A publicly traded entity facing significant profitability challenges with substantial retained earnings deficits and volatile revenue trends across its operational segments.
Investors might consider the stock for its strong cash position of $25.4M ending cash and positive operating cash flow which supports day-to-day liquidity needs. The company has managed to reduce its net loss year-over-year from -$73.6M to -$47.8M while expanding revenue, suggesting operational stabilization. Significant paid-in capital provides a buffer against the substantial retained earnings deficit.
The stock is risky due to a severe net loss of -$47.8M and a massive accumulated deficit in retained earnings that undermines equity value. Discontinued operations are dragging down reported profits with a -$12.3M loss, signaling potential structural issues or divestiture pains. Revenue decline from 2022 levels and high operating expenses relative to gross profit suggest unsustainable current margins.
Planet 13 Holdings Inc. generates revenue primarily through operations that have shown recent volatility, with total assets of $206.7M and a significant retained earnings deficit of -$256.1M. The company reports substantial non-cash adjustments of $74.6M against a net loss of -$47.8M in the latest fiscal year. While cash flow from operations was positive at $5.2M, the firm faced heavy capital expenditures of $12.0M and a sharp decline in discontinued operations profit.
Despite generating positive cash flow from operations of $5.2M, Planet 13 Holdings reported a net loss of -$47.8M driven largely by discontinued operations losses and heavy depreciation charges. Revenue increased to $116.4M in the latest year compared to $98.5M previously, yet this growth has not translated into profitability as losses narrowed slightly from -$73.6M to -$47.8M.
The company operates in a sector where revenue is sensitive to market conditions, evidenced by fluctuations between $98.5M and $116.4M over the last three years. High non-cash adjustments of $74.6M are typical for asset-heavy industries involving significant depreciation and amortization of $13.4M.
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $104.6M | $98.5M | $116.4M |
| Cost of Revenue | $56.6M | $53.7M | $60.3M |
| Gross Profit | $48.0M | $44.8M | $56.1M |
| Operating Expenses | $88.2M | $106.9M | $91.7M |
| Operating Income | $-40.2M | $-62.1M | $-35.6M |
| G&A | $49.4M | $42.4M | $51.2M |
| Marketing | $3.5M | $5.4M | $5.8M |
| Stock-Based Comp | $7.5M | $2.5M | $180.3K |
| D&A | $11.3M | $12.1M | $13.4M |
| Depreciation | $11.3M | $12.1M | $13.4M |
| Amortization | $372.2K | $0 | — |
| Other OpEx | $35.3M | $59.1M | $34.7M |
| Non-Operating Income | $0 | $0 | $0 |
| Pre-Tax Income | $-40.2M | $-62.1M | $-35.6M |
| Income Tax | $8.8M | $11.5M | $12.2M |
| Continuing Ops | $-48.8M | $-61.1M | $-35.5M |
| Discontinued Ops | $-222.8K | $-12.5M | $-12.3M |
| Net Income | $-49.0M | $-73.6M | $-47.8M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-49.0M | $-73.6M | $-47.8M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $70.5M | $47.3M | $54.3M |
| Cash & Equivalents | $52.4M | $11.8M | $23.4M |
| Accounts Receivable | $1.3M | $1.2M | $1.5M |
| Inventory | $13.0M | $15.8M | $22.8M |
| Prepaid Expenses | $3.8M | $4.1M | $4.6M |
| Other Current Assets | $0 | $14.5M | $2.1M |
| Long-Term Assets | $163.1M | $104.4M | $152.4M |
| PP&E (Net) | $71.5M | $67.6M | $63.5M |
| Operating Leases | $21.2M | $20.1M | $38.2M |
| Other LT Assets | $70.5M | $16.8M | $50.7M |
| Total Assets | $233.6M | $151.7M | $206.7M |
| Current Liabilities | $15.4M | $15.3M | $25.3M |
| Accounts Payable | $3.1M | $2.9M | $7.4M |
| Current Leases | $479.2K | $674.6K | $1.8M |
| Other Current Liab | $3.7M | $5.7M | $8.8M |
| Long-Term Liabilities | $27.4M | $28.8M | $68.7M |
| LT Operating Leases | $25.8M | $25.3M | $46.4M |
| Other LT Liab | $1.5M | $3.5M | $22.2M |
| Total Liabilities | $42.7M | $44.1M | $94.0M |
| Shareholders' Equity | $190.9M | $107.6M | $112.7M |
| Paid-In Capital | $312.0M | $316.0M | $368.8M |
| Retained Earnings | $-121.1M | $-208.3M | $-256.1M |
| Total L&E | $233.6M | $151.7M | $206.7M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-49.0M | $-73.6M | $-47.8M |
| Non-Cash Adjustments | $64.5M | $55.4M | $74.6M |
| Working Capital Changes | $-11.8M | $6.1M | $-21.6M |
| Cash from Operations | $3.8M | $-12.0M | $5.2M |
| Capital Expenditures | $16.7M | $8.4M | $12.0M |
| Cash from Investing | $-14.2M | $-9.2M | $-3.8M |
| Cash from Financing | $1.1M | $-267.5K | $6.7M |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $-9.2M | $-21.5M | $8.2M |
| Beginning Cash | $61.6M | $38.8M | $17.3M |
| Ending Cash | $52.4M | $17.3M | $25.4M |
The company's financial profile suggests diverse operational activities where general and administrative expenses ($51.2M) vastly outpace gross profit margins, alongside significant marketing spend ($5.8M) and other operating expenses ($34.7M). Revenue streams appear heavily influenced by discontinued operations which contributed a -$12.3M loss in the most recent period compared to continuing operations of -$35.5M.
The company carries a massive retained earnings deficit of -$256.1M which threatens long-term solvency and shareholder value. Profitability is severely eroded by discontinued operations losses totaling -$12.3M in the latest reporting period. High operating expenses relative to revenue, with general and administrative costs at $51.2M versus $116.4M revenue, indicate potential inefficiencies.
The company maintains a healthy current liquidity position with $23.4M in cash and equivalents against only $25.3M in current liabilities, providing operational runway. Significant paid-in capital of $368.8M indicates strong historical equity support or potential for future share-based incentives. Positive operating cash flow of $5.2M demonstrates the ability to generate liquidity despite accounting losses.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.