Planet 13 Holdings Inc. (OTCMKTS: PLNHF) has released its financial results for Q2 and six months ending June 30, 2021.
Planet 13 reported revenue of $32.8 million in Q2 2021
The company reported a 205.2% YoY revenue increase from $10.8 million in Q2 2020 to $32.8 million in Q2 2021. The company reported a gross profit of $18.7 million or 56.9% before adjustment compared to gross profit of $4.7 million or 43.8% during the quarter. Planet 13’s net loss was $4.4 million versus $4 million in Q2 2020, and adjusted EBITDA during the quarter was $7.2 million relative to $0.6 million a year ago.
Larry Scheffler, co-CEO of the company, said, “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. 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..”
Planet 13 had cash of $136.3 million at the end of Q2 2021
At the end of the quarter, the company had $136.3 million in cash compared to $79 million at the end of 2020. Planet 13’s total assets were 226.2 million versus $150 million at the end of last year, and total liabilities were £37.6 million versus $29.3 million at the end of December 31, 2020.
Planet 13 Co-CXEO Bob Groesbeck commented, “Along with stellar performance from our Nevada operations, 2021 has been about securing our next growth opportunities. 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.”