In his latest equity research report, Pablo Zuanic, senior analyst at Zuanic & Associates, delves into the third quarter of 2023 (3Q23) performance and the future trajectory of Planet 13 Holdings (OTC: PLNH).
Mixed Performance In 3Q23
The report presents a detailed analysis of the company's recent financials and forecasts its strategic direction in the coming quarters.
Zuanic notes a decrease in total sales by 3% year-over-year and 4% quarter-over-quarter, mainly due to seasonality and deflation in Nevada, which accounts for more than 80% of the sales.
However, the California unit displayed resilience with a 2% sequential increase in wholesale sales.
The report also points out a slight reduction in net cash, emphasizing the quarter's financial intricacies. Additionally, the California operations contributed about 20% of the revenues in 3Q23.
In contrast, Nevada faced challenges, with a 5% sequential fall in retail sales, reflecting the diverse …