Planet 13 Announces Full Year 2020 Financial Results and Q1 2021 Revenue

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  • Q1 2021 Revenue of $23.8 million, including $9.7 million in March
  • 2020 Revenue of $70.5 million
  • Planet 13 accounted for 8.2% of all Nevada cannabis dispensary revenue in Q4
  • 2020 EBITDA of $8.9 million

All figures are reported in United States dollars ($) unless otherwise indicated

LAS VEGAS, NV / ACCESSWIRE / April 5, 2021 / Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) (“Planet 13” or the “Company“), a leading vertically-integrated Nevada cannabis company, today announced its financial results for the three-month and twelve-month period ended December 31, 2020. Planet 13’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

“Based on our performance in March 2021, it is clear that Las Vegas is back.” Said Larry Scheffler, Co-CEO of Planet 13. “We dwarfed our single month record with $9.7 million in revenue in March, and we believe that as more people get vaccinated and Las Vegas continues to open, revenue will continue to increase. Looking back on 2020, we weathered the perfect storm of COVID-19 and the resulting 55% decrease in tourism and still increased revenue year over year, generating over $70 million while maintaining our share of the Nevada market.”

“With the rapid turn-around we’ve seen in Q1 and especially in March, it is clear that the improvements we made over the last year will pay dividends as normalcy returns to Las Vegas,” commented Bob Groesbeck, Co-CEO of Planet 13. “With tourism back on track, the SuperStore is performing well. Furthermore, our local-focused offerings including Medizin, curbside and delivery, and wholesale are helping us take a greater share of that market. Outside of Las Vegas, the Orange County SuperStore in California is on track and on budget for our projected opening in July. We poured everything we learned from two years running the greatest cannabis store in the world, into our Orange County location and are confident that this store will redefine the cannabis retail experience in California.”

Financial Highlights – Q4 – 2020

Operating Results

All comparisons below are to the quarter ended December 31, 2019, unless otherwise noted

  • Revenues were $20.1 million as compared to $16.5 million, an increase of 21.8%
  • Gross profit before biological adjustments was $7.5 million or 37.1% as compared to $9.4 million or 57.1%
  • Operating expenses, excluding non-cash compensation expense and depreciation and amortization, was $8.0 million as compared to $7.1 million, an increase of 13.1%
  • Net loss before taxes of $1.2 million as compared to a net loss of $0.9 million
  • Net loss of $2.9 million as compared to a net loss of $2.6 million
  • Adjusted EBITDA of $0.3 million as compared to Adjusted EBITDA of $2.6 million

Balance Sheet

All comparisons below are to December 31, 2019, unless otherwise noted

  • Cash of $79.0 million as compared to $12.8 million
  • Total assets of $150.0 million as compared to $62.9 million
  • Total liabilities of $29.3 million as compared to $21.6 million

Financial Highlights – Full Year – 2020 

All comparisons below are to the year ended December 31, 2019, unless otherwise noted

  • Revenues were $70.5 million as compared to $63.6 million, an increase of 10.8%
  • Gross profit before biological adjustments was $34.2 million or 48.5% as compared $36.5 million or 57.3%
  • Operating expenses, excluding non-cash compensation expense, were $28.0 million as compared to $26.8 million, an increase of 4.3%
  • Net loss before taxes of $0.8 million as compared to a net profit of $0.5 million
  • Net loss of $7.9 million as compared to a net loss of $6.7 million
  • Adjusted EBITDA of $8.9 million as compared to Adjusted EBITDA of $10.2 million

Q4 Highlights and Recent Developments 

For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13’s Management’s Discussion and Analysis of the Financial Condition and Results of Operations for the Three Months and Twelve Months Ended December 31, 2020 (the “MD&A“).

  • On October 13, 2020, Planet 13 announced the addition of non-cannabis retail space to the Las Vegas SuperStore.
  • On October 19, 2020, Planet 13 announced expanding the dispensary floor of the Las Vegas SuperStore.
  • On October 19, 2020, Planet 13 announced a CDN$20 million bought deal public offering.
  • On October 20, 2020, Planet 13 announced an upsize to bought deal public offering to CDN$25 million.
  • On November 5, 2020, Planet 13 announced the closing of a CDN$28.8 million bought deal public offering.
  • On November 20, 2020, Planet 13 announced opening the Medizin dispensary.
  • On November 27, 2020, Planet 13 announced second closing under its asset purchase agreement.
  • On December 10, 2020, Planet 13 announced winning multiple awards at Las Vegas Jack Herer Cup.
  • On January 12, 2021, Planet 13 announced a CDN$50 million bought deal and upsizeing.
  • On February 2, 2021, Planet 13 announced closing of CDN$69 million bought deal.
  • On February 3, 2021, Planet 13 announced the start of construction on the Orange County SuperStore.
  • On March 15, 2021 Planet 13 announced a partnership with Curaleaf Select to open shop-in-shop.

Results of Operations (Summary)

The following tables set forth consolidated statements of financial information for the three-month and twelve-month periods ending December 31, 2020 and December 31, 2019. For further information regarding the Company’s financial results for these periods, please refer to the Company’s annual financial statements for the period ended December 31, 2020 together with the MD&A, available on Planet 13’s issuer profile on SEDAR at www.sedar.com and the Company’s website https://www.planet13holdings.com.

Adjusted EBITDA

NV Cannabis OpsConsolidatedConsolidatedNV Cannabis OpsConsolidated
Three MonthsThree MonthsThree MonthsYearYearYear
EndedEndedEndedPercentageEndedEndedEndedPercentage
Dec-31-2020Dec-31-2020Dec-31-2019ChangeDec-31-2020Dec-31-2020Dec-31-2019Change
EBITDA
Profit (loss) before taxes(227,795)(1,238,771)(914,960)35.4%4,896,181(849,268)542,664(256.5%)
Add back:
Biological asset adjustments(1,396,910)(1,396,910)351,080(497.9%)(1,171,616)(1,171,616)480,181(344.0%)
Non-cash share based payments506,5011,694,370(70.1%)2,512,5684,822,787(47.9%)
Depreciation and amortization1,051,8941,051,894900,27816.8%4,155,7414,155,7412,845,46446.0%
Depreciation included in COGS517,177517,177157,026229.4%1,900,2881,900,288472,661302.0%
ROU Interest included in COGS325,718325,71835,524783,318783,318121,257
Interest and non-operating expense (income)538,047538,047329,29163.4%1,579,7841,579,792954,96065.4%
EBITDA808,131303,6562,552,609(88.1%)12,143,6968,910,82310,239,974(13.0%)
Margin4.0%1.5%15.4%17.2%12.6%16.1%
Expressed in USD$Three MonthsThree MonthsYearYear
EndedEndedPercentageEndedEndedPercentage
Dec-31-2020Dec-31-2019ChangeDec-31-2020Dec-31-2019Change
Revenue
Revenues, net of discounts20,139,94416,540,32421.8%70,491,28063,595,03610.8%
Cost of Goods Sold(12,670,805)(7,098,908)78.5%(36,291,251)(27,139,658)33.7%
Gross Profit, Before Biological Asset Adjustment7,469,139 9,441,416 (20.9%)34,200,029 36,455,378 (6.2%)
Gross Profit Margin %37.1%57.1%48.5%57.3%
Realized fair value amounts included in COGS377,903(695,361)(154.3%)(1,104,525)(1,500,965)(26.4%)
Unrealized fair value gain on growth of biological assets1,019,007344,281196.0%2,276,1411,020,784123.0%
Gross profit8,866,049 9,090,336 (2.5%)35,371,645 35,975,197 (1.7%)
Gross Profit Margin %44.0%55.0%50.2%56.6%
Expenses
General and Administrative7,386,9145,351,05638.0%24,667,17220,269,83921.7%
Sales and Marketing621,4641,730,301(64.1%)3,305,6406,539,483(49.5%)
Depreciation and Amortization1,051,894900,27816.8%4,155,7412,845,46446.0%
Share based payments506,5011,694,370(70.1%)2,512,5684,822,787(47.9%)
Total Expenses9,566,773 9,676,005 (1.1%)34,641,121 34,477,573 0.5%
Income (Loss) From Operations (700,724)(585,669)19.6%730,524 1,497,624 (51.2%)
Other (Income) Expense:
Interest Expense, net504,692404,33224.8%1,796,6411,306,87637.5%
Realized Foreign Exchange gain (loss)na(1,141)(100.0%)
Other expense (income)33,355(75,041)(144.4%)(216,849)(350,775)(38.2%)
Total Other Expense (Income)538,047 329,291 63.4%1,579,792 954,960 65.4%
Income (loss) for the period before tax(1,238,771)(914,960)35.4%(849,268)542,664 (256.5%)
Provision for income tax (current and deferred)1,666,5461,662,2130.3%7,092,2577,200,997(1.5%)
Income (Loss) for the period(2,905,317)(2,577,173)12.7%(7,941,525)(6,658,333)19.3%
Other Comprehensive Income (Loss)
Items that may be reclassified subsequently to profit/loss 
Foreign exchange translation adjustment333,528(24,607)128,585195,213
Net Comprehensive Income (Loss) for the period(2,571,789)(2,601,780)(7,812,940)(6,463,120)
Income (Loss) per share for the period
Basic and fully diluted loss per share$(0.02)$(0.02)$(0.05)$(0.05)
Weighted Average Number of Shares Outstanding
Basic and fully diluted175,660,734135,888,982151,825,439134,074,476

Outstanding Shares

As of April 5, 2021, the Company had 140,330,574 common shares and 55,232,940 class A convertible, restricted voting shares issued and outstanding for a total of 195,563,514 shares outstanding. There were 184,168 options issued and outstanding of which all have fully vested. There were 9,700,341 warrants outstanding and 912,095 RSU’s outstanding of which nil RSUs had fully vested as at the date of this MD&A.


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