Greenlane Holdings, Inc. GNLN
in 2005, Greenlane is a public company whose primary strategic focus is a digital asset treasury strategy centered on BERA. We also continue
to operate a reduced-scale wholesale and distribution business through an asset-light drop-ship model.
October 2025, we undertook a substantial strategic transition from a traditional wholesale and distribution operating model to a digital
asset treasury strategy centered on BERA, the native digital asset of the layer-1 blockchain protocol known as Berachain ("Berachain").
Last close
1.92
2026-10-23
Market cap
$1.3M
2026-06-30 share count
52-week range
1.51 - 27.92
Valuation FY2025 figures against the last close
P/S0.3x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-11.42
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.4M | $13.3M | $65.4M | $137.1M | $166.1M | $138.3M | $185.0M | $178.9M | — |
| Cost of revenue | $16.8M | $7.0M | $47.5M | $112.1M | $132.2M | $115.5M | $153.9M | $143.2M | — |
| Gross profit | -$12.5M | $6.3M | $17.8M | $25.0M | $33.9M | $22.8M | $31.1M | $35.7M | — |
| SG&A | $10.6M | $9.8M | $24.2M | $41.0M | $47.9M | $35.3M | $23.6M | $17.5M | — |
| Total operating expenses | $41.8M | $18.1M | $43.9M | $209.1M | $86.6M | $71.7M | $56.0M | $38.2M | — |
| Operating income | -$54.2M | -$11.8M | -$26.1M | -$184.1M | -$52.7M | -$49.0M | -$24.9M | -$2.5M | — |
| Interest expense | $394.0K | $5.9M | $5.5M | $2.5M | $574.0K | $437.0K | $975.0K | $3.2M | — |
| Pre-tax income | -$85.6M | -$17.7M | -$32.3M | -$182.2M | -$53.4M | -$47.5M | -$28.9M | -$5.6M | — |
| Income tax | $7.0K | — | — | $13.0K | $10.0K | $194.0K | $10.9M | $319.0K | — |
| Net income | -$85.6M | -$17.6M | -$32.2M | -$169.5M | -$30.6M | -$14.5M | -$28.8M | -$5.9M | — |
| EPS, basic | -11.42 | -14.56 | -8.16 | -22.51 | -15.85 | -1.22 | — | — | — |
| EPS, diluted | -11.42 | -14.56 | -8.16 | -22.51 | -15.85 | -1.22 | -0.96 | — | — |
| Shares, diluted (wtd. avg.) | 7.5M | 1.2M | 363,000 | 753,000 | 1.9M | 11.9M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $32.5M | $899.0K | $463.0K | $12.2M | $12.9M | $30.4M | $47.8M | $7.3M | $2.1M |
| Receivables | $1.6M | $4.3M | $1.7M | $6.5M | $14.7M | $6.3M | $8.1M | $8.2M | — |
| Inventory | — | $14.2M | $20.5M | $40.6M | $67.0M | $36.1M | $43.1M | $29.5M | — |
| Total current assets | $36.1M | $23.8M | $29.8M | $76.7M | $124.7M | $96.1M | $115.0M | $57.1M | — |
| Property, plant and equipment | $253.0K | $1.4M | $2.5M | $4.0M | — | $12.2M | $13.2M | $11.6M | — |
| Goodwill | — | — | — | $0 | $41.9M | $3.3M | $12.0M | $5.4M | — |
| Other intangibles | — | — | — | $4.6M | $84.7M | $5.9M | $6.3M | $3.7M | — |
| Total assets | $74.9M | $28.6M | $38.1M | $89.7M | $285.8M | $122.7M | $153.2M | $78.0M | — |
| Accounts payable | $5.4M | $9.8M | $12.1M | $15.0M | $23.0M | $18.4M | $11.3M | $20.2M | — |
| Short-term debt | — | $7.7M | $7.3M | $3.2M | $11.6M | $182.0K | $178.0K | $168.0K | — |
| Total current liabilities | $7.2M | $22.3M | $26.1M | $35.7M | $71.0M | $41.9M | $26.3M | $30.4M | — |
| Long-term debt | — | $7.7M | $7.3M | $13.0M | $10.6M | $7.8M | $8.0M | $48.4M | — |
| Total liabilities | $7.2M | $22.3M | $27.1M | $50.7M | $89.5M | $53.4M | $38.9M | $79.0M | — |
| Retained earnings | -$360.5M | -$274.9M | -$257.3M | -$225.1M | -$55.5M | -$24.8M | -$9.7M | $0 | — |
| Total equity | $67.9M | $6.4M | $11.0M | $39.0M | $196.4M | $69.3M | $114.3M | -$11.1M | $9.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$16.3M | -$6.8M | -$1.8M | -$26.4M | -$37.3M | -$12.3M | -$36.9M | -$13.6M | — |
| Depreciation and amortisation | $493.0K | $800.0K | $2.2M | $3.3M | $2.1M | $1.1M | $1.2M | $400.0K | — |
| Stock-based compensation | $4.6M | $100.0K | $284.0K | $2.3M | $5.7M | $853.0K | $8.0M | $4.1M | — |
| Capital expenditure | $98.0K | $244.0K | $1.0M | $2.8M | $4.4M | $1.8M | $2.0M | $10.9M | — |
| Investing cash flow | -$8.3M | -$244.0K | $30.0K | $12.0M | -$19.7M | -$4.1M | -$3.7M | -$10.2M | — |
| Financing cash flow | $56.1M | $7.4M | -$10.1M | $13.9M | $39.0M | -$1.1M | $81.0M | $29.1M | — |
| Buybacks | — | — | — | — | — | — | $515.0K | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-020592.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $178.9M | $185.0M | $138.3M | $166.1M | $137.1M | $65.4M | $13.3M | $4.4M |
| Gross profit | — | $35.7M | $31.1M | $22.8M | $33.9M | $25.0M | $17.8M | $6.3M | -$12.5M |
| Net income | — | -$5.9M | -$28.8M | -$14.5M | -$30.6M | -$169.5M | -$32.2M | -$17.6M | -$85.6M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Results announced Item 2.02
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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