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Planet 13 Holdings Inc (PLNH-0.65%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenue to $32,159,070 from $24,788,239 in the same quarter the previous year. The increase is primarily attributed to the acquisition of VidaCann, which closed on May 10, 2024.
Gross profit for the quarter was $16,696,020, compared to $11,072,932 in the previous year, with the increase attributed to a decrease in retail sales incentives and a reduction in wholesale revenue.
General and administrative expenses increased to $14,772,846 from $11,340,678, primarily due to increased salaries and wages following the acquisition of VidaCann.
Net loss for the quarter was $7,411,190, down from $46,254,236 in the previous year. The decrease in net loss is attributed to the absence of impairment losses recorded in the same period last year.
Cash provided by operating activities was $6,642,779, while cash used in investing and financing activities was $1,236,623 and $6,773,923, respectively.
Planet 13 had a working capital of $15,564,382 as of September 30, 2024. The company believes it has adequate liquidity to fund its planned capital expenditures and expansion plans.
The filing also details the acquisition of VidaCann, including the issuance of 81,872,252 shares of common stock and a cash payment of $4,000,000.
The company continues to focus on expanding its retail footprint and improving cultivation facilities across its operations in Nevada, California, Florida, and Illinois.
The filing includes a discussion of forward-looking statements, highlighting potential risks and uncertainties related to market conditions and regulatory changes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Planet 13 Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.