EL7.AI
StocksMedium•13 November 2026•
2 min read

Planet 13 Narrows Adjusted EBITDA Loss to $0.2 Million Despite Year-Over-Year Revenue Decline

Key Facts

1Planet 13 reported third-quarter revenue of $23.1 million, a net loss of $6.4 million and an adjusted EBITDA loss of $0.2 million.
2Planet 13's loss per share narrowed to $0.02 in the third quarter of 2026, compared with $0.14 in the third quarter of 2025.
3Gross margin rose to 56.2% from 21.3% a year earlier, with gross profit of $13.0 million.
4Planet 13 shareholders will vote on the merger agreement with Vireo Growth on December 10, 2026.

Planet 13 reported on November 12 results for the quarter ended September 30, 2026, with revenue of $23.1 million, a net loss of $6.4 million and an adjusted EBITDA loss of $0.2 million. Basic and diluted loss per share narrowed to $0.02, compared with $0.14 in the same period last year. Revenue fell 0.8% year over year from $23.3 million, but rose 1.0% from the second quarter, when it was $22.9 million. The operating picture centered on improved gross profitability and a reduced adjusted loss, although the company remained in a net loss position. PLNH shares closed at $0.09035 on November 12, according to EL7 data.

Gross profit was $13.0 million, or 56.2% of revenue, compared with $5.0 million and a margin of 21.3% a year earlier. The company attributed the wider margin to its exit from wholesale in California, lower cultivation costs in Nevada and improved third-party purchasing in the state. A $1.1 million reduction in the inventory reserve also contributed to the improvement. The company said its adjusted EBITDA loss narrowed to $0.2 million from $4.1 million in the third quarter of 2025. It linked the improvement mainly to a higher gross margin and cost controls.

Revenue trends varied by state: Florida revenue rose 15.1% from the previous quarter and was 45% above its level in the third quarter of 2025. The company attributed Florida's performance to better flower quality following cultivation upgrades, a broader product assortment and improved productivity across its store network. In Nevada, weak tourist traffic in Las Vegas continued to weigh on the flagship store, according to co-CEO Larry Scheffler. Scheffler said the company is focusing on local marketing, events and promotions

to bring customers into the store.

The company also linked the year-over-year revenue decline to its exit from retail and wholesale in California and lower revenue in Nevada.

Open on chart