10-Q · May 15, 2026
Greenlane Holdings reported Q1 2026 earnings with revenue of $448,000, a drastic decline of 70% year-over-year, and a net loss of $18.2 million, resulting in an EPS of -$29.14. The company's strategic pivot to a digital…
Earnings analysis · 10-Q
GNLN earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
Greenlane’s Q2 2026 revenue fell to $82,000, down approximately 82% sequentially and 90% year over year, while diluted EPS was a $6.06 loss. Operating expenses improved 37% to $3.6 million, but the company still…
Read full summary
Greenlane’s Q2 2026 revenue fell to $82,000, down approximately 82% sequentially and 90% year over year, while diluted EPS was a $6.06 loss. Operating expenses improved 37% to $3.6 million, but the company still recorded a $24.8 million net loss, including a $19.1 million digital-asset fair-value loss. The filing also highlights high-severity risks from ineffective controls, potential Nasdaq delisting below the $5.0 million market-value threshold, and probable but unaccrued legal losses.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-6.06
What stood out
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Revenue Continued to Contract
Q2 revenue was $82,000, down approximately 82% from $448,000 in Q1 2026 and approximately 90% from $788,000 in Q2 2025.
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EPS Worsened Sequentially
Diluted EPS was a loss of $6.06, versus a loss of $4.49 in Q1 2026 but an improvement from the $25.44 loss in Q2 2025.
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Operating Costs Declined
Operating expenses declined 37% sequentially to $3.6 million, indicating meaningful cost reduction despite the sharp revenue decline.
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Digital-Asset Loss Drove Net Loss
The company reported a $24.8 million net loss attributable to Greenlane, including a $19.1 million digital-asset fair-value loss.
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BERA Exposure Increased
BERA holdings increased to approximately 117 units per share, up 37% from year-end, increasing the company’s exposure to digital-asset performance.
What to watch
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Unremediated Control Weaknesses
Disclosure controls were not effective as of June 30, 2026 because material weaknesses identified in the 2025 Form 10-K had not been remediated. Remediation of information-technology general controls, the broader control environment, and monitoring activities was targeted for substantial completion in Q3 2026.
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Nasdaq Delisting Exposure
A Nasdaq rule approved July 22, 2026 would require a $5.0 million minimum market value of listed securities, while the company stated its current market value would be below that threshold. If the rule takes effect, 30 consecutive business days of noncompliance could lead to immediate trading suspension without a cure period.
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Unaccrued Legal Exposure
The company stated that a loss is probable in certain pending matters, including direct-purchaser antitrust actions related to CCELL products, but it cannot reasonably estimate the amount or range and has recorded no accrual. Any material resolution could require unbudgeted cash payments.
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ERP Controls Not Yet Tested
The new ERP system went live on July 1, 2026, but its related controls had operated only since that date and management had not yet evaluated their operating effectiveness as of the filing.
Management's outlook
No quantitative forward revenue or EPS guidance was provided in the filing; outlook was deferred to the earnings press release/call.
Earlier filings 4
10-K · April 30, 2026
Greenlane Holdings, Inc. reported a significant decline in financial performance for the fiscal year 2025, showcasing a total revenue of $1 million, down from $4 million in Q3 2024. The company's strategic pivot to…
10-K · March 31, 2026
Greenlane (GNLN) executed a strategic pivot in October 2025 from a legacy wholesale/distribution model to a BERA-centered digital asset treasury strategy, appointing a Digital Assets Committee and CIO to oversee the…
10-Q · July 25, 2024
Greenlane reported quarterly net sales of $4,926 (in thousands) and a net loss attributable to Greenlane of $(4,491) (in thousands), or $(0.85) per share, for the three months ended March 31, 2024. Revenue and gross…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.