Q1 2024 Revenue of $22.9 million Q1 2024 Net loss of $5.9 million Q1 2024 Adjusted EBITDA loss of $0.0 million All figures are reported in United States dollars ($) unless otherwise indicated LAS VEGAS, May 09, 2024 (GLOBE NEWSWIRE) -- 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, 2024. Planet 13's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). "With the recent news around rescheduling from schedule I to schedule III, it is an exciting time to be in the cannabis industry. The removal of the punishing 280e tax treatment fundamentally alters our cash flow and net income potential. We are preparing to capitalize on this change by instituting a new growth plan aimed at offsetting the continued pricing pressure in the Nevada market. Emblematic of this strategy is the growth from our growing Neighborhood store network which counterbalanced the decline in the Nevada market. With the close of VidaCann we are going to continue adding Neighborhood stores, increasing revenue and operating leverage to allow us to generate more cashflow, particularly as we approach the post 280e tax landscape," stated Larry Scheffler, Co-CEO of Planet 13. "The beginning of 2024 has seen significant strides in advancing our growth objectives. We opened our DAZED! cannabis lounge in April, and we are on the verge of closing the VidaCann acquisition, giving us a top-10 position in the Florida market. The VidaCann team has driven incredible growth over the last year, and we eagerly anticipate sustaining this momentum as the state moves towards the thrilling possibility of adult-use legalization," commented Bob Groesbeck, co-CEO of Planet 13. "This is just the start of an exciting multi-year growth plan as we take Planet 13 from a local brand with a global following to a true national brand." Financial Highlights – Q1 – 2024 Operating Results All comparisons below are to the quarter ended March 31, 2023, unless otherwise noted Revenue was $22.9 million as compared to $24.9 million, a decrease of 8.2%. Lower sales at the SuperStore and in wholesale offset growth from the Planet 13 Neighborhood store network. Gross profit was $10.5 million or 45.8% as compared to $10.9 million or 43.7%. The improvement in gross margin was driven by a decrease in product discounting at retail. Total expenses were $14.1 million as compared to $15.3 million, a decrease of 7.6%.  Net loss of $5.9 million as compared to a net loss of $8.5 million.  Adjusted EBITDA loss of $0.0 million as compared to Adjusted EBITDA loss of $1.3 million. Adjusted EBITDA margin was higher due to better gross margin performance and strong cost control. Balance Sheet All comparisons below are to December 31, 2023, unless otherwise noted Cash of $20.8 million as compared to $11.8 million Total assets of $157.4 million as compared to $151.7 million Total liabilities of $45.6 million as compared to $44.1 million Q1 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 Ended March 31, 2024 (the "MD&A"). On January 22, 2024, Planet 13 entered into a definitive agreement to sell Planet 13 Florida Inc. which holds its redundant Medical Marijuana Treatment Center license in Florida. On February 8, 2024, Planet 13 announced an expansion of the leadership team and board. On March 4, 2024, Planet 13 announced the commencement of an underwritten public offering of units. On March 7, 2024, Planet 13 closed the previously announced public offering of units. On April 5, 2024, Planet 13 announced the opening of DAZED! lounge. On April 29, 2024, Planet 13 announced it had received approval from the OMMU for the VidaCann acquisition. On April 30, 2024, Planet 13 announced the launch of new Medizin Branded Topicals powered by Planet 13. On May 6, 2024, Planet 13 announced the closing of the sale of Planet 13 Florida Inc. which holds its Medical Marijuana Treatment Center license in Florida. Results of Operations (Summary) The following tables set forth consolidated statements of financial information for the three-month periods ending March 31, 2024, and March 31, 2023. Financial Highlights Results of Operations (Figures in millions   For the Three Months Ended         and % change based   March 31,   March 31,         on these figures)   2024   2023   change                           Total Revenue   $ 22.9     $ 24.9       -8.2 % Gross Profit   $ 10.5     $ 10.9       -3.7 % Gross Profit %     45.8 %     43.7 %     4.9 % Operating Expenses   $ 12.0     $ 12.4       -3.0 % Operating Expenses %     52.4 %     49.6 %     5.7 % Net Loss Before Provision for Income Taxes   $ (3.5 )   $ (6.1 )     -42.6 % Net Loss   $ (5.9 )   $ (8.5 )     -30.7 % Adjusted EBITDA   $ (0.0 )   $ (1.3 )     -97.0 % Adjusted EBITDA Margin %     -0.2 %     -5.3 %                                   The Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, 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 9, 2024 at 6:00 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 Dennis Logan, CFO. CONFERENCE CALL DETAILS Date: May 9, 2024 | Time: 6:00 p.m. ESTParticipant Dial-in: Toll Free 888-506-0062 or International 973-528-0016. Access Code 707676Replay Dial-in: Toll Free 877-481-4010 or International 919-882-2331(Available for 2 weeks)Reference Number: 50504Listen to webcast: https://www.webcaster4.com/Webcast/Page/2477/50504 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: Reconciliation of Non-GAAP Adjusted EBITDA                         (Figures in millions   For the Three Months Ended         and % change based   March 31,   March 31,         on these figures)   2024   2023   change                           Net Income (Loss)   $ (5.9 )   $ (8.5 )     -30.7 % Add impact of:                         Interest income, net   $ (0.0 )   $ (0.1 )     -78.9 % Provision for income taxes   $ 2.3     $ 2.3       0.5 % Depreciation and amortization   $ 2.1     $ 2.2       -7.9 % Depreciation included in cost of goods sold   $ 1.0     $ 1.0       -6.0 % EBITDA   $ (0.5 )   $ (3.0 )     -82.2 % Change in fair value of warrants   $ -     $ (0.0 )     -100.0 % Share-based compensation and related premiums   $ 0.1     $ 0.7       -85.5 % Professional fees expensed related to M&A activities   $ 0.0     $ 1.0       -95.2 % Professional fees expensed related to El Capitan Matter   $ 0.3     $ -       0.0 % Adjusted EBITDA   $ (0.0 )   $ (1.3