Planet 13 Holdings reported second quarter 2026 revenue of $22.9 million, exceeding the $22.19 million analyst estimate. Despite a 14.9% year-over-year revenue decline driven by the company's strategic exit from the California market, consolidated gross margins improved significantly as transition costs subsided and Florida operations gained momentum.
Key Highlights
- Gross margin expanded to 53.9% from 43.4% in the prior year, though results were bolstered by a $1.0 million reduction in Florida inventory reserves.
- Florida medical operations showed significant scaling with revenue increasing 17.1% sequentially, demonstrating progress ahead of the pending merger with Vireo Growth.
- Total operating expenses decreased 17.7% to $15.2 million, helping narrow the quarterly net loss to $5.6 million from $13.3 million in the same period last year.