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

Glass House Brands Inc (GLASF) 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

GLASF

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

This page shows Glass House Brands Inc (GLASF) 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 GLASF FY2025 2026-04-22

Thin operating margins and a capex-heavy footprint make profitability swing sharply even when core cash generation stays positive.

Even after the FY2024 profit crossover, FY2025's operating cash flow stayed positive at $11.4M while net income fell to -$29.7M, so the income statement looked weaker than the underlying cash engine. The real squeeze was capital intensity: capex consumed $27.2M and pushed free cash flow to -$15.7M, showing this business needs more than modest operating cash to fund itself.

The company's economics are highly sensitive to gross margin: a drop from 48.5% to 42.3% in FY2025 was enough to erase FY2024's operating profit because overhead kept rising. That pattern points to a narrow margin cushion, where a modest change in production economics can quickly overwhelm fixed costs.

Short-term liquidity improved, with the current ratio moving from 1.0x to 1.8x as current liabilities fell. But the balance-sheet posture still weakened: debt-to-equity reached 0.9x while cash slipped to $23.4M, leaving less equity support behind a more levered capital structure.

Financial Health Signals

Financial Profile 31/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Glass House Brands Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Glass House Brands Inc has an operating margin of -9.1%, meaning the company retains $-9 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 2.9% the prior year.

Growth

Glass House Brands Inc's revenue declined 9.4% year-over-year, from $200.9M to $182.0M. This contraction results in a growth score of 44/100.

Leverage

Glass House Brands Inc carries a low D/E ratio of 0.93, meaning only $0.93 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 83/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Glass House Brands Inc's current ratio of 1.78 indicates adequate short-term liquidity, earning a score of 32/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Glass House Brands Inc generated $11.4M in operating cash flow, capex of $27.2M consumed most of it, leaving -$15.7M in free cash flow. This results in a low score of 24/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Glass House Brands Inc generates a -40.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 0.4% the prior year.

Piotroski F-Score Weak

3/9

Glass House Brands Inc passes 3 of 9 financial strength tests. 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.

GLASF 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

GLASF 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

GLASF 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

GLASF 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) 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 (GLASF) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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 (GLASF) 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 (GLASF) 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.

How financially healthy is Glass House Brands Inc?

Glass House Brands Inc (GLASF) scores 31 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.