Planet 13 Holdings Inc. announced its financial results for the third quarter ended September 30, 2026. The company reported total revenue of $23.1 million for the quarter, marking a 1.0% increase from the prior quarter. This represents the second consecutive quarter of sequential revenue growth. The year-over-year comparison showed a decrease of 0.8% compared to the same period in 2025, driven by the exit from California retail and wholesale operations, as well as lower revenue in Nevada due to reduced tourist traffic.
Financial highlights for the period include a gross profit of $13.0 million, which represents a 56.2% gross margin. This is a significant improvement from the prior year, where gross profit was $5.0 million. The company reported a net loss of $6.4 million for Q3 2026, a substantial improvement from a net loss of $44.0 million in the prior year, which included a $29.8 million impairment loss. Adjusted EBITDA was a loss of $0.2 million, compared to a loss of $4.1 million in the prior year.
On the balance sheet, Planet 13 reported cash and restricted cash totaling $15.7 million as of September 30, 2026. Total assets were reported at $139.8 million, while total liabilities stood at $107.0 million. The company noted that the improvement in Adjusted EBITDA was driven by higher gross margins and strong cost control measures.
In other developments, the registration statement on Form S-4 filed by Vireo Growth Inc. in connection with the proposed merger was declared effective by the SEC on November 2, 2026. Planet 13 stockholders are scheduled to vote on the proposed merger at a special meeting on December 10, 2026.
