Greenlane Renewables (GRN) Q4 2025 earnings summary

Executive summary

• Achieved positive adjusted EBITDA of CAD 2.3 million in 2025, a $4.0 million improvement year-over-year, reversing a loss from 2024.

• Ended FY2025 with CAD 17.7 million in cash, surpassing internal goals and maintaining a debt-free balance sheet.

• Annual revenue was CAD 44.4 million, with a gross profit of CAD 18.1 million and a net loss of CAD 0.7 million.

• Sales order backlog reached CAD 33.6 million at year-end, providing strong revenue visibility for 2026.

• Strategic focus on profitable segments, new product development, and operational efficiency drove improved results.

Financial highlights

• 2025 revenue was CAD 44.4 million, down 14% year-over-year due to lower system sales, but gross margin before amortization rose to 43% from 32%.

• Adjusted EBITDA improved from negative CAD 1.7 million in 2024 to positive CAD 2.3 million in 2025.

• Gross profit increased 18% year-over-year to CAD 18.1 million.

• Q4 2025 revenue was CAD 10.8 million, up CAD 2.3 million from Q4 2024, with a net loss of CAD 1.2 million.

• Sales order backlog increased 54% year-over-year to CAD 33.6 million.

Outlook and guidance

• 2026 strategy focuses on sustaining positive adjusted EBITDA, efficient backlog conversion, and disciplined cost management.

• Cascade LF manufacturing to commence in Brazil and North America, with first unit shipment targeted by year-end 2026.

• Continued emphasis on R&D, especially for Cascade LF, and capital allocation toward long-term growth initiatives.

• Expectation of quarter-to-quarter fluctuations in adjusted EBITDA.

• Revenue visibility supported by a CAD 33.6 million sales order backlog, excluding parts and service revenue.