Planet 13 Q1 revenue drops 24.8% to $21.1M; net loss widens to $8.1M

Planet 13 Holdings Inc.

Revenue $21.1M vs $28.0M YoY, driven by California exit and price compression in Nevada and Florida.
Net loss $8.1M vs $2.0M YoY; Adjusted EBITDA loss $2.3M vs $2.5M YoY.
Gross margin improved to 44.6% from 42.8% on California exit and cost actions; operating expenses down 22.6%.
Completed exit from California in February 2026; appointed Nancy Saitta and Leilani Bradford to board in May.
Cash and restricted cash $16.3M vs $15.6M at year-end 2025.

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