Glass House Brands Inc Financials
Newest figures come from the 10-K for FY2025, filed Mar 24, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GHBWF SEC filings page.
Glass House Brands Inc (GHBWF) reported $182.0M in revenue for fiscal year 2025, down 9.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A capital-intensive reversal exposed margin compression, inventory accumulation, and rising leverage that now absorb operating cash.
FY2025’s cash conversion broke at the reinvestment line: operating cash flow of$11.4M was less than capital spending of$27.2M , turning free cash flow negative after positive FCF in FY2024. The business generated cash from operations, but its reinvestment burden exceeded that internal funding.
Gross margin fell from
Liabilities rose to
Financial Health Signals
Glass House Brands Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Glass House Brands Inc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Glass House Brands Inc reported a net loss of $29.7M while generating $11.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Glass House Brands Inc reported an operating loss of $16.5M against $7.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Glass House Brands Inc held $23.4M in cash against $68.6M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
GHBWF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
GHBWF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q4'2410-K | Q4'23 | Q4'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|
| Total Assets | $318.6M+2.6% | $310.5M+2.2% | $303.8M-13.4% | $350.6M+21.9% | $287.6M+313.5% | $69.5M |
| Current Assets | $67.7M+2.5% | $66.1M+34.3% | $49.2M+26.5% | $38.9M-43.3% | $68.6M+271.6% | $18.5M |
| Cash & Equivalents | $23.4M-36.8% | $36.9M+13.5% | $32.5M+129.9% | $14.1M-73.8% | $54.1M+1092.1% | $4.5M |
| Inventory | $26.2M+84.0% | $14.3M+61.2% | $8.8M-19.3% | $11.0M+67.8% | $6.5M-4.9% | $6.9M |
| Accounts Receivable | $4.4M-15.4% | $5.2M+31.2% | $4.0M-16.9% | $4.8M+94.3% | $2.5M-52.1% | $5.1M |
| Goodwill | N/A | $0 | $0-100.0% | $37.8M+668.4% | $4.9M+2.1% | $4.8M |
| Total Liabilities | $244.6M+67.0% | $146.4M-7.6% | $158.5M+22.4% | $129.5M+22.6% | $105.6M+144.2% | $43.3M |
| Current Liabilities | $38.0M-42.9% | $66.5M-23.9% | $87.4M+61.8% | $54.0M-2.2% | $55.2M+181.8% | $19.6M |
| Non-Current Liabilities | $206.7M+158.4% | $80.0M+12.3% | $71.2M-5.7% | $75.5M+49.8% | $50.4M+113.0% | $23.7M |
| Long-Term Debt | $68.6M+35.8% | $50.6M-10.5% | $56.5M-9.8% | $62.6M+39.7% | $44.8M+191.6% | $15.4M |
| Total Equity | $73.9M-36.4% | $116.2M+29.5% | $89.8M-46.8% | $168.9M-7.3% | $182.1M+593.2% | $26.3M |
| Retained Earnings | -$220.1M-15.6% | -$190.4M+0.3% | -$190.9M-106.0% | -$92.7M-55.1% | -$59.8M-258.7% | -$16.7M |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
GHBWF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
GHBWF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Glass House Brands Inc GHBWF | FY2025 | $182.0M | -$29.7M | -16.3% | N/A | — |
| Ayr Wellness Inc. AYRWF | FY2024 | $463.6M | -$359.3M | -77.5% | $432K | — |
| C21 Investments CXXIF | FY2026 | $32.6M | -$3.2M | -10.0% | $31.4M | — |
Where Glass House Brands Inc Ranks
Frequently Asked Questions
What is Glass House Brands Inc's annual revenue?
Glass House Brands Inc (GHBWF) reported $182.0M in total revenue for fiscal year 2025. This represents a -9.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Glass House Brands Inc's revenue growing?
Glass House Brands Inc (GHBWF) revenue declined by 9.4% year-over-year, from $200.9M to $182.0M in fiscal year 2025.
Is Glass House Brands Inc profitable?
No, Glass House Brands Inc (GHBWF) reported a net income of -$29.7M in fiscal year 2025, with a net profit margin of -16.3%.
What is Glass House Brands Inc's EBITDA?
Glass House Brands Inc (GHBWF) had EBITDA of -$1.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Glass House Brands Inc have?
As of fiscal year 2025, Glass House Brands Inc (GHBWF) had $23.4M in cash and equivalents against $68.6M in long-term debt.
What is Glass House Brands Inc's gross margin?
Glass House Brands Inc (GHBWF) had a gross margin of 42.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Glass House Brands Inc's operating margin?
Glass House Brands Inc (GHBWF) had an operating margin of -9.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Glass House Brands Inc's net profit margin?
Glass House Brands Inc (GHBWF) had a net profit margin of -16.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Glass House Brands Inc's return on equity (ROE)?
Glass House Brands Inc (GHBWF) has a return on equity of -40.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Glass House Brands Inc's free cash flow?
Glass House Brands Inc (GHBWF) recorded an outflow of $15.7M in free cash flow during fiscal year 2025. This represents a -186.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Glass House Brands Inc's operating cash flow?
Glass House Brands Inc (GHBWF) generated $11.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Glass House Brands Inc's total assets?
Glass House Brands Inc (GHBWF) had $318.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Glass House Brands Inc's capital expenditures?
Glass House Brands Inc (GHBWF) invested $27.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Glass House Brands Inc's current ratio?
Glass House Brands Inc (GHBWF) had a current ratio of 1.78 as of fiscal year 2025, which is generally considered healthy.
What is Glass House Brands Inc's debt-to-equity ratio?
Glass House Brands Inc (GHBWF) had a debt-to-equity ratio of 0.93 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Glass House Brands Inc's return on assets (ROA)?
Glass House Brands Inc (GHBWF) had a return on assets of -9.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Glass House Brands Inc's Piotroski F-Score?
Glass House Brands Inc (GHBWF) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Glass House Brands Inc's earnings high quality?
Glass House Brands Inc (GHBWF) reported a net loss of $29.7M while generating $11.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Glass House Brands Inc cover its interest payments?
Glass House Brands Inc (GHBWF) reported an operating loss of $16.5M against $7.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.