from Greenlane Holdings, Inc. (NASDAQ:GNLN)
Greenlane Reports Third Quarter 2025 Financial Results
BOCA RATON, FLORIDA / ACCESS Newswire / November 14, 2025 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (Nasdaq:GNLN), a Berachain-focused digital asset treasury company and global seller of premium cannabis accessories, today reported its financial results for the third quarter and nine months ended September 30, 2025 along with an update on the expansion of the Company's Berachain (BERA) treasury strategy.
BERA is the fee token of Berachain, the first Layer 1 blockchain powered by Proof of Liquidity (PoL) to help businesses scale and power on-chain economies. PoL provides BERA with a staking yield derived from the revenues or ownership of companies on the network.
In late October 2025, Greenlane executed a strategic shift - adopting a treasury reserve strategy with BERA as the Company's primary asset. Greenlane's goal is to give investors a simplified way to participate in what management believes will be Berachain's transformation of global finance, with institutional-grade discipline, transparency, and full activation of Berachain's yield potential. Greenlane is strategically accumulating BERA and employing active treasury management and staking. The result is yield-generating BERA treasury that aims to compound growth and capture the full upside exposure of BERA.
While the Company advances its digital-asset strategy and treasury operations, it will continue to operate its distribution business, enhance operational efficiencies and continue inventory monetization to accelerate the disposition of aged inventory.
Key Highlights Since Launch of BERA Treasury Strategy
Built world class leadership team:
Bruce Linton, previously led Canopy Growth Corporation to a $15B market capitalization and has extensive experience in leading companies across communications and cleantech, joined as Chairman of the Board.
Billy Levy, a serial entrepreneur and capital markets executive with a history of building, scaling, and exiting companies across multiple industries, including co-founding Virgin Gaming in collaboration with Sir Richard Branson, appointed as a director.
Ben Isenberg, appointed as Chief Investment Officer to manage the BERA treasury strategy. Isenberg also serves as Founder and Principal of BSQD Corp., a market-making and proprietary trading firm specializing in digital assets and cryptocurrencies. In this role, Mr. Isenberg is responsible for the strategic direction and oversight of digital asset trading operations. Prior to this, Isenberg served as a Trader at Tradias GmbH, a BAFIN regulated market maker based in Frankfurt, Germany from 2021- 2024. Before entering the digital asset markets, Isenberg worked in investment banking at M Partners in Toronto, where he covered digital assets, technology and mining from 2019-2021.
Formed a Digital Assets Committee in October 2025 comprised of Mr. Levy and Mr. Linton, with Mr. Linton serving as chair.
Establishing an experienced team of institutional-grade capital markets and treasury management professionals to operationalize the Company's strategy with support from leading crypto asset managers and custodians.
Raised over $110 million in capital and digital assets through an October 23, 2025 private placement offering to drive BERA acquisitions, resulting in approximately $24.3 of net cash proceeds, approximately $19.0 of stablecoin proceeds, and approximately 54.2 million BERA.
The Company intends to manage its BERA tokens to generate yields through staking and activities and to enhance long-term value as the adoption of the BERA token increases.
Third Quarter 2025 Results Compared to Prior Year Period
Total revenue of premium cannabis accessories, vape devices, and lifestyle products was $0.74 million compared to $4.0 million in the prior year period.
Total operating expenses were $4.0 million, compared to $3.6 million in the prior year period.
Net loss was $8.9 million compared to a net loss of $3.8 million in the prior year period.
Management completed a comprehensive review of inventory aging and realizability in connection with the Company's transition under the BERA initiative toward a capital-light, IP-driven operating model. As a result, the Company recorded a $5.0 million non-cash inventory reserve, included in cost of sales, to reflect expected recoveries from legacy product lines.
As of September 30, 2025, the Company had cash and cash equivalents of $1.8 million and no borrowings outstanding.
Subsequent Events
On October 23, 2025, we closed a $110.7 million private placement consisting of cash and crypto-denominated subscriptions, as disclosed in our Form 8-K filed October 20, 2025. The closing delivered approximately $24.3 million of net cash proceeds and approximately $19.0 million of stablecoin proceeds and resulted in holdings of approximately 54.2 million BERA as of October 23, 2025. These proceeds strengthen near-term liquidity as we execute a strategic shift from the legacy business and transition to our digital-asset treasury model.
GREENLANE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
September 30, 2025 | December 31, 2024 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 1,810 | $ | 899 | ||||
Accounts receivable, net of allowance of $3,383 and $2,616 at September 30, 2025 and December 31, 2024, respectively | 4,138 | 4,262 | ||||||
Inventories, net | 6,250 | 14,215 | ||||||
Vendor deposits | 64 | 3,091 | ||||||
Other current assets | 2,080 | 1,305 | ||||||
Total current assets | 14,342 | 23,772 | ||||||
Property and equipment, net | 1,101 | 1,420 | ||||||
Operating lease right-of-use assets | 300 | 1,043 | ||||||
Other assets | 1,895 | 2,396 | ||||||
Total assets | $ | 17,638 | $ | 28,631 | ||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 4,066 | $ | 9,787 | ||||
Accrued expenses and other current liabilities | 1,555 | 1,218 | ||||||
Customer deposits | 684 | 2,661 | ||||||
Current portion of notes payable | - | 7,674 | ||||||
Current portion of operating leases | 319 | 926 | ||||||
Total current liabilities | 6,624 | 22,266 | ||||||
Operating leases, less current portion | 1 | 83 | ||||||
Total liabilities | 6,625 | 22,349 | ||||||
Commitments and contingencies (Note 7) | - | |||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding | - | - | ||||||
Class A common stock, $0.01 par value per share, 600,000,000 shares authorized, 1,386,551 and 3,023 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively* | - | - | ||||||
Class B common stock, $0.0001 par value per share, 30,000,000 shares authorized, and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024* | - | - | ||||||
Common stock, value | - | - | ||||||
Additional paid-in capital* | 301,841 | 281,095 | ||||||
Accumulated deficit | (290,944 | ) | (274,929 | ) | ||||
Accumulated other comprehensive income | 265 | 265 | ||||||
Total stockholders' equity attributable to Greenlane Holdings, Inc. | 11,162 | 6,431 | ||||||
Non-controlling interest | (149 | ) | (149 | ) | ||||
Total stockholders' equity | 11,013 | 6,282 | ||||||
Total liabilities and stockholders' equity | $ | 17,638 | $ | 28,631 | ||||
* | After giving effect to the Reverse Stock Splits |
GREENLANE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(in thousands, except share and per share amounts)
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net sales | $ | 737 | $ | 4,038 | $ | 2,994 | $ | 11,616 | ||||||||
Cost of sales | 5,840 | 1,011 | 7,374 | 6,066 | ||||||||||||
Gross profit (loss) | (5,103 | ) | 3,027 | (4,380 | ) | 5,550 | ||||||||||
Operating expenses: | ||||||||||||||||
Salaries, benefits and payroll taxes | 1,462 | 1,609 | 3,848 | 6,066 | ||||||||||||
General and administrative | 1,956 | 1,771 | 6,550 | 6,864 | ||||||||||||
Restructuring expenses | 492 | - | 492 | - | ||||||||||||
Depreciation and amortization | 87 | 185 | 394 | 635 | ||||||||||||
Total operating expenses | 3,997 | 3,565 | 11,284 | 13,565 | ||||||||||||
Loss from operations | (9,100 | ) | (538 | ) | (15,664 | ) | (8,015 | ) | ||||||||
Other income (expense), net: | ||||||||||||||||
Interest expense | (2 | ) | (3,219 | ) | (393 | ) | (4,030 | ) | ||||||||
Change in fair value of contingent consideration | - | - | - | 1,000 | ||||||||||||
Gain on extinguishment of debt | - | - | - | 2,166 | ||||||||||||
Other income (expense), net | 169 | - | 42 | (3 | ) | |||||||||||
Total other income (expense), net | 167 | (3,219 | ) | (351 | ) | (867 | ) | |||||||||
Loss before income taxes | (8,933 | ) | (3,757 | ) | (16,015 | ) | (8,882 | ) | ||||||||
Provision for (benefit from) income taxes | - | - | - | - | ||||||||||||
Net loss | (8,933 | ) | (3,757 | ) | (16,015 | ) | (8,882 | ) | ||||||||
Less: Net income (loss) attributable to non-controlling interest | - | - | - | (17 | ) | |||||||||||
Net loss attributable to Greenlane Holdings, Inc. | $ | (8,933 | ) | $ | (3,757 | ) | ||||||||||