Q2 2024 Planet 13 Holdings Inc Earnings Call Transcript
Key Points
- Planet 13 Holdings Inc (PLNH) reported a significant 47% sequential increase in total retail revenues, reaching $27.4 million.
- The company successfully closed the acquisition of VidaCann, contributing $7.2 million to Q2 2024 revenue.
- The SuperStore generated $15.1 million, marking an 11% sequential improvement, driven by the new Dazed Consumption Lounge.
- Gross profit improved to $15.8 million in Q2 2024, with a gross margin increase to 50.1% from 45.8% in Q1.
- The company achieved a 10.3% adjusted EBITDA margin, generating $3.2 million of adjusted EBITDA in the quarter.
- There are concerns about weakening consumer demand in the second half of 2024 and early 2025, potentially impacting revenue growth.
- The Florida market is still not at the revenue per store level of leading competitors like Trulieve.
- The Nevada market is experiencing price compression and competition for local customers, affecting profitability.
- The company faces ongoing integration challenges with the VidaCann acquisition, including system and procedural adjustments.
- There is uncertainty regarding the timing and regulatory framework for potential recreational cannabis sales in Florida.
Greetings, and welcome to today's Planet 13 second-quarter 2024 conference call. (Operator Instructions)
It is now my pleasure to turn the floor over to your host, Mark tenders, my head of Investor Relations. Mark, the floor is yours.
Thank you. Good afternoon, everyone, and thanks for joining us today. Planet 13 Holdings second-quarter 2024 financial results were released today. The press release, the company's quarterly report 10-Q, including the MD&A and financial statements are available on the SEC website, EDGAR, and SEDAR+ as well as on our website, planet13holdings.com.
Before I pass the call over to management, we'd like to remind listeners that portions of today's discussion include forward-looking statements. The forward-looking statements in this conference call are made as of the date of this call. There can be no assurances that such information will prove to be accurate and the management's expectations or estimates of future developments, circumstances, or
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