Planet 13 Announces Q1 2026 Financial Results (Form 8-K)

Planet 13 Announces Q1 2026 Financial Results

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

Las Vegas, Nevada - May 13, 2026 - Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) ("Planet 13" or the "Company"), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month period ended March 31, 2026. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").

"Q1 was a transition quarter that reflected the cost of the strategic work we executed over the past several quarters including the California exit, the Wagon Trail consolidation in Nevada, and the disciplined cost reduction across the organisation. With that work substantially behind us, Q2 is the first quarter the repositioned company will operate without those transition costs in our results," said Larry Scheffler, Co-CEO of Planet 13.

"The federal medical rescheduling rule that took effect in April is the most consequential development our industry has seen in over five years, and it directly benefits Planet 13's largest revenue contributor in Florida. Combined with the adult-use rescheduling proceeding scheduled for hearings in June and July, and hemp regulations taking effect through the back half of 2026, the federal landscape this business operates in has materially shifted in our favor. The structural repositioning we have executed over the past eighteen months has positioned the company to participate in that improving environment from a much stronger operating base," said Bob Groesbeck, Co-CEO of Planet 13.

Financial Highlights - Q1 - 2026

Operating Results

All comparisons below are to the quarter ended March 31, 2025, unless otherwise noted

Balance Sheet

All comparisons below are to December 31, 2025, unless otherwise noted

Q1 Highlights and Recent Developments

For a more comprehensive overview of these highlights and recent developments, please refer to Planet 13's press releases.

Results of Operations (Summary)

The following tables set forth consolidated statements of financial information for the three-month periods ending March 31, 2026, and March 31, 2025.

Financial Highlights

Results of Operations

The Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, is available on the SEC's website at www.sec.gov or at https://planet13.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+ at https://www.sedarplus.ca/ and on its website at https://planet13.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 Call

Planet 13 will host a conference call on May 13, 2026 at 5:00 p.m. ET to discuss its first quarter financial results and provide investors with key business highlights, strategy, and outlook. The call will be chaired by Robert Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Steve McLean, Interim CFO.

CONFERENCE CALL DETAILS

Date: May 13, 2026 | Time: 5:00 p.m. EST

Call registration link: https://registrations.events/direct/Q4I9280335

PARTICIPANT DIAL-IN NUMBERS:
USA / International Toll +1.646.307.1951
USA - Toll-Free +1.888.500.3691

Non-GAAP Financial Measures

There 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:

For more information on Planet 13, visit the investor website (https://planet13.com/investors/).

About Planet 13

Planet 13 (https://planet13.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in Nevada, Illinois, and Florida. Home to the nation's largest dispensary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption lounge in Las Vegas, DAZED!, the opening of its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 operates dispensaries across Florida, a key market in its expansive footprint. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. To learn more, visit planet13.com.