Planet 13 Holdings Inc. reported significant financial developments in its 10-Q filing for the three and nine months ended September 30, 2024. The company achieved revenues of $32.2 million for the third quarter, marking a 29.7% increase from $24.8 million in the same period of 2023. For the nine months, revenues rose 14.0% to $86.1 million, compared to $75.5 million in the prior year. The growth is primarily attributed to the acquisition of VidaCann, which contributed to operations for over four months during the reporting period.

Gross profit for the third quarter was $16.7 million, a 50.8% increase from $11.1 million in the previous year, while gross profit for the nine months reached $43.0 million, up 27.1% from $33.8 million. The gross profit margin improved to 51.9% for the third quarter, compared to 44.7% in 2023, driven by reduced retail sales incentives and enhanced internal cultivation efficiency.

Despite the revenue growth, Planet 13 reported a net loss of $7.4 million for the third quarter, significantly reduced from a loss of $46.3 million in the same period last year. For the nine months, the net loss was $21.4 million, down from $59.4 million in 2023. The company’s loss from operations also improved, with a loss of $3.3 million for the third quarter compared to $44.0 million in the prior year.

Total current assets increased to $58.2 million as of September 30, 2024, up from $47.3 million at the end of 2023. Total assets surged to $243.0 million, compared to $151.7 million at year-end 2023. However, total current liabilities rose to $42.6 million from $15.3 million, contributing to total liabilities of $92.3 million, up from $44.1 million.

The company’s strategic developments included the acquisition of VidaCann, completed on May 9, 2024, for approximately $63.4 million, which involved issuing 81.9 million shares and cash payments. VidaCann generated $10.5 million in revenue for the third quarter and $17.8 million for the nine months, although it reported a net loss of $54,135 for the third quarter.

Planet 13 also announced plans to acquire a dispensary in Las Vegas for $6.9 million, further expanding its footprint. The company continues to navigate challenges such as inflation and rising interest rates, which have affected consumer spending and foot traffic. As of September 30, 2024, the company had approximately 1,000 employees and operated a network of 27 stores through VidaCann, with five additional stores under construction.