Greenlane Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Greenlane (Nasdaq:GNLN) reported second quarter 2026 results highlighting major cost reductions and significant non-cash digital asset losses tied to its BERA-focused digital asset treasury strategy. Total operating expenses fell approximately 37% sequentially to $3.6 million, driven mainly by a roughly $0.7 million, 49% drop in salaries, benefits and payroll taxes.
As of June 30, 2026, Greenlane held about 81.3 million units of BERA and BERA-equivalent tokens with a cost basis of $70.2 million and fair value of $16.4 million. BERA-per-share rose about 37% from year-end to 117 units per Class A share. However, a non-cash $19.1 million negative change in fair value of digital assets and $1.8 million investment impairment contributed to a net loss attributable to Greenlane of $24.8 million versus $3.2 million a year earlier. Cash and cash equivalents declined to $6.1 million from $32.5 million at December 31, 2025.
Positive
- Total operating expenses reduced about 37% QoQ to $3.6 million
- Salaries, benefits and payroll taxes down roughly $0.7 million, or 49%, sequentially
- BERA holdings increased to about 81.3 million units at June 30, 2026
- BERA-per-share rose approximately 37% from year-end to 117 units per Class A share
- Q2 2026 staking and yield revenue of about $0.3 million, $0.7 million year-to-date
- Loss from operations narrowed sequentially to $(3.3) million from $(5.6) million in Q1 2026
Negative
- Net revenue fell about 90% YoY to $82,000 in Q2 2026
- Q2 2026 non-cash change in fair value of digital assets of $(19.1) million
- Q2 2026 investment impairment charge of approximately $(1.8) million
- Net loss attributable to Greenlane widened to $(24.8) million from $(3.2) million a year earlier
- Cash and cash equivalents declined to $6.1 million from $32.5 million at December 31, 2025
- Total stockholders’ equity dropped to $25.5 million from $67.9 million at year-end 2025
- Company notes it would be below Nasdaq’s new $5.0 million market value threshold absent a stayed rule change
News Explained
Liquidity was below current liabilities at June 30, while the Nasdaq listing-value rule remained stayed and unresolved.
At
The quarter-end BERA-per-share measure counts BERA and BERA-equivalent units per issued and outstanding Class A share, but excludes shares issuable from pre-funded warrants and other convertible securities, so it is not a fully diluted ownership measure.
The Nasdaq minimum market-value rule remains unresolved: the
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 15 | Q1 earnings report | Negative | -4.8% | Wider loss and digital-asset fair-value decline outweighed higher BERA holdings. |
| Mar 31 | Q4 earnings report | Negative | -21.6% | Revenue decline and large net loss accompanied the BERA treasury transition. |
| Nov 14 | Q3 earnings report | Negative | -6.3% | Lower sales and higher net loss followed the digital-asset treasury pivot. |
| Aug 14 | Q2 earnings report | Negative | -6.3% | Revenue fell sharply despite slightly improved operating loss and restructuring actions. |
| Mar 21 | Q4 earnings report | Negative | -7.3% | Net sales declined substantially despite improved margins and operating loss. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-matched earnings events were consistently followed by negative 24-hour reactions, averaging -9.27%.
Key Terms
fair value financial
pre-funded warrants financial
stablecoin financial
evm-compatible technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Total Operating Expenses Reduced Approximately
37% Sequentially in the Second Quarter 2026 from the First Quarter 2026, Reflecting Continued Cost Alignment - BERA Holdings of Approximately 81.3 Million Units at Quarter-End; BERA-per-Share Increased Approximately
37% from Year-End, While the Fair Value of BERA Holdings Declined During the Quarter
BOCA RATON, Fla., Aug. 14, 2026 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (“Greenlane” or the “Company”) (Nasdaq: GNLN), a publicly traded company with a digital asset treasury strategy 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 second quarter ended June 30, 2026 (“second quarter 2026”).
Digital Asset Treasury Strategy
In October 2025, the Company adopted a digital asset treasury strategy (the “BERA Strategy”) focused on the acquisition, management, and strategic deployment of BERA, the native token of the Berachain blockchain network, following the closing of a
During the second quarter 2026, Greenlane deployed approximately
During the second quarter 2026, the Company continued to execute token purchase and lending arrangements with Berachain Operations Corporation to facilitate BERA acquisition activity. As of June 30, 2026, the maximum amount available under the lending arrangement was
Management Commentary
“In the second quarter of 2026, we reduced total operating expenses by approximately
Jason Hitchcock, Chief Executive Officer
Second Quarter 2026 Financial Highlights
| (in thousands) | Q2 2026 | Change vs. Q2 2025 | |||||
| Net revenue | $ | 82 | (90 | )% | |||
| Staking and yield revenue | $ | 309 | N/A | ||||
| Gross profit | $ | 32 | NM | ||||
| Operating loss | $ | (3,284 | ) | 1 | % | ||
| Change in fair value of digital assets | $ | (19,142 | ) | N/A | |||
| Net loss attributable to Greenlane Holdings | $ | (24,833 | ) | NM | |||
Total operating expenses declined approximately
Net revenue for the second quarter 2026 was approximately
Loss from operations was
For the six months ended June 30, 2026, net revenue was approximately
The Company’s selected unaudited condensed consolidated financial statements are included as exhibits to this press release and should be read together with the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026.
Subsequent Events
Subsequent to June 30, 2026, the Company had the following developments:
Nasdaq Market Value of Listed Securities Requirement
On July 22, 2026, the staff of the SEC, acting pursuant to delegated authority, approved an amendment to the Nasdaq listing standards that would establish a minimum market value of listed securities requirement of
About Greenlane Holdings, Inc.
Greenlane Holdings, Inc. (Nasdaq: GNLN) is a publicly traded digital asset treasury company and, it believes, the only Nasdaq-listed company purpose-built to accumulate BERA and actively participate in Berachain’s Proof-of-Liquidity infrastructure. Greenlane provides exposure to Berachain through a standard, regulated brokerage account, with no cryptocurrency wallet, exchange account, or custody infrastructure required. For more information, visit www.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.
Contacts
Investor Relations: Greenlane@icrinc.com
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; the Company’s ability to increase long-term BERA-per-share; continued growth and advancement of the Company’s BERA Strategy and the applicable benefits to the Company; the Company’s ability to streamline and reduce operating costs, including with respect to its legacy lifestyle accessories business; the Company’s ability to remain in compliance with Nasdaq’s listing requirements, including any amended minimum market value of listed securities requirement; and other projections or statements of plans and objectives.
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, the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 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, the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026, and in other subsequent filings with the SEC. These filings are available at www.sec.gov.
EXHIBIT 1
| GREENLANE HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands, except share and per share amounts) | June 30, 2026 | December 31, 2025 | |||||
| (unaudited) | |||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 6,065 | $ | 32,513 | |||
| Accounts receivable, net | 13 | 1,572 | |||||
| Stablecoin-related protocol instruments | 8,057 | — | |||||
| Other current assets | 1,309 | 2,001 | |||||
| Total current assets | 15,444 | 36,086 | |||||
| Property and equipment, net | — | 253 | |||||
| Operating lease right-of-use assets | — | 144 | |||||
| Digital assets | 16,442 | 36,555 | |||||
| Other assets | 140 | 1,893 | |||||
| Total assets | $ | 32,026 | $ | 74,931 | |||
| LIABILITIES | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 6,014 | $ | 5,414 | |||
| Accrued expenses and other current liabilities | 529 | 1,627 | |||||
| Current portion of operating leases | — | 166 | |||||
| Total current liabilities | 6,543 | 7,207 | |||||
| Total liabilities | 6,543 | 7,207 | |||||
| Commitments and contingencies | — | — | |||||
| STOCKHOLDERS’ EQUITY | |||||||
| Preferred stock, | — | — | |||||
| Class A common stock, | 7 | 6 | |||||
| Class B common stock, | — | — | |||||
| Additional paid-in capital* | 429,178 | 428,111 | |||||
| Accumulated deficit | (403,702 | ) | (360,509 | ) | |||
| Accumulated other comprehensive income | — | 265 | |||||
| Total stockholders’ equity attributable to Greenlane Holdings, Inc. | 25,483 | 67,873 | |||||
| Non-controlling interest | — | (149 | ) | ||||
| Total stockholders’ equity | 25,483 | 67,724 | |||||
| Total liabilities and stockholders’ equity | $ | 32,026 | $ | 74,931 | |||
* After giving effect to the Reverse Stock Splits.
EXHIBIT 2
| GREENLANE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands, except share and per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net revenue | $ | 82 | $ | 788 | $ | 109 | $ | 2,257 | |||||||
| Cost of sales | 50 | 786 | 282 | 1,534 | |||||||||||
| Gross profit (loss) | 32 | 2 | (173 | ) | 723 | ||||||||||
| Staking and yield revenue, net | 309 | — | 729 | — | |||||||||||
| Operating expenses: | |||||||||||||||
| Salaries, benefits and payroll taxes | 738 | 1,119 | 2,172 | 2,386 | |||||||||||
| Stock-based compensation – strategic advisory warrants | 236 | — | 476 | — | |||||||||||
| General and administrative | 2,525 | 1,938 | 6,511 | 4,762 | |||||||||||
| Depreciation and amortization | 126 | 201 | 253 | 307 | |||||||||||
| Total operating expenses | 3,625 | 3,258 | 9,412 | 7,455 | |||||||||||
| Loss from operations | (3,284 | ) | (3,256 | ) | (8,856 | ) | (6,732 | ) | |||||||
| Other income (expense), net: | |||||||||||||||
| Interest income (expense), net | 22 | — | 56 | (391 | ) | ||||||||||
| Change in fair value of digital assets | (19,142 | ) | — | (32,011 | ) | — | |||||||||
| Impairment of investments | (1,769 | ) | — | (1,769 | ) | — | |||||||||
| Other income (expense), net | (665 | ) | 41 | (469 | ) | 41 | |||||||||
| Total other income (expense), net | (21,554 | ) | 41 | (34,193 | ) | (350 | ) | ||||||||
| Loss before income taxes | (24,838 | ) | (3,215 | ) | (43,049 | ) | (7,082 | ) | |||||||
| Provision for (benefit from) income taxes | (5 | ) | — | (5 | ) | — | |||||||||
| Net loss | (24,833 | ) | (3,215 | ) | (43,044 | ) | (7,082 | ) | |||||||
| Less: Net income attributable to non-controlling interest | — | — | 149 | — | |||||||||||
| Net loss attributable to Greenlane Holdings, Inc. | $ | (24,833 | ) | $ | (3,215 | ) | $ | (43,193 | ) | $ | (7,082 | ) | |||
| Net loss attributable to Class A common stock per share – basic and diluted* | $ | (6.06 | ) | $ | (25.46 | ) | $ | (10.60 | ) | $ | (111.42 | ) | |||
| Weighted-average shares of Class A common stock outstanding – basic and diluted* | 4,097,688 | 126,277 | 4,075,852 | 63,562 | |||||||||||
| Reclassification adjustment for accumulated foreign currency translation gain included in net loss | — | — | (265 | ) | — | ||||||||||
| Comprehensive loss attributable to Greenlane Holdings, Inc. | $ | (24,833 | ) | $ | (3,215 | ) | $ | (43,458 | ) | $ | (7,082 | ) | |||
* After giving effect to the Reverse Stock Splits.
EXHIBIT 3
| GREENLANE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | |||||||
| (in thousands, except share and per share amounts) | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |||||
| Cash Flows from Operating Activities: | |||||||
| Net loss | $ | (43,044 | ) | $ | (7,082 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 253 | 307 | |||||
| Strategic advisory warrants | 476 | — | |||||
| Stock-based compensation | 592 | — | |||||
| Realized foreign currency gain | (265 | ) | — | ||||
| Non-cash staking revenue | (668 | ) | — | ||||
| Write-off of vendor deposits and accrued liabilities | (1,493 | ) | — | ||||
| Change in fair value of digital assets | 32,011 | — | |||||
| Impairment of investments | 1,769 | — | |||||
| Accretion of debt discount | — | 284 | |||||
| Provision for doubtful accounts | 1,251 | 673 | |||||
| Digital assets transaction fees | 63 | — | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 308 | (206 | ) | ||||
| Inventories | — | (137 | ) | ||||
| Vendor deposits | — | 564 | |||||
| Other current assets | 692 | 88 | |||||
| Accounts payable | 2,077 | (1,075 | ) | ||||
| Accrued expenses and other liabilities | (1,120 | ) | (116 | ) | |||
| Customer deposits | — | (1,195 | ) | ||||
| Net cash used in operating activities | (7,098 | ) | (7,895 | ) | |||
| Cash Flows from Investing Activities: | |||||||
| Purchases of property and equipment, net | — | (68 | ) | ||||
| Purchases of digital assets | (11,293 | ) | — | ||||
| Purchases of stablecoin-related protocol instruments | (8,057 | ) | — | ||||
| Net cash used in investing activities | (19,350 | ) | (68 | ) | |||
| Cash Flows from Financing Activities: | |||||||
| Proceeds from issuance of Class A common stock and warrants | — | 20,746 | |||||
| Repayments of notes payable | — | (7,958 | ) | ||||
| Net cash provided by financing activities | — | 12,788 | |||||
| Net (decrease) increase in cash and cash equivalents | (26,448 | ) | 4,825 | ||||
| Cash and cash equivalents, beginning of period | 32,513 | 899 | |||||
| Cash and cash equivalents, end of period | $ | 6,065 | $ | 5,724 | |||
Source: Greenlane Holdings, Inc.
1BERA-per-share is calculated by dividing the Company’s total holdings of BERA and BERA-equivalent units as of the applicable date by the number of shares of Class A common stock issued and outstanding as of such date. BERA-per-share does not give effect to shares of Class A common stock issuable upon the exercise of outstanding pre-funded warrants or other convertible securities.
