 27%), 89% of the total change.
Gross margin was 21.3%, down 30.6 points from a year earlier. Operating costs exceeded revenue by $43.1M, an operating margin of -185.4%. Operating expenses grew 145% against a revenue fall of 28%. The fastest-growing cost line was Other operating costs (+968%). The quarter ended with a net loss of $44.0M, wider than the previous quarter's $13.3M loss.
Operating cash flow was −$4.2M. Non-cash charges added back $2.8M of depreciation and $617K of share-based compensation. Working capital and other items added $36.4M. Capital expenditures of $849K exceeded it, leaving free cash flow of −$5.0M.
Questions
What was Planet 13 Holdings' revenue in the third quarter 2025?
Planet 13 Holdings (PLNH) reported revenue of $23.3M for the third quarter 2025 (Q3 2025), -28% from a year earlier and -13% from the quarter before.
Was Planet 13 Holdings profitable in the third quarter 2025?
Operating loss was $43.1M (-185.4% of revenue) and net loss $44.0M.
Source: Planet 13 Holdings 10-Q on SEC EDGAR.