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GNLN

Greenlane Holdings, Inc.

GNLN

Greenlane Holdings, Inc. • NASDAQ
$3.32 ▲ 1.84% (+0.06)
Market Cap $4.99 M
52w High $1425.00
52w Low $2.68
Dividend Yield 0%
P/E 0
Volume 9.65K
Outstanding Shares 1.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $737K ▼ $1.956M ▼ $-8.933M ▼ -1.212K% ▼ $-6.44 ▼ $-8.844M ▼
Q2-2025 $788K ▼ $3.258M ▼ $-3.215M ▲ -407.995% ▼ $-3.18 ▲ $-3.014M ▲
Q1-2025 $1.469M ▼ $4.196M ▼ $-3.867M ▲ -263.24% ▲ $-238.15 ▲ $-3.369M ▲
Q4-2024 $1.659M ▼ $4.532M ▲ $-8.775M ▼ -528.933% ▼ $-2.903K ▼ $-6.699M ▼
Q3-2024 $4.038M $3.565M $-3.757M -93.041% $-1.711K $-353K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.81M ▼ $17.638M ▼ $6.625M ▼ $11.162M ▼
Q2-2025 $5.724M ▼ $31.777M ▼ $11.831M ▼ $20.095M ▼
Q1-2025 $8.516M ▲ $38.104M ▲ $14.946M ▼ $23.307M ▲
Q4-2024 $899K ▼ $28.631M ▼ $22.349M ▼ $6.431M ▼
Q3-2024 $2.309M $33.819M $24.499M $9.469M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-8.933M ▼ $-3.907M ▲ $-7K ▲ $0 ▼ $-3.914M ▼ $-3.914M ▲
Q2-2025 $-3.215M ▲ $-4.45M ▼ $-52K ▼ $1.71M ▼ $-2.792M ▼ $-4.502M ▼
Q1-2025 $-3.867M ▲ $-3.445M ▼ $-16K ▲ $11.078M ▲ $7.617M ▲ $-3.461M ▼
Q4-2024 $-8.775M ▼ $-1.518M ▲ $-71K ▼ $179K ▼ $-1.41M ▼ $-1.589M ▲
Q3-2024 $-3.759M $-4.853M $-22K $7.011M $2.14M $-4.875M

Revenue by Products

Product Q4-2022Q1-2023Q2-2023Q3-2023
Consumer Goods
Consumer Goods
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Industrial Goods
Industrial Goods
 $20.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue is very small and has been shrinking, while losses have been persistent for years. Gross profit exists but is thin relative to operating costs, so the core business has not been able to cover its overhead. Operating income and EBITDA have been consistently negative, and net losses have been sizable relative to the company’s tiny scale. The extreme earnings-per-share figures largely reflect repeated reverse stock splits rather than economic improvement. Overall, the historical income statement shows a business that has struggled to reach sustainable profitability and has been in contraction, not growth.

Balance Sheet

Balance Sheet The balance sheet is light and has been shrinking since its peak a few years ago, with total assets and equity down sharply from earlier levels. Cash on hand has been modest, while debt sits at a manageable but still meaningful level relative to the company’s size. Equity is thin, which limits the cushion against further losses. Multiple reverse stock splits highlight past value erosion for existing shareholders. The recently announced large capital raise and digital asset holdings are not yet visible in these historical numbers, so the reported balance sheet understates how different the company’s financial profile may look after the pivot to crypto treasury management.

Cash Flow

Cash Flow Operating cash flow has been negative in most years, reinforcing that the legacy business has not funded itself from its own operations. Free cash flow has tracked operating cash flow closely because capital spending has been minimal, indicating the issue is not heavy investment but weak underlying profitability. This pattern suggests reliance on external funding, asset sales, or restructuring to keep the business going. The move into digital assets means future cash flows may become more volatile and heavily linked to token prices and on‑chain yields, a very different and more unpredictable cash flow profile than a traditional consumer products distributor.

Competitive Edge

Competitive Edge In its original cannabis accessories niche, Greenlane once benefitted from a broad distribution network and a portfolio of recognizable brands. However, results and commentary indicate that this advantage has eroded amid intense competition, pricing pressure, and a difficult industry backdrop. The company’s new strategy shifts its competitive focus away from logistics and branding and toward being an early institutional‑style participant in the Berachain ecosystem. Its edge now rests on access to substantial crypto capital, first‑mover status in a specific blockchain, and backing from well‑known digital-asset investors. That said, this new moat is highly dependent on the success of a single emerging crypto ecosystem and is exposed to regulatory and market risks that are much higher than in typical consumer products businesses.

Innovation and R&D

Innovation and R&D Traditional R&D in the classic sense has not been the main driver; instead, innovation has come from product design in cannabis accessories and, more recently, from financial and strategic innovation in digital assets. On the legacy side, Greenlane has launched and refreshed proprietary accessory brands, staying creative with devices and consumer offerings even as the market became tougher. The bigger shift is the "BeraStrategy": using the corporate treasury as an active digital-asset vehicle centered on Berachain. This is less about labs and patents and more about financial engineering, blockchain expertise, and the ability to manage staking, governance, and yield strategies. Future “innovation” will likely be measured by how effectively management navigates DeFi mechanics, risk controls, and regulatory changes, rather than by new physical products alone.

Summary

Historically, Greenlane looks like a small, struggling distributor with declining revenue, recurring losses, and a shrinking balance sheet that relied on financial engineering and reverse splits rather than organic strength. The core cannabis accessories business has not demonstrated durable profitability or a strong, defensible moat in recent years. The company is now attempting a radical reinvention as a crypto‑focused treasury vehicle tied closely to the Berachain ecosystem, backed by a sizable new capital injection and prominent digital-asset investors. This creates a very different risk–reward profile: less tied to consumer goods execution and far more exposed to the fortunes of a specific blockchain, token prices, and regulatory developments. Going forward, any assessment of Greenlane must treat the legacy accessories operation as a secondary, possibly declining asset, and view the company primarily as a high‑risk, high‑volatility digital asset play whose success hinges on management’s skill in a new and uncertain domain.

NEWS

November 14, 2025 · 4:15 PM UTC

Greenlane Reports Third Quarter 2025 Financial Results

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October 24, 2025 · 8:00 AM UTC

Greenlane Holdings Inc. Completes $110 Million Private Placement, Prepares to Deploy Funds to Accumulate BERA

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October 20, 2025 · 8:30 AM UTC

Greenlane Holdings Inc Announces $110 Million Private Placement to Initiate Berachain Cryptocurrency Treasury Strategy; Expected to Become One of the Largest Publicly Traded BERA Holders

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