GNLN
Greenlane Holdings, Inc.
Next earnings Aug 12, 2026
Last earnings -8.9% on 2026-05-15
$2.27
▼ -8.47%$2.27▼ -90.79%
over 1Y
L $2.25H $42.40
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-8.5%
1W+0.9%
1M-32.8%
3M-18.9%
YTD-82.0%
1Y-90.8%
Avoid
Conviction
Horizon
Long (>12mo)
Street · 6 analysts
Sell
Dead accessories wholesaler reborn as a single-token BERA crypto treasury — an unknowable, unhedgeable bet, not an investable business.
Revenue $4.36M · FY2025
Greenlane is no longer the company its financials describe. The legacy lifestyle-accessories distribution business has all but disappeared — revenue fell from $166M (FY2021) to just $4.36M (FY2025), a 67% drop in the last year alone, and gross profit is now NEGATIVE at -$12.5M (a -286% gross margin), meaning the residual drop-ship commerce operation loses money before a single overhead dollar. Net loss was -$85.6M on that $4.36M of revenue, operating margin was -1,246%, and the accumulated deficit sits at -$361M. Return on equity is -126%. By every fundamental measure the operating business is not merely weak, it is effectively extinct — management itself calls FY2025 a 'significant strategic transition' and now describes GNLN as 'a publicly traded digital asset treasury company' whose 'financial condition, liquidity profile, and results of operations are significantly influenced by digital asset market conditions, including the fair value of its BERA holdings.'
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 4, 2026, 6:39 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Is GNLN a buy? The one-page verdict, explained →
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $166M | $137M | $65.4M | $13.3M | $4.36M |
| Gross profit | $33.9M | $25.0M | $17.8M | $6.28M | -$12.5M |
| Operating income | -$52.7M | -$184M | -$26.1M | -$11.8M | -$54.2M |
| Net income | -$30.6M | -$170M | -$32.2M | -$17.6M | -$85.6M |
| Diluted EPS | -$15.85 | -$22.51 | -$8.16 | -$14.56 | -$11.42 |
| Net margin | -18.4% | -123.7% | -49.2% | -132.9% | -1965.1% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value-$21.5M
EV / EBITDA—
EV / Sales-4.9
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-5970.4%
FCF yield-1141.2%
Quality & risk
ROIC (est.)-55.3%
Free cash flow-$16.4M
Total debt$9.57M
Net cash$22.9M
Altman Z-Score-8.48 distress
Piotroski F-Score4/9
Capital returns
Buyback yield35.9%
Dividend yield (est.)—
Shareholder yield35.9%
Shares Δ YoY-39.6%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Earnings results2026-05-15
Q1 2026: legacy commerce now drop-ship; results driven by BERA fair-value swings
- 10-Q Quarterly report2026-05-15
Q1 2026: legacy commerce now drop-ship; results driven by BERA fair-value swings
- 10-K/A Restated periodic report2026-04-30
Amendment to FY2025 10-K (Part III / corrections); no change to financials
- 8-K Delisting notice2026-04-27
Nasdaq listing-rule deficiency notice (Item 3.01) — delisting risk for shareholders
- 8-K Reg FD disclosure2026-04-09
Reg FD/other-events update on Berachain BERA treasury strategy; no financials
- 8-K Material event2026-04-06
Charter amendment modifying shareholder rights (reverse split / share terms)
- 8-K Reg FD disclosure2026-04-01
Reg FD disclosure, likely BERA/treasury press release; no financial impact stated
- 8-K Reg FD disclosure2026-03-31
FY2025 net loss $85.6M, revenue -67% to $4.36M; pivot to BERA treasury strategy
- 10-K Annual report2026-03-31
FY2025 net loss $85.6M, revenue -67% to $4.36M; pivot to BERA treasury strategy
Recent filings
all on EDGAR ↗10-QPeriod ending 2026-03-312026-05-15open ↗8-KPeriod ending 2026-05-152026-05-15open ↗10-K/APeriod ending 2025-12-312026-04-30open ↗8-KPeriod ending 2026-04-212026-04-27open ↗8-KPeriod ending 2026-04-072026-04-09open ↗8-KPeriod ending 2026-04-022026-04-06open ↗4Period ending 2026-03-252026-04-02open ↗8-KPeriod ending 2026-04-012026-04-01open ↗8-KPeriod ending 2026-03-312026-03-31open ↗10-KPeriod ending 2025-12-312026-03-31open ↗8-KPeriod ending 2026-03-252026-03-30open ↗8-KPeriod ending 2026-03-252026-03-25open ↗
Frequently asked
- Is Greenlane Holdings, Inc. (GNLN) a buy?
- GNLN currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. Dead accessories wholesaler reborn as a single-token BERA crypto treasury — an unknowable, unhedgeable bet, not an investable business.
- What is Greenlane Holdings, Inc.'s quality score?
- GNLN scores 42.48547326830366/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001743745, latest 10-Q filed 2026-05-15) · EODHD · Proprietary analysis · as of 7/4/2026, 10:39:27 AM.
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