Greenlane Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Greenlane (Nasdaq: GNLN) reported Q4 and full-year 2025 results and confirmed a strategic shift to a Berachain-focused digital asset treasury. The company held 51.66M BERA at year-end (cost $58.3M; fair value $36.6M) and recognized a $31.1M fair-value loss in 2025. Revenue fell to $4.4M for FY2025 (-67%); net loss was $85.6M. Subsequent events include a Nasdaq delisting notice, a Board-approved reverse stock split, token transaction agreements with Berachain Operations, and an ATM facility.
Positive
- Raised $110.7M in private placement capital (Oct 2025)
- Held 51.66M BERA at 12/31/2025 (cost $58.3M)
- No outstanding debt and $32.5M cash and equivalents at 12/31/2025
Negative
- FY2025 revenue down 67% to $4.4M
- Recognized $31.1M fair-value loss on BERA holdings in 2025
- Received Nasdaq delisting notice for minimum bid-price noncompliance
News Market Reaction – GNLN
In the Apr 1 session, GNLN declined 21.62%, reflecting a significant negative market reaction. Argus tracked a peak move of +22.4% during that session. Argus tracked a trough of -11.2% from its starting point during tracking. Our momentum scanner triggered 9 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 14 | Q3 2025 earnings | Negative | -6.3% | Q3 2025 sales and losses worsened while announcing shift to BERA treasury. |
| Aug 14 | Q2 2025 earnings | Negative | -6.3% | Q2 2025 revenue decline with continued operating loss and restructuring steps. |
| Mar 21 | FY 2024 earnings | Negative | -7.3% | FY 2024 results showed sharp net sales drop despite margin and loss improvements. |
| Nov 15 | Q3 2024 earnings | Positive | -6.7% | Q3 2024 showed higher margins and lower operating loss versus prior year. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Past earnings releases have typically been followed by single‑digit percentage declines, indicating a pattern of negative market responses to financial updates.
Over the last year, Greenlane’s earnings releases on Nov 15, 2024, Mar 21, 2025, Aug 14, 2025, and Nov 14, 2025 highlighted shrinking legacy revenues, restructuring, and then a pivot toward a BERA-focused digital asset treasury strategy. These updates often combined operational losses with strategic shifts or financings, and shares declined by roughly mid‑single‑digit percentages after each event. Today’s Q4 and FY 2025 results extend that narrative, detailing deeper losses and the full transition to Berachain-linked digital assets.
Key Terms
proof of liquidity technical
stablecoins financial
reverse stock split financial
token purchase and sale agreement financial
token lending agreement financial
time-weighted average price technical
atm offering financial
nasdaq capital market regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company Completes Strategic Transition to Berachain-Focused Digital Asset Treasury
BOCA RATON, Fla., March 31, 2026 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (“Greenlane” or the “Company”) (Nasdaq: GNLN), a publicly traded digital asset treasury company focused on the acquisition, management, and strategic deployment of BERA, the native token of the Berachain blockchain network, today reported its financial results for the fourth quarter and full year ended December 31, 2025.
Digital Asset Treasury Strategy
In October 2025, following the closing of a private placement that raised
The Company’s digital asset treasury strategy consists of five core components: (1) Capital Deployment — acquiring BERA through open market purchases and negotiated transactions; (2) Network Participation — participating in Proof of Liquidity (PoL) staking and validator infrastructure; (3) Governance Participation — earning Berachain Governance Tokens (BGT); (4) Risk-Adjusted Yield Participation — deploying capital into select decentralized finance (DeFi) protocols on the Berachain network; and (5) Capital Allocation Discipline — evaluating and executing strategic initiatives that enhance shareholder value on a per-share basis.
As of December 31, 2025, the Company held 51,659,912 units of BERA at a cost basis of
On March 3, 2026, the Company disclosed that, as of February 27, 2026, the Company held approximately 70.4 million units of BERA and had deployed up to 50 million units of BERA into validator infrastructure across multiple operators.
Management Commentary
“Fiscal year 2025 marked a pivotal year for Greenlane as we initiated our Berachain-focused Digital Asset Treasury strategy and began deploying capital into the ecosystem. We took deliberate steps to reposition the Company, acquiring BERA and participating in Proof of Liquidity staking, while maintaining a disciplined approach to capital allocation and transparent reporting. These foundational actions reflect our conviction in the long-term potential of Berachain and our commitment to building value for shareholders on a per-share basis.”,
Jason Hitchcock, Chief Executive Officer
Fourth Quarter FY 2025 Financial Highlights
The fourth quarter of fiscal year 2025 was a transformative period for Greenlane, encompassing the October 2025 initiation of the Company’s Digital Asset Treasury strategy and the commencement of BERA acquisition activity. Q4 net revenue was approximately
| (in thousands) | Q4 2025 | % Change vs. Q4 2024 |
| Revenue | - | |
| Gross profit (loss) | ( | N/M |
| Operating loss | ( | |
| Change in fair value of digital assets | ( | N/A |
| Net loss | ( |
FY 2025 Financial Highlights
For the year ended December 31, 2025, total net revenue was approximately
| (in thousands) | FY 2025 | % Change vs. FY 2024 |
| Revenue | - | |
| Gross profit (loss) | ( | N/M |
| Operating loss | ( | |
| Change in fair value of digital assets | ( | N/A |
| Net loss | ( |
The Company’s full financial statements, including the Consolidated Statements of Operations, Consolidated Balance Sheet, and Consolidated Statements of Cash Flows, are included as exhibits to this press release and should be read in their entirety.
Subsequent Events
Subsequent to December 31, 2025, the following material developments have occurred:
Delisting Notice
On March 25, 2026, we received a notification letter from the Listing Qualifications Department of Nasdaq (the “Delisting Notice”), notifying us that we were not in compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market and its staff has determined to delist our securities pursuant to its discretionary authority under Listing Rule 5550(a)(2). Due to having effected two reverse stock splits over the prior two-year period, we are not eligible for the 180-day period to regain compliance under Rule 4810(c)(3)(A). Pursuant to the Delisting Notice, we plan to appeal this determination before a Nasdaq Hearings Panel, staying the suspension of our common stock.
Reverse Stock Split
On March 25, 2026, our stockholders approved an amendment to our amended and restated certificate of incorporation to effect a reverse stock split of our issued and outstanding Common Stock at a ratio within a range of 1-for-5 to 1-for-15, with the final ratio and timing to be determined at the discretion of the Board of Directors.
We expect to effect the reverse stock split shortly following the issuance of these financial statements.
Token Transaction Agreements
On February 4, 2026, Greenlane Subsidiary Inc. (the “Subsidiary”), a wholly-owned subsidiary of the Company, entered into (a) a Token Purchase and Sale Agreement (the “Purchase and Sale Agreement”) and (b) a Token Lending Agreement (the “Lending Agreement,” and together with the Purchase and Sale Agreement, the “Transaction Agreements”) with Berachain Operations Corporation, a British Virgin Islands Business Company (the “Counterparty”).
Pursuant to the Lending Agreement, the Subsidiary (as Lender) may agree to lend to the Counterparty (as Borrower) an amount of USDC and/or USDT stablecoins (the “Lent Tokens”) pursuant to loan confirmation agreements to be agreed between the parties from time to time, accruing interest at a rate to be determined in such agreements. The Counterparty intends to use the Lent Tokens to acquire BERA tokens in the open market or in privately negotiated transactions from various counterparties.
Pursuant to the Purchase and Sale Agreement, the Subsidiary (as Buyer) may request to purchase tranches of BERA tokens from the Counterparty (as Seller), pursuant to tranche notices to be agreed between the parties from time to time. The purchase price for each tranche is determined through a combination of time-weighted average price and other pricing mechanics, including protective “market out” provisions. Furthermore, the Purchase and Sale Agreement permit flexible transaction sizing set within a pre-negotiated percentage range.
The Counterparty subsequently informed the Company that it may, from time to time, conduct significant transactions with BSQD Corp. (“BSQD”) to source BERA to fulfill its obligations under the Purchase and Sale Agreement. BSQD is an entity that is wholly owned by Ben Isenberg, Greenlane’s Chief Investment Officer. Any such transactions with BSQD are conducted on an arm’s-length basis at prevailing market prices and conditions.
Appointment of Chief Executive Officer
On February 11, 2026, the Board of Directors unanimously appointed Jason Hitchcock as Chief Executive Officer of the Company. Mr. Hitchcock brings over 15 years of experience building and scaling revenue engines across SaaS, blockchain infrastructure, and decentralized finance. He joins Greenlane as we continue to execute our Berachain-focused Digital Asset Treasury strategy.
ATM Offering
On January 7, 2026, the Company entered into a Sales Agreement (the “Sales Agreement”) with Yorkville Securities, LLC (“Yorkville”) pursuant to which the Company may, from time to time, offer and sell shares (the “ATM Shares”) of its Class A common stock through or to Yorkville, acting as sales agent or principal (the “ATM Offering”). On January 7, 2026, the Company filed a prospectus supplement in connection with the ATM Offering for up to
Subject to the terms and conditions of the Sales Agreement, Yorkville will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the ATM Shares from time to time, based upon the Company’s instructions. The Company has provided Yorkville with customary indemnification and contribution rights, and Yorkville will be entitled to a commission of up to
About Greenlane
Founded in 2005, Greenlane Holdings, Inc. (Nasdaq: GNLN) is a publicly traded digital asset treasury company with a strategic focus centered on BERA, the native digital asset of the Berachain blockchain network. In addition to its digital asset treasury activities, the Company continues to operate a reduced-scale wholesale and distribution business through an asset-light drop-ship model. For more information, visit investor.gnln.com.
About Berachain
Berachain is a decentralized, open-source, EVM-compatible layer-1 blockchain engineered for high throughput, low latency, and full compatibility with Ethereum tooling, smart contracts, and infrastructure. Berachain utilizes a novel Proof of Liquidity consensus mechanism that integrates network security with active liquidity provisioning. For more information, visit berachain.com.
Investor Contact:
IR@greenlane.com
or
PCG Advisory
Kevin McGrath
+1-646-418-7002
Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are statements other than historical facts and include, without limitation, statements regarding progress and achievement of the Company’s goals regarding BERA acquisition, staking, and validator participation, the development of the Berachain network ecosystem including business adoption of the network, the long-term value of BERA, continued growth and advancement of the Company’s DAT strategy and the applicable benefits to the Company, other projections or statements of plans and objectives and statements regarding the Company’s plans to regain compliance with Nasdaq’s listing requirements.
These forward-looking statements are based on current expectations, estimates, assumptions, and projections, and involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Company’s control, that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, the Company’s ability to execute its growth strategy; its ability to raise and deploy capital effectively; developments in technology and the competitive landscape; changes in the regulatory landscape applicable to digital assets, including BERA; the market performance of BERA; and other risks and uncertainties described under “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2026 and in other subsequent filings with the SEC. These filings are available at www.sec.gov. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Cautionary Note Regarding Digital Assets
BERA is a digital asset that is not legal tender, is not backed by any government or central bank, and may be subject to extreme price volatility, regulatory uncertainty and technological risk. Investments in and exposures to digital assets such as BERA are highly speculative and may result in the loss of all or a substantial portion of the invested capital. Statements about the Berachain protocol, its consensus model, ecosystem projects, and fundraising are based on publicly available information and/or information provided by third parties. The Company has not independently verified all such information and makes no representation as to its accuracy or completeness. Protocol parameters and incentive mechanisms may change over time through governance or other processes. The Company’s activities involving BERA and other digital assets may not be suitable for all investors and are subject to the risks described in the “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2026 and in other subsequent filings with the SEC. These filings are available at www.sec.gov.
| GREENLANE HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) | ||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
| Net revenue | ||
| Cost of sales | ||
| Gross profit (loss) | ( | |
| Operating expenses: | ||
| Salaries, benefits and payroll taxes | ||
| General and administrative | ||
| Stock-based compensation – strategic advisory warrants | — | |
| Restructuring charges | — | |
| Impairment of property and equipment | ||
| Depreciation and amortization | ||
| Total operating expenses | ||
| Loss from operations | ( | ( |
| Other income (expense): | ||
| Interest expense | ( | ( |
| Change in fair value of contingent consideration | — | |
| Change in fair value of digital assets | ( | — |
| Loss on extinguishment of debt | — | ( |
| Other expense, net | ( | |
| Total other expense | ( | ( |
| Loss before income taxes | ( | ( |
| Provision for income taxes | — | |
| Net loss | ( | ( |
| Less: net loss attributable to noncontrolling interests | — | ( |
| Net loss attributable to Greenlane Holdings, Inc. | ( | ( |
| Net loss per share — basic and diluted | ( | ( |
| Weighted average shares — basic and diluted | 7,492 | 1,212 |
| GREENLANE HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (in thousands) | ||
| December 31, 2025 | December 31, 2024 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | ||
| Accounts receivable, net | ||
| Inventories, net | — | |
| Vendor deposits | — | |
| Other current assets | ||
| Total current assets | ||
| Property and equipment, net | ||
| Operating lease assets, net | ||
| Digital assets | — | |
| Other long-term assets | ||
| Total assets | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | ||
| Accrued liabilities | ||
| Customer deposits | — | |
| Notes payable | — | |
| Operating lease obligations, current | ||
| Total current liabilities | ||
| Operating lease obligations, long-term | — | |
| Total liabilities | ||
| Total stockholders’ equity | ||
| Total liabilities and stockholders’ equity | ||
| GREENLANE HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
| Cash flows from operating activities: | ||
| Net loss | ( | ( |
| Adjustments to reconcile net loss: | ||
| Depreciation and amortization | ||
| Stock-based compensation expense | ||
| Strategic advisory warrants | — | |
| Change in fair value of contingent consideration | — | ( |
| Provision for credit losses | ||
| Loss on disposal of fixed assets | ||
| Loss on extinguishment of debt | — | |
| Write-off of vendor deposits, accrued liabilities and customer deposits | ( | — |
| Inventory impairment | — | |
| Impairment of property and equipment | ||
| Change in fair value of digital assets | — | |
| Amortization of deferred financing costs | ||
| Other adjustments | ||
| Changes in operating assets and liabilities: | ||
| Accounts receivable | ( | |
| Inventories | ||
| Vendor deposits | — | |
| Other current assets | ( | |
| Accounts payable | ( | ( |
| Accrued liabilities | ( | |
| Customer deposits | — | ( |
| Net cash used in operating activities | ( | ( |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | ( | ( |
| Purchases of digital assets | ( | — |
| Net cash used in investing activities | ( | ( |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock | ||
| Proceeds from exercise of options and warrants | ||
| Repayment of future accounts receivable | — | ( |
| Proceeds from sale of future receivables | — | |
| Repayment of notes payable | ( | ( |
| Proceeds from notes payable | — | |
| Other financing activities | — | ( |
| Net cash provided by financing activities | ||
| Effects of exchange rates on cash | — | |
| Net change in cash and cash equivalents | ||
| Cash and cash equivalents, beginning of period | ||
| Cash and cash equivalents, end of period | ||
