GNLN · Greenlane Holdings, Inc.

Greenlane Holdings reported first quarter 2026 results that reflect the company's strategic pivot to a digital asset treasury strategy centered on BERA, the native token of the Berachain blockchain. The company deployed $10.1 million into BERA and BERA-equivalent digital assets and $4.0 million into stablecoin-related protocol instruments during the quarter. As of March 31, 2026, Greenlane held approximately 77.7 million units of BERA at a cost basis of $68.7 million and a fair value of $34.2 million, compared to 51.7 million units at year-end 2025. BERA-per-share increased approximately 44% to 123 units per Class A share from 86 units at December 31, 2025. The company also recognized $0.4 million of staking revenue from participation in Berachain's Proof of Liquidity consensus mechanism.

Net revenue for the quarter was $0.4 million, down 70% from $1.5 million in the prior year period, primarily due to lower legacy wholesale and distribution sales, partially offset by staking revenue. Gross profit was $0.2 million, also down 70%. Loss from operations widened to $5.6 million from $3.5 million, including $2.3 million of elevated non-recurring legal, professional, and advisory costs related to Nasdaq compliance, reverse stock split activities, employment matters, and facility exits. The company recognized a non-cash change in fair value of digital assets of $12.9 million, driven by market fluctuations in BERA's price. Net loss attributable to Greenlane was $18.4 million, or $4.49 per Class A share, compared to $3.9 million, or $2.54 per share, in the prior year.

Management commentary highlighted disciplined execution of the BERA Strategy and continued cost alignment. Subsequent events include a one-for-eight reverse stock split on April 6, 2026, and regaining Nasdaq listing compliance on April 21, 2026. The company's focus remains on increasing long-term BERA-per-share through its digital asset treasury strategy.