Las Vegas-based Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) posted yet another financial loss in its second quarter of the year, despite claiming to have increased sales in its home state of Nevada.
According to a Wednesday press release, Planet 13 lost $4.3 million in Q2, which follows a $6.3 million loss in Q1; the company lost a total of $49 million in 2022. That puts the company’s total losses since January 2022 at just under $60 million.
Revenue for the quarter ended June 30 was down year-over-year by 9%, falling to $25.8 million from $28.4 million. The company chalked up the drop to a decline in the average price of cannabis in Nevada, but which was partially offset by an increase in wholesale revenue.
Also down were gross profit, cash reserves, and total assets. Gross profit declined to $11.9 million from $13.8 million in the same period a year prior, cash reserves were down to $40.5 million from $52.4 million in December, and total assets decreased to $222.7 million from $233.6 million in December. The company is also carrying $40.5 million in liabilities.
Co-CEO Larry Scheffler pointed to the company’s “steady” quarter in California and ballooning market share and sales in Nevada, noting, “Overall, we’ve had a good first half of the year.”
In the most recent quarter, Planet 13 also received its first consumption lounge license, and subsequently announced the “return of Cannabition, an immersive cannabis experience.”
“We are executing on the strategic goals we laid out at the beginning of the year,” Bob Groesbeck, Planet 13’s co-CEO, said in a statement. “We continue to strengthen the destination appeal and reputation of the SuperStore and are making progress towards opening our consumption lounge. We are also nearing the completion of our new dispensary in Illinois.”
“Between our ongoing construction projects, the strength of our business in Nevada and our rock-solid balance sheet 2024 is shaping up to be a good year for Planet 13,” Groesbeck said.