Earnings Releases·Nov 12, 2026, 4:28 PM ET

Planet 13 — Q3 2026 Earnings Summary

Q3 2026 revenue declined 0.8% year-over-year to $23.1 million but rose 1.0% sequentially; gross profit margin expanded significantly to 56.2% ($13.0 million) from 21.3% in the prior-year quarter, driven by a $29.8 million impairment charge in Q3 2025 and a $1.1 million inventory reserve reduction.
Net loss narrowed to $6.4 million from $44.0 million in Q3 2025, while Adjusted EBITDA loss improved to $0.2 million from $4.1 million; total expenses fell 62.1% year-over-year, though excluding one-time merger fees and settlements, they decreased only 7.4%.
The Form S-4 registration for the proposed merger with Vireo Growth Inc. was declared effective by the SEC on November 2, 2026, with a special stockholder meeting scheduled for December 10, 2026, to vote on the transaction.
Florida revenue grew 45% year-over-year and 15.1% sequentially due to operational upgrades and product expansion, while Nevada results faced headwinds from reduced tourist traffic and pricing pressure; the company exited California retail and wholesale operations.
Management remains focused on executing the merger to achieve greater scale and balance sheet strength, noting that the combined entity will be better positioned to compete than the company operating independently.