Greenlane (GNLN) Q4 2025 earnings summary

Executive summary

• Completed strategic transition to a Berachain-focused digital asset treasury model, emphasizing BERA token acquisition and ecosystem participation.

• Raised $110.7M in October 2025 via private placement to fund the new strategy.

• Wind-down of legacy wholesale and distribution operations continued, shifting to an asset-light drop-ship model.

Financial highlights

• Q4 2025 net revenue was $1.4M, down 18% year-over-year; FY 2025 net revenue was $4.4M, down 67% from FY 2024.

• Q4 2025 operating loss was $(38.6)M, driven by $18.6M in non-cash stock-based compensation and $6.0M in transition costs.

• FY 2025 net loss was $(85.6)M, compared to $(17.6)M in FY 2024, reflecting $31.1M in digital asset fair value losses and restructuring charges.

• Gross loss for FY 2025 was $(12.5)M, including a $6.3M inventory impairment.

• As of December 31, 2025, held $32.5M in cash and cash equivalents, $36.6M in BERA (at cost basis $58.3M), and $22.6M in stablecoins.

Outlook and guidance

• Management remains committed to the Berachain ecosystem, focusing on BERA acquisition, staking, and validator participation.

• Plans to appeal Nasdaq delisting notice and effect a reverse stock split to regain compliance.