Planet 13 Holdings, Inc. Q4 FY2025 earnings call

• Larry mentioned Q4 was a better quarter with operational stabilization, noting Superstore revenue flat despite Las Vegas headwinds and F1 disruption, neighborhood stores showing growth excluding California. - Steve discussed Q4 revenue growth, gross profit, and margin improvement, highlighting California divestiture impact and BHO Lab approval progress in Florida. - Bob spoke about 2025 strategic moves like exiting California, redeploying capital to Florida, BHO Lab progress, opening new dispensaries in Q4, and restructuring Nevada cultivation footprint by closing high-cost facilities.

Superstore, including Dave's, generated $9.2 million in Q4, essentially flat from Q3; Las Vegas visitor volume down 6.3% YOY, average visitor spending downtown fell 15.6% YOY, and F1 race displaced ~4 days of normal retail traffic at Superstore. Neighborhood store network delivered $14 million in revenue, with Florida representing $10.3 million; excluding a one-time benefit and California exit, remaining neighborhood stores in Florida, Illinois, and Nevada saw ~8% sequential growth. Combined superstore and neighborhood network generated $23.2 million in total retail revenue in Q4, up from $21.3 million in Q3. Wholesale revenue was $2 million in Q4, down from $2.1 million in Q3, but Nevada wholesale was up 38% sequentially. Total revenue in Q4 was $25.2 million, up from $23.3 million in Q3, with gross profit of $11.2 million and gross margin of 44.6%.

• Q2 will be the first clean quarter reflecting repositioned portfolio. - Expect margins north of 50% starting in Q1 2026. - Expect positive EBITDA full year 2026, with a small loss in Q1 due to remaining California impact but positive every quarter thereafter.

• Risks detailed in public filings, including potential differences between forward-looking statements and actual results, impacts from regulatory uncertainties, tourist headwinds, illicit competition, and federal cannabis framework penalties.

Q: About PHO-related approval in Florida and its impact on outlook, A: Operational side submitted all required docs, waiting on OMMU approval; financial side Florida is cash flow positive, BHO products will help.

Q: On Florida cultivation journey, A: Facility investment done, ongoing evolution with tweaks and new strains.

Q: On expanding SKUs in Florida with BHO facility, A: Made progress, pending approvals, expect announcements soon.

Q: On Florida store count 2026 plans, A: Adding two stores, one in Sarasota nearly online, one in St. Pete, wait and see.

Q: On Florida ballot process, A: Unoptimistic due to court decisions, may miss window.

Q: On Nevada superstore initiatives to boost traffic, A: Announced canister museum space back, negotiating entertainment options, enhancements like photo ops and reopened restaurant.

Q: On Nevada Superstore Days performance and Vegas recovery, A: Days did well, Vegas recovery needs gas prices down, room rates affordable, focusing on local customers now.

Q: On 2026 margins and EBITDA, A: Expect margins north of 50% Q1 2026, positive EBITDA full year with small Q1 loss.

Q: On hemp ban in Nevada, A: Clark County passed ordinance outlawing hemp stores on Strip, expecting $1-2 million per month revenue boost starting 2026 second half