Filing Flows › Planet 13 Holdings (PLNH) › Q4 2025
Planet 13 Holdings (PLNH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 25, 2026
Planet 13 Holdings (PLNH) reported revenue of $25.2M for the fourth quarter 2025 (Q4 2025), -17% from a year earlier and +8% from the quarter before. Operating margin was -1.8%, net loss $4.6M (18.3% of revenue).
Planet 13 Holdings, Q4 2025: revenue $25.2M (-17% year over year), operating margin -1.8%, net loss $4.6M, operating cash flow −$3.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $25.2M | +8% | -17% |
| Operating profit | −$451K | — | — |
| Net earnings | −$4.6M | — | — |
| Operating cash flow | −$3.6M | — | — |
What changed
Revenue was $25.2M in Q4 2025, down 17% year over year and up 8% from the previous quarter. Retail was the largest line at 92% of revenue.
Gross margin was 44.6%, up 1.4 points from Q4 2024. Operating costs exceeded revenue by $451K, an operating margin of -1.8%. Operating expenses fell 69% while revenue fell 17%. The quarter ended with a net loss of $4.6M, narrower than the previous quarter's $44.0M loss.
Operating cash flow was −$3.6M. Non-cash charges added back $2.4M of depreciation and $1.2M of share-based compensation. Working capital and other items used $2.5M. Capital expenditures of $756K exceeded it, leaving free cash flow of −$4.4M.
Questions
What was Planet 13 Holdings' revenue in the fourth quarter 2025?
Planet 13 Holdings (PLNH) reported revenue of $25.2M for the fourth quarter 2025 (Q4 2025), -17% from a year earlier and +8% from the quarter before.
Was Planet 13 Holdings profitable in the fourth quarter 2025?
Operating loss was $451K (-1.8% of revenue) and net loss $4.6M.
Source: Planet 13 Holdings 10-K on SEC EDGAR.