Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Planet 13 Announces Q1 2022 Financial Results By: Planet 13 Holdings via AccessWire May 16, 2022 at 13:40 PM EDT Q1 2022 revenue of $25.7 million, up 8% compared to Q1 2021Q1 2022 net loss of $2.1 million, compared to net loss of $6.0 million in Q1 2021Q1 2022 Adjusted EBITDA[1] of $2.6 millionAll results are reported in United States dollars ($) unless otherwise indicated.LAS VEGAS, NV / ACCESSWIRE / May 16, 2022 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated cannabis company, today announced its financial results for the three-month period ended March 31, 2022. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP")."While January and February were seasonally slow, we saw traffic start to pickup in March. Despite the lower tourist numbers, the Las Vegas SuperStore and our Medizin dispensary continue to compete very well taking a strong share of the overall Nevada market" said Larry Scheffler, Co-CEO of Planet 13. "Our branded products are performing well with wholesale continuing to grow nicely in Nevada. We are proud to have closed the acquisition of Next Green Wave in March and begin to bring our brands to California.""We continue to make progress on our Florida roadmap working in dual tracks to bring cultivation and retail online. We are excited to drive growth throughout 2023 from our Florida operations," commented Bob Groesbeck, Co-CEO of Planet 13. "In Nevada, we've begun the expansion of our cultivation facility to expand supply of our incredibly popular premium flower line."[1] Adjusted EBITDA is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to GAAP.Financial Highlights - Q1 - 2022Operating ResultsAll comparisons below are to the quarter ended March 31, 2021, unless otherwise notedRevenues were $25.7 million as compared to $23.8 million, an increase of 8%Gross profit was $12.9 million or 50.2% as compared to $13.0 million or 54.7%Net income before taxes of $0.7 million as compared to a net loss of $2.7 millionNet loss of $2.1 million as compared to a net loss of $6.0 millionAdjusted EBITDA of $2.6 million as compared to Adjusted EBITDA of $5.1 millionBalance SheetAll comparisons below are to December 31, 2021, unless otherwise notedCash of $62.1 million as compared to $61.6 millionTotal assets of $274.0 million as compared to $216.8 millionTotal liabilities of $41.2 million as compared to $43.1 millionQ1 Highlights and Recent DevelopmentsOn February 11, 2022, Planet 13's registration statement on Form 10 filed with the U.S. Securities and Exchange Commission became effective and Planet 13 became a U.S. reporting company on such date.On March 2, 2022, Planet 13 announced the closing of its acquisition of Next Green Wave Holdings Inc. ("NGW").On March 17, 2022, Planet 13 announced the initiation of its Florida dispensary roadmap with a lease for its first dispensary in Jacksonville.On April 14, 2022, Planet 13 announced expansion of its Nevada cultivation to fuel in-house product growth.On May 2, 2022, Planet 13 announced the launch of the TRENDI brand into California.On May 4, 2022, Planet 13 announced the expansion of STIIIZY partnership with a new shop-in-shop at the Las Vegas SuperStore.On May 10, 2022, Planet 13 announced it has entered into a lease for its second Florida dispensary location.Results of Operations (Summary)The following table sets forth a summary of the Company's unaudited interim results of operations for the three-month periods ended March 31, 2022 and 2021.Results of Operations(Figures in millions and % change based on these figures) For the Three Months Ended March31, 2022 March31, 2021 change Total Revenue $25.7 $23.8 8%Gross Profit $12.9 $13.0 -1%Gross Profit % 50.2% 54.6%-8%Net income (Loss) Before Provision for Income Taxes $0.7 $-2.7 -126%Net income (Loss) $-2.1 $-6.0 -65%Adjusted EBITDA $2.6 $5.1 -49% The Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, is available on the SEC's website at www.sec.gov or at https://www.planet13holdings.com/investors/. The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR and on its website at https://www.planet13holdings.com/investors/.This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.Conference CallPlanet 13 will host a conference call on Monday, May 16, 2022 at 5:00 p.m. ET to discuss its first quarter financial results and provide investors with key business highlights. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.CONFERENCE CALL DETAILSDate: May 16, 2022 | Time: 5:00 p.m. ESTParticipant Dial-in: Toll Free 888-506-0062 or International 973-528-0011 Access Code 874790Replay Dial-in: Toll Free 877-481-4010 or International 919-882-2331 Reference Number 45516(Available for 2 weeks)Listen to webcast: LinkNon-GAAP Financial MeasuresThere are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization and Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses.The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented:Reconciliation of Non-GAAP Adjusted EBITDA(Figures in millions and % change based on these figures) For the Three Months Ended March31, 2022 March31, 2021 change Net Income (Loss) $-2.1 $-6.0 -65%Add impact of: Interest expense, net $0.0 $0.0 Provision for income taxes $2.8 $3.3 -15%Depreciation and amortization $2.0 $1.0 100%Depreciation included in cost of goods sold $0.6 $0.4 50%EBITDA $3.3 $-1.3 -354%Change in fair value of warrants $-4.2 $6.2 -168%Share-based compensation and related premiums $2.0 $0.2 900%Professional fees expensed related to NGW acquisition $1.1 $0.0 Professional fees expensed related to SEC Domestic Issuer Form 10 filing $0.4 $0.0 Adjusted EBITDA $2.6 $5.1 -49% For further inquiries, please contact:LodeRock Advisors Inc., Planet 13 Investor Relationsmark.kuindersma@loderockadvisors.comBob Groesbeck and Larry Scheffler Co-Chief Executive Officersir@planet13lasvegas.comAbout Planet 13Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois which won a lottery for a Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.Cautionary Note Regarding Forward-Looking InformationThis news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to, among other things, our progress on our Florida roadmap, Nevada expansion and plans to bring brands to California.These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents needed to operate our business; risks associated with COVID-19 and other infectious diseases presenting as major health issues; fluctuations in general macroeconomic conditions; inflationary pressures; fluctuations in securities markets; expectations regarding the size of the cannabis market in the states in which we currently operate in or contemplate future operations and changing consumer habits in such states; the ability of the Company to successfully achieve its business objectives; the ability of the Company to integrate the NGW business and realize any benefits from the acquisition; plans for expansion; political and social uncertainties including international conflict; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the states in which we currently operate in or contemplate future operations; employee relations and other risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission and on the Company's issuer profile on SEDAR at www.sedar.com. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through licensed subsidiary entities in states that have legalized marijuana operations, however, these activities are currently illegal under United States federal law.No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.CONSOLIDATED STATEMENTS OF FINANCIAL POSITION March 31,2022 December 31,2021 ASSETS Current Assets: Cash $62,144,642 $61,588,843 Accounts Receivable 2,053,367 1,216,128 Inventory 14,979,628 14,225,369 Prepaid Expenses and Other Current Assets 3,802,746 3,977,524 Total Current Assets 82,980,383 81,007,864 Property and Equipment 65,000,878 50,778,277 Intangible Assets 68,898,007 63,398,007 Goodwill 35,506,060 - Right of Use Assets - Operating 20,204,303 20,399,965 Long-term Deposits and Other Assets 1,234,586 1,061,879 Deferred Tax Asset 174,157 162,804 TOTAL ASSETS $273,998,374 $216,808,796 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Current Liabilities: Accounts Payable $3,467,977 $3,266,783 Accrued Expenses 5,454,139 7,032,620 Income Taxes Payable 3,894,364 1,126,249 Notes Payable - Current Portion 884,000 884,000 Operating Lease Liabilities 454,142 423,573 Total Current Liabilities 14,154,622 12,733,225 Long-Term Liabilities: Operating Lease Liabilities 23,159,653 23,134,012 Lease Incentive Obligation Liability 813,278 - Warranty Liability 3,046,240 7,206,049 Other Long-term Liabilities 28,000 28,000 Total Liabilities 41,201,793 43,101,286 Shareholders' Equity Common Shares, no par value, unlimited Common Shares authorized, 220,048,952 issued and outstanding at March 31, 2022 and and 198,687,950 at December 31, 2021 - - Additional Paid-In Capital 307,011,846 245,861,704 Retained Earnings (Deficit) (74,215,265) (72,154,194)Total Shareholders' Equity 232,796,581 173,707,510 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $273,998,374 $216,808,796 CONSOLIDATED STATEMENTS OF INCOME (LOSS) ANDCOMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2022 2021 Revenues, net of discounts $25,694,395 $23,816,208 Cost of Goods Sold (12,793,391) (10,781,481)Gross Profit 12,901,004 13,034,727 Expenses: General and Administrative 13,486,691 7,974,816 Sales and Marketing 603,242 659,949 Lease Expense 481,247 612,326 Depreciation 2,040,052 964,596 Total Expenses 16,611,231 10,211,687 Income (Loss) From Operations (3,710,227) 2,823,040 Other Income (Expense): Interest income (expense), net 27,353 (7,158)Foreign exchange gain (loss) (95,709) 829,635 Transaction costs - (256,666)Change in fair value of warrant liability 4,159,809 (6,187,530)Other Income, net 314,465 62,897 Total Other Income 4,405,918 (5,558,822) Income (Loss) Before Provision for Income Taxes 695,691 (2,735,782) Provision For Income Taxes Current Tax Expense (2,768,115) (3,364,710)Deferred Tax Recovery 11,353 86,063 (2,756,762) (3,278,647) Loss and Comprehensive Loss for the Period $(2,061,071) $(6,014,429) Loss per Share Basic and diluted loss per share $(0.01) $(0.03) Weighted Average Number of Common Shares Basic and diluted 205,570,940 190,777,592 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2022 March 31, 2021 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net loss $(2,061,071) $(6,014,429)Adjustments for items not involving cash: Shared based compensation expense 2,055,494 203,973 Non-cash lease expense 950,585 758,039 Depreciation 2,642,531 964,597 Change in fair value of warrant liability (4,264,763) 5,904,816 Loss on translation of warrant liability 104,954 282,714 Transaction costs - 256,666 Deferred tax liability - 86,063 Proceeds from lease incentive 1,000,000 - Unrealized gain on foreign currency exchange (145,267) (14,641) 282,463 2,427,798 Net Changes in Non-cash Working Capital Items 3,563,710 2,123,567 Repayment of lease liabilities (885,434) (758,039)Total Operating 2,960,740 3,793,326 FINANCING ACTIVITIES Proceeds from private placements - 53,852,980 Proceeds from exercise of warrants and options - 10,884,762 Financing issuance expenses - (3,494,930)Total Financing - 61,242,812 INVESTING ACTIVITIES Purchase of property, plant and equipment (4,026,607) (3,471,948)Cash acquired through NGW acquisition 1,478,698 - Total Investing (2,547,909) (3,471,948) Effect of foreign exchange on cash 142,967 598,310 NET CHANGE IN CASH DURING THE YEAR 555,798 62,162,500 CASH Beginning of Period 61,588,843 79,000,850 End of Period $62,144,642 $141,163,350 SOURCE: Planet 13 Holdings Inc.View source version on accesswire.com: https://www.accesswire.com/701504/Planet-13-Announces-Q1-2022-Financial-Results Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Planet 13 Announces Q1 2022 Financial Results By: Planet 13 Holdings via AccessWire May 16, 2022 at 13:40 PM EDT Q1 2022 revenue of $25.7 million, up 8% compared to Q1 2021Q1 2022 net loss of $2.1 million, compared to net loss of $6.0 million in Q1 2021Q1 2022 Adjusted EBITDA[1] of $2.6 millionAll results are reported in United States dollars ($) unless otherwise indicated.LAS VEGAS, NV / ACCESSWIRE / May 16, 2022 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated cannabis company, today announced its financial results for the three-month period ended March 31, 2022. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP")."While January and February were seasonally slow, we saw traffic start to pickup in March. Despite the lower tourist numbers, the Las Vegas SuperStore and our Medizin dispensary continue to compete very well taking a strong share of the overall Nevada market" said Larry Scheffler, Co-CEO of Planet 13. "Our branded products are performing well with wholesale continuing to grow nicely in Nevada. We are proud to have closed the acquisition of Next Green Wave in March and begin to bring our brands to California.""We continue to make progress on our Florida roadmap working in dual tracks to bring cultivation and retail online. We are excited to drive growth throughout 2023 from our Florida operations," commented Bob Groesbeck, Co-CEO of Planet 13. "In Nevada, we've begun the expansion of our cultivation facility to expand supply of our incredibly popular premium flower line."[1] Adjusted EBITDA is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to GAAP.Financial Highlights - Q1 - 2022Operating ResultsAll comparisons below are to the quarter ended March 31, 2021, unless otherwise notedRevenues were $25.7 million as compared to $23.8 million, an increase of 8%Gross profit was $12.9 million or 50.2% as compared to $13.0 million or 54.7%Net income before taxes of $0.7 million as compared to a net loss of $2.7 millionNet loss of $2.1 million as compared to a net loss of $6.0 millionAdjusted EBITDA of $2.6 million as compared to Adjusted EBITDA of $5.1 millionBalance SheetAll comparisons below are to December 31, 2021, unless otherwise notedCash of $62.1 million as compared to $61.6 millionTotal assets of $274.0 million as compared to $216.8 millionTotal liabilities of $41.2 million as compared to $43.1 millionQ1 Highlights and Recent DevelopmentsOn February 11, 2022, Planet 13's registration statement on Form 10 filed with the U.S. Securities and Exchange Commission became effective and Planet 13 became a U.S. reporting company on such date.On March 2, 2022, Planet 13 announced the closing of its acquisition of Next Green Wave Holdings Inc. ("NGW").On March 17, 2022, Planet 13 announced the initiation of its Florida dispensary roadmap with a lease for its first dispensary in Jacksonville.On April 14, 2022, Planet 13 announced expansion of its Nevada cultivation to fuel in-house product growth.On May 2, 2022, Planet 13 announced the launch of the TRENDI brand into California.On May 4, 2022, Planet 13 announced the expansion of STIIIZY partnership with a new shop-in-shop at the Las Vegas SuperStore.On May 10, 2022, Planet 13 announced it has entered into a lease for its second Florida dispensary location.Results of Operations (Summary)The following table sets forth a summary of the Company's unaudited interim results of operations for the three-month periods ended March 31, 2022 and 2021.Results of Operations(Figures in millions and % change based on these figures) For the Three Months Ended March31, 2022 March31, 2021 change Total Revenue $25.7 $23.8 8%Gross Profit $12.9 $13.0 -1%Gross Profit % 50.2% 54.6%-8%Net income (Loss) Before Provision for Income Taxes $0.7 $-2.7 -126%Net income (Loss) $-2.1 $-6.0 -65%Adjusted EBITDA $2.6 $5.1 -49% The Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, is available on the SEC's website at www.sec.gov or at https://www.planet13holdings.com/investors/. The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR and on its website at https://www.planet13holdings.com/investors/.This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.Conference CallPlanet 13 will host a conference call on Monday, May 16, 2022 at 5:00 p.m. ET to discuss its first quarter financial results and provide investors with key business highlights. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.CONFERENCE CALL DETAILSDate: May 16, 2022 | Time: 5:00 p.m. ESTParticipant Dial-in: Toll Free 888-506-0062 or International 973-528-0011 Access Code 874790Replay Dial-in: Toll Free 877-481-4010 or International 919-882-2331 Reference Number 45516(Available for 2 weeks)Listen to webcast: LinkNon-GAAP Financial MeasuresThere are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization and Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses.The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented:Reconciliation of Non-GAAP Adjusted EBITDA(Figures in millions and % change based on these figures) For the Three Months Ended March31, 2022 March31, 2021 change Net Income (Loss) $-2.1 $-6.0 -65%Add impact of: Interest expense, net $0.0 $0.0 Provision for income taxes $2.8 $3.3 -15%Depreciation and amortization $2.0 $1.0 100%Depreciation included in cost of goods sold $0.6 $0.4 50%EBITDA $3.3 $-1.3 -354%Change in fair value of warrants $-4.2 $6.2 -168%Share-based compensation and related premiums $2.0 $0.2 900%Professional fees expensed related to NGW acquisition $1.1 $0.0 Professional fees expensed related to SEC Domestic Issuer Form 10 filing $0.4 $0.0 Adjusted EBITDA $2.6 $5.1 -49% For further inquiries, please contact:LodeRock Advisors Inc., Planet 13 Investor Relationsmark.kuindersma@loderockadvisors.comBob Groesbeck and Larry Scheffler Co-Chief Executive Officersir@planet13lasvegas.comAbout Planet 13Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois which won a lottery for a Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.Cautionary Note Regarding Forward-Looking InformationThis news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to, among other things, our progress on our Florida roadmap, Nevada expansion and plans to bring brands to California.These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents needed to operate our business; risks associated with COVID-19 and other infectious diseases presenting as major health issues; fluctuations in general macroeconomic conditions; inflationary pressures; fluctuations in securities markets; expectations regarding the size of the cannabis market in the states in which we currently operate in or contemplate future operations and changing consumer habits in such states; the ability of the Company to successfully achieve its business objectives; the ability of the Company to integrate the NGW business and realize any benefits from the acquisition; plans for expansion; political and social uncertainties including international conflict; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the states in which we currently operate in or contemplate future operations; employee relations and other risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission and on the Company's issuer profile on SEDAR at www.sedar.com. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through licensed subsidiary entities in states that have legalized marijuana operations, however, these activities are currently illegal under United States federal law.No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.CONSOLIDATED STATEMENTS OF FINANCIAL POSITION March 31,2022 December 31,2021 ASSETS Current Assets: Cash $62,144,642 $61,588,843 Accounts Receivable 2,053,367 1,216,128 Inventory 14,979,628 14,225,369 Prepaid Expenses and Other Current Assets 3,802,746 3,977,524 Total Current Assets 82,980,383 81,007,864 Property and Equipment 65,000,878 50,778,277 Intangible Assets 68,898,007 63,398,007 Goodwill 35,506,060 - Right of Use Assets - Operating 20,204,303 20,399,965 Long-term Deposits and Other Assets 1,234,586 1,061,879 Deferred Tax Asset 174,157 162,804 TOTAL ASSETS $273,998,374 $216,808,796 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Current Liabilities: Accounts Payable $3,467,977 $3,266,783 Accrued Expenses 5,454,139 7,032,620 Income Taxes Payable 3,894,364 1,126,249 Notes Payable - Current Portion 884,000 884,000 Operating Lease Liabilities 454,142 423,573 Total Current Liabilities 14,154,622 12,733,225 Long-Term Liabilities: Operating Lease Liabilities 23,159,653 23,134,012 Lease Incentive Obligation Liability 813,278 - Warranty Liability 3,046,240 7,206,049 Other Long-term Liabilities 28,000 28,000 Total Liabilities 41,201,793 43,101,286 Shareholders' Equity Common Shares, no par value, unlimited Common Shares authorized, 220,048,952 issued and outstanding at March 31, 2022 and and 198,687,950 at December 31, 2021 - - Additional Paid-In Capital 307,011,846 245,861,704 Retained Earnings (Deficit) (74,215,265) (72,154,194)Total Shareholders' Equity 232,796,581 173,707,510 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $273,998,374 $216,808,796 CONSOLIDATED STATEMENTS OF INCOME (LOSS) ANDCOMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2022 2021 Revenues, net of discounts $25,694,395 $23,816,208 Cost of Goods Sold (12,793,391) (10,781,481)Gross Profit 12,901,004 13,034,727 Expenses: General and Administrative 13,486,691 7,974,816 Sales and Marketing 603,242 659,949 Lease Expense 481,247 612,326 Depreciation 2,040,052 964,596 Total Expenses 16,611,231 10,211,687 Income (Loss) From Operations (3,710,227) 2,823,040 Other Income (Expense): Interest income (expense), net 27,353 (7,158)Foreign exchange gain (loss) (95,709) 829,635 Transaction costs - (256,666)Change in fair value of warrant liability 4,159,809 (6,187,530)Other Income, net 314,465 62,897 Total Other Income 4,405,918 (5,558,822) Income (Loss) Before Provision for Income Taxes 695,691 (2,735,782) Provision For Income Taxes Current Tax Expense (2,768,115) (3,364,710)Deferred Tax Recovery 11,353 86,063 (2,756,762) (3,278,647) Loss and Comprehensive Loss for the Period $(2,061,071) $(6,014,429) Loss per Share Basic and diluted loss per share $(0.01) $(0.03) Weighted Average Number of Common Shares Basic and diluted 205,570,940 190,777,592 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2022 March 31, 2021 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net loss $(2,061,071) $(6,014,429)Adjustments for items not involving cash: Shared based compensation expense 2,055,494 203,973 Non-cash lease expense 950,585 758,039 Depreciation 2,642,531 964,597 Change in fair value of warrant liability (4,264,763) 5,904,816 Loss on translation of warrant liability 104,954 282,714 Transaction costs - 256,666 Deferred tax liability - 86,063 Proceeds from lease incentive 1,000,000 - Unrealized gain on foreign currency exchange (145,267) (14,641) 282,463 2,427,798 Net Changes in Non-cash Working Capital Items 3,563,710 2,123,567 Repayment of lease liabilities (885,434) (758,039)Total Operating 2,960,740 3,793,326 FINANCING ACTIVITIES Proceeds from private placements - 53,852,980 Proceeds from exercise of warrants and options - 10,884,762 Financing issuance expenses - (3,494,930)Total Financing - 61,242,812 INVESTING ACTIVITIES Purchase of property, plant and equipment (4,026,607) (3,471,948)Cash acquired through NGW acquisition 1,478,698 - Total Investing (2,547,909) (3,471,948) Effect of foreign exchange on cash 142,967 598,310 NET CHANGE IN CASH DURING THE YEAR 555,798 62,162,500 CASH Beginning of Period 61,588,843 79,000,850 End of Period $62,144,642 $141,163,350 SOURCE: Planet 13 Holdings Inc.View source version on accesswire.com: https://www.accesswire.com/701504/Planet-13-Announces-Q1-2022-Financial-Results
Q1 2022 revenue of $25.7 million, up 8% compared to Q1 2021Q1 2022 net loss of $2.1 million, compared to net loss of $6.0 million in Q1 2021Q1 2022 Adjusted EBITDA[1] of $2.6 millionAll results are reported in United States dollars ($) unless otherwise indicated.LAS VEGAS, NV / ACCESSWIRE / May 16, 2022 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated cannabis company, today announced its financial results for the three-month period ended March 31, 2022. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP")."While January and February were seasonally slow, we saw traffic start to pickup in March. Despite the lower tourist numbers, the Las Vegas SuperStore and our Medizin dispensary continue to compete very well taking a strong share of the overall Nevada market" said Larry Scheffler, Co-CEO of Planet 13. "Our branded products are performing well with wholesale continuing to grow nicely in Nevada. We are proud to have closed the acquisition of Next Green Wave in March and begin to bring our brands to California.""We continue to make progress on our Florida roadmap working in dual tracks to bring cultivation and retail online. We are excited to drive growth throughout 2023 from our Florida operations," commented Bob Groesbeck, Co-CEO of Planet 13. "In Nevada, we've begun the expansion of our cultivation facility to expand supply of our incredibly popular premium flower line."[1] Adjusted EBITDA is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to GAAP.Financial Highlights - Q1 - 2022Operating ResultsAll comparisons below are to the quarter ended March 31, 2021, unless otherwise notedRevenues were $25.7 million as compared to $23.8 million, an increase of 8%Gross profit was $12.9 million or 50.2% as compared to $13.0 million or 54.7%Net income before taxes of $0.7 million as compared to a net loss of $2.7 millionNet loss of $2.1 million as compared to a net loss of $6.0 millionAdjusted EBITDA of $2.6 million as compared to Adjusted EBITDA of $5.1 millionBalance SheetAll comparisons below are to December 31, 2021, unless otherwise notedCash of $62.1 million as compared to $61.6 millionTotal assets of $274.0 million as compared to $216.8 millionTotal liabilities of $41.2 million as compared to $43.1 millionQ1 Highlights and Recent DevelopmentsOn February 11, 2022, Planet 13's registration statement on Form 10 filed with the U.S. Securities and Exchange Commission became effective and Planet 13 became a U.S. reporting company on such date.On March 2, 2022, Planet 13 announced the closing of its acquisition of Next Green Wave Holdings Inc. ("NGW").On March 17, 2022, Planet 13 announced the initiation of its Florida dispensary roadmap with a lease for its first dispensary in Jacksonville.On April 14, 2022, Planet 13 announced expansion of its Nevada cultivation to fuel in-house product growth.On May 2, 2022, Planet 13 announced the launch of the TRENDI brand into California.On May 4, 2022, Planet 13 announced the expansion of STIIIZY partnership with a new shop-in-shop at the Las Vegas SuperStore.On May 10, 2022, Planet 13 announced it has entered into a lease for its second Florida dispensary location.Results of Operations (Summary)The following table sets forth a summary of the Company's unaudited interim results of operations for the three-month periods ended March 31, 2022 and 2021.Results of Operations(Figures in millions and % change based on these figures) For the Three Months Ended March31, 2022 March31, 2021 change Total Revenue $25.7 $23.8 8%Gross Profit $12.9 $13.0 -1%Gross Profit % 50.2% 54.6%-8%Net income (Loss) Before Provision for Income Taxes $0.7 $-2.7 -126%Net income (Loss) $-2.1 $-6.0 -65%Adjusted EBITDA $2.6 $5.1 -49% The Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, is available on the SEC's website at www.sec.gov or at https://www.planet13holdings.com/investors/. The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR and on its website at https://www.planet13holdings.com/investors/.This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.Conference CallPlanet 13 will host a conference call on Monday, May 16, 2022 at 5:00 p.m. ET to discuss its first quarter financial results and provide investors with key business highlights. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.CONFERENCE CALL DETAILSDate: May 16, 2022 | Time: 5:00 p.m. ESTParticipant Dial-in: Toll Free 888-506-0062 or International 973-528-0011 Access Code 874790Replay Dial-in: Toll Free 877-481-4010 or International 919-882-2331 Reference Number 45516(Available for 2 weeks)Listen to webcast: LinkNon-GAAP Financial MeasuresThere are financial measures included in this press release that are not in accordance with GAAP and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. These non-GAAP financial measures should be considered as supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. The Company includes EBITDA and Adjusted EBITDA because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA is calculated as net income (loss) before interest, taxes, depreciation and amortization and Adjusted EBITDA is calculated as EBITDA before share-based compensation, the change in fair value of warrants and one-time non-recurring expenses.The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for each of the periods presented:Reconciliation of Non-GAAP Adjusted EBITDA(Figures in millions and % change based on these figures) For the Three Months Ended March31, 2022 March31, 2021 change Net Income (Loss) $-2.1 $-6.0 -65%Add impact of: Interest expense, net $0.0 $0.0 Provision for income taxes $2.8 $3.3 -15%Depreciation and amortization $2.0 $1.0 100%Depreciation included in cost of goods sold $0.6 $0.4 50%EBITDA $3.3 $-1.3 -354%Change in fair value of warrants $-4.2 $6.2 -168%Share-based compensation and related premiums $2.0 $0.2 900%Professional fees expensed related to NGW acquisition $1.1 $0.0 Professional fees expensed related to SEC Domestic Issuer Form 10 filing $0.4 $0.0 Adjusted EBITDA $2.6 $5.1 -49% For further inquiries, please contact:LodeRock Advisors Inc., Planet 13 Investor Relationsmark.kuindersma@loderockadvisors.comBob Groesbeck and Larry Scheffler Co-Chief Executive Officersir@planet13lasvegas.comAbout Planet 13Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and California. Planet 13 also holds a medical marijuana treatment center license in Florida and a 49% interest in Planet 13 Illinois which won a lottery for a Social-Equity Justice Involved dispensing license in the Chicago-region of Illinois. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.Cautionary Note Regarding Forward-Looking InformationThis news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to, among other things, our progress on our Florida roadmap, Nevada expansion and plans to bring brands to California.These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents needed to operate our business; risks associated with COVID-19 and other infectious diseases presenting as major health issues; fluctuations in general macroeconomic conditions; inflationary pressures; fluctuations in securities markets; expectations regarding the size of the cannabis market in the states in which we currently operate in or contemplate future operations and changing consumer habits in such states; the ability of the Company to successfully achieve its business objectives; the ability of the Company to integrate the NGW business and realize any benefits from the acquisition; plans for expansion; political and social uncertainties including international conflict; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the states in which we currently operate in or contemplate future operations; employee relations and other risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission and on the Company's issuer profile on SEDAR at www.sedar.com. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through licensed subsidiary entities in states that have legalized marijuana operations, however, these activities are currently illegal under United States federal law.No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.CONSOLIDATED STATEMENTS OF FINANCIAL POSITION March 31,2022 December 31,2021 ASSETS Current Assets: Cash $62,144,642 $61,588,843 Accounts Receivable 2,053,367 1,216,128 Inventory 14,979,628 14,225,369 Prepaid Expenses and Other Current Assets 3,802,746 3,977,524 Total Current Assets 82,980,383 81,007,864 Property and Equipment 65,000,878 50,778,277 Intangible Assets 68,898,007 63,398,007 Goodwill 35,506,060 - Right of Use Assets - Operating 20,204,303 20,399,965 Long-term Deposits and Other Assets 1,234,586 1,061,879 Deferred Tax Asset 174,157 162,804 TOTAL ASSETS $273,998,374 $216,808,796 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Current Liabilities: Accounts Payable $3,467,977 $3,266,783 Accrued Expenses 5,454,139 7,032,620 Income Taxes Payable 3,894,364 1,126,249 Notes Payable - Current Portion 884,000 884,000 Operating Lease Liabilities 454,142 423,573 Total Current Liabilities 14,154,622 12,733,225 Long-Term Liabilities: Operating Lease Liabilities 23,159,653 23,134,012 Lease Incentive Obligation Liability 813,278 - Warranty Liability 3,046,240 7,206,049 Other Long-term Liabilities 28,000 28,000 Total Liabilities 41,201,793 43,101,286 Shareholders' Equity Common Shares, no par value, unlimited Common Shares authorized, 220,048,952 issued and outstanding at March 31, 2022 and and 198,687,950 at December 31, 2021 - - Additional Paid-In Capital 307,011,846 245,861,704 Retained Earnings (Deficit) (74,215,265) (72,154,194)Total Shareholders' Equity 232,796,581 173,707,510 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $273,998,374 $216,808,796 CONSOLIDATED STATEMENTS OF INCOME (LOSS) ANDCOMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2022 2021 Revenues, net of discounts $25,694,395 $23,816,208 Cost of Goods Sold (12,793,391) (10,781,481)Gross Profit 12,901,004 13,034,727 Expenses: General and Administrative 13,486,691 7,974,816 Sales and Marketing 603,242 659,949 Lease Expense 481,247 612,326 Depreciation 2,040,052 964,596 Total Expenses 16,611,231 10,211,687 Income (Loss) From Operations (3,710,227) 2,823,040 Other Income (Expense): Interest income (expense), net 27,353 (7,158)Foreign exchange gain (loss) (95,709) 829,635 Transaction costs - (256,666)Change in fair value of warrant liability 4,159,809 (6,187,530)Other Income, net 314,465 62,897 Total Other Income 4,405,918 (5,558,822) Income (Loss) Before Provision for Income Taxes 695,691 (2,735,782) Provision For Income Taxes Current Tax Expense (2,768,115) (3,364,710)Deferred Tax Recovery 11,353 86,063 (2,756,762) (3,278,647) Loss and Comprehensive Loss for the Period $(2,061,071) $(6,014,429) Loss per Share Basic and diluted loss per share $(0.01) $(0.03) Weighted Average Number of Common Shares Basic and diluted 205,570,940 190,777,592 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2022 March 31, 2021 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net loss $(2,061,071) $(6,014,429)Adjustments for items not involving cash: Shared based compensation expense 2,055,494 203,973 Non-cash lease expense 950,585 758,039 Depreciation 2,642,531 964,597 Change in fair value of warrant liability (4,264,763) 5,904,816 Loss on translation of warrant liability 104,954 282,714 Transaction costs - 256,666 Deferred tax liability - 86,063 Proceeds from lease incentive 1,000,000 - Unrealized gain on foreign currency exchange (145,267) (14,641) 282,463 2,427,798 Net Changes in Non-cash Working Capital Items 3,563,710 2,123,567 Repayment of lease liabilities (885,434) (758,039)Total Operating 2,960,740 3,793,326 FINANCING ACTIVITIES Proceeds from private placements - 53,852,980 Proceeds from exercise of warrants and options - 10,884,762 Financing issuance expenses - (3,494,930)Total Financing - 61,242,812 INVESTING ACTIVITIES Purchase of property, plant and equipment (4,026,607) (3,471,948)Cash acquired through NGW acquisition 1,478,698 - Total Investing (2,547,909) (3,471,948) Effect of foreign exchange on cash 142,967 598,310 NET CHANGE IN CASH DURING THE YEAR 555,798 62,162,500 CASH Beginning of Period 61,588,843 79,000,850 End of Period $62,144,642 $141,163,350 SOURCE: Planet 13 Holdings Inc.View source version on accesswire.com: https://www.accesswire.com/701504/Planet-13-Announces-Q1-2022-Financial-Results
