Planet 13 Cannabis Co. Shrinks Net Loss Over 60%, Achieves Positive EBITDA In Q4 Despite Industry Headwinds
Cannabis multi-state operator Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNH) announced its unaudited preliminary financial results on Tuesday for the three-month and full year ended Dec. 31, 2023.
Larry Scheffler, co-CEO of the Las Vegas-based company, called the fourth quarter “a solid” one, despite industry headwinds that are “challenging macroeconomic backdrop and the continued cannabis price compression.”
Q4 2023 Financial Highlights
Total revenue dropped 7.5% year-over-year to $23 million.
Gross profit increased 2.8% year-over-year to $11 million.
The gross margin was 47.8% compared to 43% in the prior year’s period.
Operating expenses declined over 60% compared to the same quarter of fiscal 2022 to $18.1 million.
Net loss totaled $14.3 million compared to $38.6 million in the fourth quarter of last year.
Adjusted EBITDA came …