Planet 13 Hldgs Inc Nev

Ladies and gentlemen, thank you for standing by. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to the Planet 13 Holdings fourth quarter and full year 2025 financial results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. And I would now like to turn the conference over to Mark Kindersma, Head of Investor Relations. Please go ahead.

Thank you. Good afternoon, everyone, and thanks for joining us today. Plan 13 Holdings' fourth quarter and full year 2025 financial results were released today. The press release, the company's annual report, Form 10-K, including the MD&A and financial statements are available on Edgar, Cedar Plus, as well as on our website, plan13.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, but that management's expectations or estimates of future developments, circumstances, or results will materialize. Risk factors that can affect the results are detailed in the company's public filings that are made available with the United States Securities and Exchange Commission and on CEDAR+. We encourage listeners to read those statements in conjunction with today's call. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events. In addition, we will refer to both GAAP and non-GAAP financial measures. For information regarding our non-GAAP financial measures and reconciliation to the most directly comparable GAAP measures, please refer to today's press release posted on our website. Plan 13's financial statements present in U.S. dollars and the results discussed during this call are in U.S. dollars unless otherwise indicated. On the call today, we have Larry Scheffler, Co-Chairman and Co-CEO, Bob Groesbeck, Co-Chairman and Co-CEO, and Steve McClain, Interim CFO. I will now pass the call over to Larry Scheffler, Co-CEO, Planet 13 Holdings.

Larry? Good afternoon, and thanks for joining us. Q4 was a better quarter, where the work we've been doing began to show up in the results. We're not yet where we ultimately want to be, but this was a meaningful step in the right direction. I'll walk through our operational performance. Steve will take you through the financials, and Bob will cover the strategic picture. In Q4, the Superstore, including Dave's, generated $9.2 million, essentially flat from Q3. The Las Vegas environment continues to be a genuine headwind. Visitor volume was down 6.3% year over year, and the average visitor spending downtown fell 15.6% over the same period. as a destination experience built around the tourists, we feel both of these pressures. I'd also note that the F1 race in November displaced approximately four days of normal retail traffic at the Superstore, and yet revenue still came in essentially flat with Q3. That tells you something about the underlying run rate of that business. Stripping out the F1 disruption, Q4 was actually a modestly better quarter than the headline suggests. Visitor volume on a sequential basis was flat, so the macro environment isn't deteriorating further. But we're not yet seeing the recovery that moved the needle at the Superstore. Our neighborhood store network delivered $14 million in revenue, with Florida representing $10.3 million of that total. I should note that the Florida results did include a one-time benefit from a loyalty accrual adjustment, Excluding that item and setting aside California, which we have now exited, we saw approximately 8% sequential growth over the remaining neighborhood stores in Florida, Illinois, and Nevada. We called Q3 the trough last quarter, and Q4 delivered the stabilization we expected. The foundation heading into 2026 is stronger. Combined, our superstore and neighborhood network generated $23.2 million in total retail revenue compared to $21.3 million in Q3, a sequential improvement that reflects the stabilization we've been working towards. Wholesale revenue was $2 million compared to $2.1 million in Q3, though that decline was entirely attributable to winding down California operations. Nevada wholesale was up 38% sequentially, which reflects the hotel's team restructuring we executed in Q2. It's encouraging to see the operational steps we took last year beginning to show up in the numbers. Stabilization in the neighborhood network, wholesale momentum in Nevada, and a cleaner portfolio heading into 2026. The Nevada tourist environment remains a headwind, but we're positioned to benefit as year-over-year comparisons become more favorable. We've done the restructuring work. The 2026 focus is converting those actions into positive cash flow. With that, I turn it over to Steve to walk you through the financials.