Greenlane (GNLN) Q2 2026 earnings summary

Executive summary

• Completed strategic transition to a digital asset treasury strategy focused on BERA, with legacy wholesale/distribution now a minor, asset-light operation.

• Majority of balance sheet now consists of digital assets, cash, and stablecoin-related protocol instruments; results are highly sensitive to digital asset market conditions.

• Operating expenses reduced by 37% sequentially in Q2 2026, reflecting cost alignment with business scale.

• BERA holdings grew to 81.3 million units at quarter-end, with BERA-per-share up 37% from year-end despite a decline in fair value.

• Net loss for the quarter was $24.8 million, driven by a $19.1 million fair value loss on digital assets and a $1.8 million impairment charge.

Financial highlights

• Net revenue for Q2 2026 was $82,000, down 90% year-over-year due to reduced legacy sales.

• Staking and yield revenue from digital assets was $309,000 for the quarter.

• Operating loss was $3.3 million, flat year-over-year but improved sequentially from Q1 2026.

• Net loss attributable to shareholders was $24.8 million for the quarter and $43.2 million for the six months ended June 30, 2026.

• Cash and cash equivalents at June 30, 2026 were $6.1 million, with $8.1 million in stablecoin-related protocol instruments and $16.4 million in digital assets.

Outlook and guidance

• Management expects digital asset market conditions, especially BERA price volatility, to continue to significantly impact results.

• Legacy business is managed for efficiency and cash generation, not growth; further contraction expected.

• Management remains focused on cost discipline, liquidity management, and advancing the BERA strategy.

• The company is monitoring Nasdaq listing compliance and evaluating alternatives to increase market value of listed securities.

• No material changes to risk factors or guidance since the last annual report.