Planet 13 Announces Q1 2021 Financial Results
- Q1 2021 Revenue of $23.8 million
- Planet 13 accounted for 8.6% of all Nevada cannabis dispensary revenue in Q1
- Q1 2021 EBITDA of $5.2 million
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, NV / ACCESSWIRE / May 27, 2021 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQB:PLNHF) (“Planet 13” or the “Company”), a leading vertically-integrated Nevada cannabis company, today announced its financial results for the three-month period ended March 31, 2021. Planet 13’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).
After a slower January and February, due to COVID-19 related restrictions in place in Nevada, we had an absolutely outstanding March, April, and now May. It is clear that Vegas is back, and with hotels and casinos across the strip reporting being fully booked for the foreseeable future we think it’s just getting started.
Larry Scheffler, Co-CEO of Planet 13
After a year of fighting against the largest possible macro storm, it feels great to have the wind at our backs and to see all the improvements we put in place start to pay off.
“Tourism is back, and the SuperStore is performing well. The Medizin store is proving that our blend of entertainment, customer service, and product selection work in smaller footprint retail stores. Our wholesale is growing at a solid pace. Across our Nevada operations, we are experiencing a successful return to growth,” commented Bob Groesbeck, Co-CEO of Planet 13.
In California, we are on track and on budget for our Orange County SuperStore – P13 OC. We’ve taken everything we’ve learned running the Las Vegas SuperStore and put it into this Store. We are set to open in July, and we look forward to bringing the Planet 13 experience to California and introducing it to millions of first time visitors.
Bob Groesbeck, Co-CEO of Planet 13
Financial Highlights – Q1 – 2021
Operating Results
All comparisons below are to the quarter ended March 31, 2020, unless otherwise noted
- Revenues were $23.8 million as compared to $16.8 million, an increase of 41.8%
- Gross profit before biological adjustments was $12.8 million or 53.8% as compared to $9.0 million or 53.9%
- Operating expenses, excluding non-cash compensation expense and depreciation and amortization, was $8.4 million as compared to $7.0 million, an increase of 21.0%
- Net income before taxes of $3.0 million as compared to a net income of $0.3 million
- Net income of $0.4 million as compared to a net loss of $1.4 million
- Adjusted EBITDA of $5.2 million as compared to Adjusted EBITDA of $2.4 million
Balance Sheet
All comparisons below are to December 31, 2020, unless otherwise noted
- Cash of $141.1 million as compared to $79.0 million
- Total assets of $218.4 million as compared to $150.0 million
- Total liabilities of $35.0 million as compared to $29.3 million
Q1 Highlights and Recent Developments
For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13’s Management’s Discussion and Analysis of the Financial Condition and Results of Operations for the Three Months Ended March 31, 2021 (the “MD&A”).
- On February 2, 2021, Planet 13 announced closing of CDN$69 million bought deal, upsized from CDN$50 million.
- On February 3, 2021, Planet 13 announced the start of construction on the Orange County SuperStore.
- On March 15, 2021 Planet 13 announced a partnership with Curaleaf Select to open shop-in-shop.
- On April 19, 2021 Planet 13 announced the grant of restricted stock units.
- On April 22, 2021 Planet 13 announced record sales on “420.”
- On May 10, 2021 Planet 13 announced the conversion of all Class A restricted shares to common shares.
Results of Operations (Summary)
The following tables set forth consolidated statements of financial information for the three-month periods ending March 31, 2021 and March 31, 2020. For further information regarding the Company’s financial results for these periods, please refer to the Company’s annual financial statements for the period ended March 31, 2021 together with the MD&A, available on Planet 13’s issuer profile on SEDAR at www.sedar.com and the Company’s website https://www.planet13holdings.com.
Adjusted EBITDA
Outstanding Shares
As of May 26, 2021, the Company had 196,386,104 common shares outstanding. There were 184,168 options issued and outstanding of which 176,669 have fully vested. There were 8,877,751 warrants outstanding and 4,994,567 RSU’s outstanding of which nil RSUs had fully vested as at the date of this MD&A.
Conference Call
Planet 13 will host a conference call on Thursday, May 27, 2021 at 5:00 p.m. ET to discuss its first quarter financial results and provide investors with key business highlights. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.
CONFERENCE CALL DETAILS
Date: May 27, 2021 | Time: 5:00 p.m. EST
Participant Dial-in: Toll Free 877-407-8035 or International 201-689-8035
Replay Dial-in: Toll Free 877-481-4010 or International 919-882-2331
(Available for 2 weeks)
Reference Number: 41412
Listen to webcast: https://bit.ly/3or4jFC
Financial Measures
There are measures included in this news release that do not have a standardized meaning under generally accepted accounting principles (GAAP) and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. The Company includes these measures because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA (earnings before interest, taxes, depreciation and amortization) is calculated as net earnings before finance costs (net of finance income), income tax expense, and depreciation and amortization of intangibles and is a non-GAAP financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.
For further inquiries, please contact:
LodeRock Advisors Inc., Planet 13 Investor Relations
mark.kuindersma@loderockadvisors.com
(416) 519-2156 ext. 2230
Bob Groesbeck and Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com
About Planet 13
Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas – the entertainment capital of the world. Planet 13’s mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13’s shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.
¹Market share data is based on January and February results https://tax.nv.gov/uploadedFiles/taxnvgov/Content/TaxLibrary/NV-Marijuana-Revenue-FY21(4).pdf
