Greenlane Holdings Reports 89.6% Revenue Decline and $24.8 Million Net Loss in Latest Quarter

Greenlane Holdings, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2026. The company recorded a net revenue of $82,000, a stark decline of 89.6% from $788,000 in the same quarter of the previous year. For the first half of 2026, total revenue was $109,000, down 95.2% from $2.3 million in the first half of 2025. The decrease in revenue is attributed to the company's strategic shift from a traditional wholesale and distribution model to a digital asset treasury strategy, which has resulted in reduced sales volume and the exit from warehouse operations.

The company's financial performance was further impacted by a net loss of $24.8 million for the quarter, compared to a loss of $3.2 million in the prior year, marking a 672.4% increase in losses. For the six months ended June 30, 2026, the net loss reached $43.0 million, significantly higher than the $7.1 million loss reported in the same period of 2025. This loss includes a non-cash fair value loss of $32.0 million on digital assets, primarily BERA, the native token of the Berachain blockchain network, which has been subject to significant market volatility.

Operationally, Greenlane has transitioned to a digital asset treasury strategy, focusing on the acquisition and management of BERA. As of June 30, 2026, the company held $16.4 million in digital assets, down from $36.6 million at the end of 2025. The company also reported $8.1 million in stablecoin-related protocol instruments. The strategic shift has led to a reduction in the legacy wholesale and distribution business, which now operates on a drop-ship model, generating referral-based revenue without holding inventory.

In terms of organizational changes, Greenlane has established a Digital Assets Committee to oversee its treasury strategy and risk management. The company has also undergone reverse stock splits in 2025 and 2026 to maintain compliance with Nasdaq listing requirements. As of June 30, 2026, Greenlane had approximately $6.1 million in cash and cash equivalents, a decrease from $32.5 million at the end of 2025, reflecting the cash used in operations and investments in digital assets.

Looking ahead, Greenlane's management believes it has sufficient liquidity to meet its obligations for at least the next twelve months, despite the challenges posed by market conditions and the transition to a digital asset-focused business model. The company is focused on maintaining liquidity, executing its digital asset strategy, and aligning operating costs with its current business model. However, the ongoing volatility in digital asset markets and the potential for regulatory changes remain significant risks to its future performance.