Planet 13 Announces Q2 2021 Financial Results
- Q2 2021 Revenue of $32.8 million, up 205% compared to Q2, 2020
- Q2 2021 Adjusted EBITDA[1] of $7.2 million
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, NV / ACCESSWIRE / August 26, 2021 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) (“Planet 13” or the “Company”), a leading vertically-integrated cannabis company, today announced its financial results for the three-month and six-month period ended June 30, 2021. Planet 13’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).
“Q2 was a strong quarter for Planet 13. With tourism back, the Superstore’s in-store experience is once again proving that it is on the list of must visit destinations for any trip to Vegas,” said Larry Scheffler, Co-CEO of Planet 13.
Every week thousands of people share their experience at the store with their friends on social media and the compounding impact of that organic marketing is obvious as even after being open for three years we are seeing strong growth and increasing share of the Nevada market every month.
Larry Scheffler, Co-CEO of Planet 13
Along with our dispensary operations, our product brands are continuing to gain traction. According to Headset data, HaHa was the number two edibles and number three beverage brand in the state and TRENDI was the number three concentrate and number six vape brand.
“Along with stellar performance from our Nevada operations, 2021 has been about securing our next growth opportunities,” commented Bob Groesbeck, Co-CEO of Planet 13
I’m proud to say we opened our Orange County location on time and on budget. We are now focused on growing consumer awareness that will ultimately drive the sales we know are possible from that location.
Bob Groesbeck, Co-CEO of Planet 13
Subsequent to the quarter, we also won a dispensary license for the Chicago area giving us a clear path for our next SuperStore. Supported by a robust M&A pipeline and over $130 million in cash, Planet 13’s future is bright.
Financial Highlights – Q2 – 2021
Operating Results
All comparisons below are to the quarter ended June 30, 2020, unless otherwise noted
- Revenues were $32.8 million as compared to $10.8 million, an increase of 205.2%
- Gross profit before biological adjustments was $18.7 million or 56.9% as compared to $4.7 million or 43.8%
- Operating expenses, excluding non-cash compensation expense and depreciation and amortization, was $12.5 million as compared to $5.8 million, an increase of 114.8%
- Net loss before taxes of $0.9 million as compared to a net loss of $3.3 million
- Net loss of $4.4 million as compared to a net loss of $4.0 million
- Adjusted EBITDA of $7.2 million as compared to Adjusted EBITDA loss of $0.6 million
Balance Sheet
All comparisons below are to December 31, 2020, unless otherwise noted
- Cash of $136.3 million as compared to $79.0 million
- Total assets of $226.2 million as compared to $150.0 million
- Total liabilities of $37.6 million as compared to $29.3 million
Q2 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 and Six Months Ended June 30, 2021 (the “MD&A”).
- On May 10, 2021 Planet 13 announced the conversion of all Class A restricted shares to common shares.
- On June 2, 2021, Nevada announced the passage of Bill 341 allowing cannabis consumption lounges.
- On June 22, 2021, Planet 13 announced adding Select and STIIIZY store-in-stores at the Orange County SupterStore.
- On July 1, 2021, Planet 13 opened the Orange County SuperStore.
- On July 7, 2021, Planet 13 announced Moxie as the third store-in-store in Orange County SuperStore.
- On July 14, 2021, Planet 13 announced the results of its AGM.
- On August 5, 2021, Planet 13 announced that its 49% owned subsidiary Planet 13 Illinois won a Chicago dispensary license.
Results of Operations (Summary)
The following tables set forth consolidated statements of financial information for the three-and six-month periods ending June 30, 2021, and June 30, 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 June 30, 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.
Outstanding Shares
As of August 26, 2021, the Company had 196,463,520 common shares outstanding. There were 169,167 options issued and outstanding of which 169,167 have fully vested. There were 8,875,651 warrants outstanding and 4,943,789 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, August 26, 2021 at 5:00 p.m. ET to discuss its second 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: August 26, 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: 42398
Listen to webcast: https://bit.ly/3yyUidB
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. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is calculated as net earnings before finance costs (net of finance income), income tax expense, share-based compensation, one-time costs 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.
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 and dispensary operations in Orange County. 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.
