Planet 13 Holdings Inc., based in Las Vegas (CSE:PLTH)(OTCQX :PLNH), reported this week a loss net of $48,8 million over the entire 2024 calendar years. This is down from a loss net of $73,6 million during 2023.
In the fourth quarter of 2016, the cash flow problems continued. It lost $26.4 millions, a significant increase from its loss in the third-quarter, which was $7.4million, as well as compared to the net loss in 2014, $14.3million. It said that a significant portion of its fourth-quarter loss was due to $18.9m in one-time impairment charges, mainly related to the dispensary licenses it holds in Orange County.
The revenue for 2024 was $116.4 millions, an increase of 18.2% over the previous year. For the fourth quarter it increased by 31.8% to $30 million from $23million.
Due to the impairment charge, operating expenses were reduced by 13.3% for the entire year, from $95.2 to $82.6. However, they almost doubled in the fourth-quarter, from $18.9 to $35.8 due to this.
In a recent press release, Bob Groesbeck stated that his company’s goal for 2025 was to “maximize productivity and efficiency throughout our footprint.”
“We are taking decisive steps to enhance per-store performance, optimize retail and wholesale operations, and streamline corporate costs – all with a clear goal of strengthening margins and creating a more resilient, high-performing business,” Groesbeck said.
Planet 13’s total assets at the end 2024 were $206.7 Million, with $23.3 Million in cash. Total liabilities totaled $94,000,000.