GNLN · Greenlane Holdings, Inc.

Greenlane Holdings reported its fourth quarter and full year 2025 financial results, marking a pivotal transition year as the company shifted from legacy wholesale operations to a digital asset treasury strategy focused on BERA, the native token of the Berachain blockchain network. The company's FY2025 net loss of $85.6 million represents a substantial deterioration from the $17.6 million loss in the prior year, driven by multiple factors including a $31.1 million fair value loss on BERA holdings, $18.6 million in non-cash stock-based compensation related to strategic advisory warrants, and restructuring charges associated with winding down warehouse operations. Revenue declined 67% year-over-year to $4.4 million, reflecting the strategic transition away from legacy business lines. Management commentary emphasized the company's conviction in the long-term potential of Berachain and commitment to building shareholder value through disciplined capital allocation. Concurrent with these results, the company faces significant corporate challenges including a Nasdaq delisting notice received on March 25, 2026, for non-compliance with minimum bid price requirements, which Greenlane plans to appeal. Stockholders approved a reverse stock split on the same date, with the board authorized to implement a ratio between 1-for-5 and 1-for-15. The company's strategic repositioning includes entering into token purchase and lending agreements with Berachain Operations Corporation in February 2026 and appointing Jason Hitchcock as CEO, bringing blockchain and DeFi expertise to lead the digital asset treasury strategy.