What is Glass House Brands Inc's earnings per share (EPS)?

Glass House Brands Inc (GHBWF) reported diluted earnings per share of $-0.55 for fiscal year 2025. This represents a -161.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Glass House Brands Inc Financials

GHBWF

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Glass House Brands Inc (GHBWF) financial statements, including the 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).

Rhea AI GHBWF FY2025 2026-04-22

FY2025 shows working-capital strain and heavier leverage overwhelming a business that still produced $11.4M of operating cash.

The least obvious shift is that profit weakness and cash weakness came from different places: net loss widened to -$29.7M as gross margin fell to 42.3%, but free cash flow turned to -$15.7M mainly because inventory expanded to $26.2M while capital spending rose to $27.2M. That combination means the business still converted sales into some cash at the operating line, yet more cash became trapped in stock on hand and reinvestment than the core operation released.

FY2024 looked like a narrow break-even year, but FY2025 reversed that progress: revenue slipped to $182.0M from $200.9M, and operating margin moved from 2.9% back to -9.1%. Because SG&A stayed high at $64.1M even as gross profit fell to $77.0M, the cost base appears less flexible than the top line.

The balance sheet tells a split story. Short-term liquidity improved as the current ratio rose to 1.8x from 1.0x, but capital structure became much tighter: cash dropped to $23.4M while total liabilities climbed to $244.6M, pushing debt to equity up to 0.9x from 0.4x. In plain terms, near-term bills look easier to cover, yet the company is relying more heavily on borrowed obligations overall.

Financial Health Signals

Financial health score pending refresh

We are recalculating Glass House Brands Inc's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

3/8

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.

Earnings Quality Mixed

-0.39x

For every $1 of reported earnings, Glass House Brands Inc generates $-0.39 in operating cash flow ($11.4M OCF vs -$29.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-2.3x

Glass House Brands Inc earns $-2.3 in operating income for every $1 of interest expense (-$16.5M vs $7.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$182.0M

YoY-9.4%

5Y CAGR+30.4%

Glass House Brands Inc generated $182.0M in revenue in fiscal year 2025. This represents a decrease of 9.4% from the prior year.

EBITDA

-$1.5M

YoY-107.7%

Glass House Brands Inc's EBITDA was -$1.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 107.7% from the prior year.

Net Income

-$29.7M

YoY-5814.6%

Glass House Brands Inc reported -$29.7M in net income in fiscal year 2025. This represents a decrease of 5814.6% from the prior year.

EPS (Diluted)

$-0.55

YoY-161.9%

Glass House Brands Inc earned $-0.55 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 161.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$15.7M

YoY-186.9%

Glass House Brands Inc generated -$15.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 186.9% from the prior year.

Cash & Debt

$23.4M

YoY-36.8%

5Y CAGR+38.8%

Glass House Brands Inc held $23.4M in cash against $68.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

42.3%

YoY-6.2pp

5Y CAGR+3.5pp

Glass House Brands Inc's gross margin was 42.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 6.2 percentage points from the prior year.

Operating Margin

-9.1%

YoY-11.9pp

5Y CAGR+3.4pp

Glass House Brands Inc's operating margin was -9.1% in fiscal year 2025, reflecting core business profitability. This is down 11.9 percentage points from the prior year.

Net Margin

-16.3%

YoY-16.6pp

5Y CAGR+18.2pp

Glass House Brands Inc's net profit margin was -16.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 16.6 percentage points from the prior year.

Return on Equity

-40.1%

YoY-40.6pp

5Y CAGR+23.3pp

Glass House Brands Inc's ROE was -40.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 40.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$27.2M

YoY+164.0%

5Y CAGR+47.8%

Glass House Brands Inc invested $27.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 164.0% from the prior year.

GHBWF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$182.0M-9.4%	$200.9M+24.9%	$160.8M+89.5%	$84.9M+34.3%	$63.2M+30.9%	$48.3M
Cost of Revenue	$105.0M+1.5%	$103.5M+29.6%	$79.9M+24.5%	$64.2M+35.4%	$47.4M+60.6%	$29.5M
Gross Profit	$77.0M-21.0%	$97.4M+20.3%	$81.0M+290.9%	$20.7M+31.1%	$15.8M-15.7%	$18.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$64.1M+6.6%	$60.1M+13.6%	$52.9M+16.1%	$45.6M+34.9%	$33.8M+81.3%	$18.6M
Operating Income	-$16.5M-388.2%	$5.7M+111.6%	-$49.5M+12.2%	-$56.4M-55.9%	-$36.2M-502.6%	-$6.0M
Interest Expense	$7.1M-23.1%	$9.2M-6.5%	$9.8M+29.0%	$7.6M+178.0%	$2.7M+25.6%	$2.2M
Income Tax	$11.9M+13.7%	$10.5M+5.6%	$9.9M+326.7%	-$4.4M-317.9%	$2.0M-68.6%	$6.4M
Net Income	-$29.7M-5814.6%	$519K+100.5%	-$98.3M-198.7%	-$32.9M+23.7%	-$43.1M-158.7%	-$16.7M
EPS (Diluted)	$-0.55-161.9%	$-0.21+87.0%	$-1.62-95.2%	$-0.83+25.2%	$-1.11-42.3%	$-0.78

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

GHBWF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
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

Metric	Q4'25	Q4'24	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
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

GHBWF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$11.4M-59.7%	$28.4M+22.3%	$23.2M+156.9%	-$40.8M-101.1%	-$20.3M-163.5%	-$7.7M
Capital Expenditures	$27.2M+164.0%	$10.3M-16.4%	$12.3M-55.7%	$27.8M-74.4%	$108.5M+2717.6%	$3.9M
Free Cash Flow	-$15.7M-186.9%	$18.1M+65.8%	$10.9M+115.9%	-$68.6M+46.8%	-$128.8M-1015.2%	-$11.5M
Investing Cash Flow	-$27.7M-169.5%	-$10.3M+19.0%	-$12.7M+56.5%	-$29.2M+73.8%	-$111.5M-1344.5%	-$7.7M
Financing Cash Flow	$2.7M+119.9%	-$13.7M-274.1%	$7.9M-73.8%	$30.1M-83.4%	$181.3M+946.9%	$17.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

GHBWF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	42.3%-6.2pp	48.5%-1.9pp	50.3%+25.9pp	24.4%-0.6pp	25.0%-13.8pp	38.8%
Operating Margin	-9.1%-11.9pp	2.9%+33.7pp	-30.8%+35.6pp	-66.4%-9.2pp	-57.3%-44.8pp	-12.4%
Net Margin	-16.3%-16.6pp	0.3%+61.4pp	-61.1%-22.3pp	-38.8%+29.4pp	-68.2%-33.7pp	-34.5%
Return on Equity	-40.1%-40.6pp	0.4%+109.9pp	-109.5%-90.0pp	-19.5%+4.2pp	-23.7%+39.7pp	-63.4%
Return on Assets	-9.3%-9.5pp	0.2%+32.5pp	-32.4%-23.0pp	-9.4%+5.6pp	-15.0%+9.0pp	-24.0%
Current Ratio	1.78+0.8	0.99+0.4	0.56-0.2	0.72-0.5	1.24+0.3	0.94
Debt-to-Equity	0.93+0.5	0.43-0.2	0.63+0.3	0.37+0.1	0.25-0.3	0.58
FCF Margin	-8.6%-17.6pp	9.0%+2.2pp	6.8%+87.6pp	-80.8%+123.0pp	-203.8%-179.9pp	-23.9%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.78+0.8	0.99+0.4	0.56-0.2	0.72-0.5	1.24+0.3	0.94
Debt-to-Equity	0.93+0.5	0.43-0.2	0.63+0.3	0.37+0.1	0.25-0.3	0.58
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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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) generated -$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) has an earnings quality ratio of -0.39x, considered mixed quality. 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) has an interest coverage ratio of -2.3x, meaning it can struggle to cover its interest obligations. 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.