Greenlane Reports Second Quarter 2025 Financial Results
Greenlane Holdings (Nasdaq:GNLN) reported challenging Q2 2025 financial results, with total revenue declining to $0.8 million from $2.6 million in the prior year period. The company implemented significant organizational changes, including a sales team restructuring and new leadership appointments. Operating loss improved slightly to $3.3 million compared to $3.5 million year-over-year.
Key developments include distribution agreements with Greentank Technologies and PAX, appointment of Mike Hinson as EVP of Sales, and becoming the exclusive fulfillment platform for Safety Strips. The company ended Q2 with $5.7 million in cash and expects stronger performance in H2 2025, supported by early indicators of improved sales activity, including an 880% increase in new customer revenue from June to July.
Greenlane Holdings (Nasdaq:GNLN) ha registrato risultati finanziari difficili nel secondo trimestre 2025: i ricavi totali sono scesi a $0,8 milioni rispetto a $2,6 milioni nello stesso periodo dell'anno precedente. L'azienda ha attuato importanti cambiamenti organizzativi, tra cui la riorganizzazione del team commerciale e nuove nomine ai vertici. La perdita operativa si 猫 leggermente ridotta a $3,3 milioni rispetto a $3,5 milioni su base annua.
Tra gli sviluppi principali figurano accordi di distribuzione con Greentank Technologies e PAX, la nomina di Mike Hinson a EVP Sales e la designazione come piattaforma di evasione ordini esclusiva per Safety Strips. La societ脿 ha chiuso il trimestre con $5,7 milioni in liquidit脿 e prevede una performance migliore nella seconda met脿 del 2025, supportata da segnali iniziali di crescita delle vendite, incluso un incremento dell'880% dei ricavi da nuovi clienti da giugno a luglio.
Greenlane Holdings (Nasdaq:GNLN) present贸 resultados financieros complicados en el segundo trimestre de 2025: los ingresos totales bajaron a $0,8 millones desde $2,6 millones en el mismo periodo del a帽o anterior. La compa帽铆a aplic贸 cambios organizativos importantes, incluida la reestructuraci贸n del equipo de ventas y nuevos nombramientos directivos. La p茅rdida operativa mejor贸 ligeramente, situ谩ndose en $3,3 millones frente a $3,5 millones interanuales.
Entre los hitos clave est谩n acuerdos de distribuci贸n con Greentank Technologies y PAX, el nombramiento de Mike Hinson como EVP de Ventas y convertirse en la plataforma de cumplimiento exclusiva para Safety Strips. La empresa cerr贸 el trimestre con $5,7 millones en efectivo y espera un mejor desempe帽o en la segunda mitad de 2025, respaldado por indicios tempranos de mayor actividad comercial, incluyendo un aumento del 880% en ingresos de clientes nuevos entre junio y julio.
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Greenlane Holdings (Nasdaq:GNLN) a publi茅 des r茅sultats financiers difficiles pour le deuxi猫me trimestre 2025 : le chiffre d'affaires total a diminu茅 脿 0,8 M$ contre 2,6 M$ 脿 la m锚me p茅riode l'an pr茅c茅dent. La soci茅t茅 a mis en place des changements organisationnels importants, notamment une restructuration de l'茅quipe commerciale et de nouvelles nominations 脿 la direction. La perte d'exploitation s'est l茅g猫rement am茅lior茅e, 脿 3,3 M$ contre 3,5 M$ sur un an.
Les d茅veloppements cl茅s incluent des accords de distribution avec Greentank Technologies et PAX, la nomination de Mike Hinson au poste d'EVP Sales, et la d茅signation comme plateforme d'ex茅cution exclusive pour Safety Strips. La soci茅t茅 a cl么tur茅 le trimestre avec 5,7 M$ de tr茅sorerie et anticipe une meilleure performance au second semestre 2025, soutenue par des signes pr茅coces d'am茅lioration des ventes, notamment une augmentation de 880% des revenus provenant de nouveaux clients entre juin et juillet.
Greenlane Holdings (Nasdaq:GNLN) meldete herausfordernde Finanzergebnisse f眉r Q2 2025: der Gesamtumsatz sank auf $0,8 Mio. gegen眉ber $2,6 Mio. im Vorjahreszeitraum. Das Unternehmen f眉hrte umfassende organisatorische Ma脽nahmen durch, darunter eine Umstrukturierung des Vertriebsteams und neue F眉hrungspositionen. Der Betriebsverlust verbesserte sich leicht auf $3,3 Mio. gegen眉ber $3,5 Mio. im Jahresvergleich.
Wesentliche Entwicklungen umfassen Vertriebsvereinbarungen mit Greentank Technologies und PAX, die Ernennung von Mike Hinson zum EVP Sales sowie die Ernennung zur exklusiven Fulfillment-Plattform f眉r Safety Strips. Das Unternehmen schloss Q2 mit $5,7 Mio. in bar und erwartet eine st盲rkere Performance in H2 2025, gest眉tzt durch fr眉he Anzeichen f眉r steigende Verkaufsaktivit盲t, darunter ein Anstieg der Einnahmen von Neukunden um 880% von Juni bis Juli.
- Operating expenses decreased 27% year-over-year to $3.3 million
- 880% increase in new customer revenue from June to July 2025
- Added 12 new multi-state operator accounts
- Cash position improved to $5.7 million from $0.9 million at end of 2024
- Successfully reactivated 19 customer accounts
- Revenue declined 70% to $0.8 million from $2.6 million year-over-year
- Net loss increased to $3.2 million from $0.6 million in prior year period
- Gross profit dropped to $2,000 from $1.01 million year-over-year
- Sales disruption due to sales team restructuring impacted Q2 performance
Insights
Greenlane reports 70% revenue drop amid sales restructuring, but shows improved cash position with $5.7M on hand.
Greenlane's Q2 2025 results paint a concerning picture with
The most troubling metric is gross profit, which essentially evaporated to just
The company's cash position shows improvement at
The company has made strategic moves by entering distribution agreements with Greentank Technologies and renewing with PAX, while also appointing new sales leadership. Early indicators suggest these changes may be working, with management reporting an
The balance sheet shows notable debt reduction, with notes payable decreasing from
While management expresses optimism about a stronger second half of 2025, the extremely thin gross margins and continued operating losses indicate Greenlane still faces fundamental challenges in its business model despite the organizational changes.
BOCA RATON, FL / / August 14, 2025 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (Nasdaq:GNLN), one of the premier global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today reported its financial results for the second quarter and six months ended June 30, 2025.
Revenue Reporting and Key Organizational Initiatives
Beginning with our second quarter 2023 financial report, we implemented a major restructuring of our industrial product lines, transitioning much of this business from gross sales to a commission structure. While this change affects how we report revenue, we believe it enables us to preserve working capital and improve gross margins.
During the second quarter, the Company initiated and has since completed a restructuring of its sales organization to better align people and responsibilities with the Company's omnichannel sales strategy, including the addition of new and highly experienced leadership across the board to ensure a return to growth and increased customer success at Greenlane. While necessary, the recent reorganization of the sales team, including new leadership and the recruitment of a stronger sales team, negatively impacted sales and new customer acquisition in the second quarter. The new structure is designed to accelerate sales, improve customer experience, and increase efficiency throughout the sales process. Subsequent to the end of the second quarter, the new sales and marketing infrastructure has delivered new customer growth, reactivation of customer accounts, and the addition of new multi-state operator accounts.
Second Quarter 2025 Results Compared to Prior Year Period
Total revenue was
$0.8 million compared to$2.6 million in the prior year period.Total operating expenses were
$3.3 million , a decrease of27% compared to$4.5 million in the prior year period.Operating loss improved to
$3.3 million compared to an operating loss of$3.5 million in the prior year period.Net loss was
$3.2 million compared to a net loss of$0.6 million in the prior year period.
New Sales and Marketing Team Supported by Leading Cannabis Digital Marketing Agency Enhancing Revenue and Customer Opportunities
Cannabis Creative Group (CCG) is leading the Company's new marketing strategy to support future growth for its B2B-focused brands, including Greenlane Wholesale and KushCo. CCG began work in Q2 and has focused on driving campaigns towards new acquisitions and retargeting wholesale customers.
An approximately
880% increase in revenue for new customers, month over month June to July; and an approximate40% increase in revenue for new customers month over month July to August (MTD)19 accounts reactivated.
Added 12 new multi-state operator accounts.
"The restructuring of our sales leadership and sales team during the quarter significantly impacted our revenue. While disappointing for the near term, these actions were necessary to restore more sustainable growth over the long term. With new leadership in place, a growing portfolio of products, and a large market opportunity, I have increasing confidence that the Company is positioned to accelerate growth going forward," said Barbara Sher, Chief Executive Officer for Greenlane
Sher added, "We made strides with footprint optimization, and we will continue to take costs out of the business and right-size operations, while we enhance our product offering and improve pricing architecture. We are seeing solid early indicators that our new sales leadership is setting the foundation for improved top-line performance, and we are thrilled to have added several new products in both the cannabis and wellness categories to drive new and existing customer opportunities."
Sher concluded, "While we continue to navigate a dynamic market environment, we remain committed to the initiatives implemented in recent quarters that are fueling our transformation and driving our goal to improve profitability. As we focus on improving our business and accounts receivable strategy and efficiency efforts and given our early but encouraging new customer sales activity, we currently anticipate a stronger second half of 2025 for Greenlane."
Strategic Growth and Operational Initiatives
Entered into a distribution agreement with Greentank Technologies, a leading innovator in the aerosolization technology industry, to distribute Greentank's full assortment of cartridges and vaporizers.
Renewed distribution agreement with , a pioneer in the design and development of premium cannabis vaporization technologies and devices.
Announced the appointment of Mike Hinson as the Company's Executive Vice President of Sales and upgraded sales and marketing organizations.
Appointed exclusive fulfillment platform for Safety Strips direct-to-consumer e-commerce store featuring ToxiShield, Safety Strips trusted brand of harm reduction solutions designed to combat fentanyl overdoses and drink spiking.
Successfully renegotiated many vendor and supplier partnership terms and continuing to improve working capital arrangements with vendors and suppliers.
Continued progress consolidating and streamlining office, warehouse, and distribution operations footprint.
Consolidated digital ecommerce presence to one platform resulting in improved efficiencies and reduced cost.
Balance Sheet
As of June 30, 2025, the Company had cash and cash equivalents of approximately
GREENLANE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
June 30, 2025 | December 31, 2024 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 5,724 | $ | 899 | ||||
Accounts receivable, net of allowance of | 3,795 | 4,262 | ||||||
Inventories, net | 14,352 | 14,215 | ||||||
Vendor deposits | 2,527 | 3,091 | ||||||
Other current assets | 1,719 | 1,305 | ||||||
Total current assets | 28,117 | 23,772 | ||||||
Property and equipment, net | 1,181 | 1,420 | ||||||
Operating lease right-of-use assets | 587 | 1,043 | ||||||
Other assets | 1,892 | 2,396 | ||||||
Total assets | $ | 31,777 | $ | 28,631 | ||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 8,710 | $ | 9,787 | ||||
Accrued expenses and other current liabilities | 1,102 | 1,218 | ||||||
Customer deposits | 1,466 | 2,661 | ||||||
Current portion of notes payable | - | 7,674 | ||||||
Current portion of operating leases | 548 | 926 | ||||||
Total current liabilities | 11,826 | 22,266 | ||||||
Operating leases, less current portion | 5 | 83 | ||||||
Total liabilities | 11,831 | 22,349 | ||||||
Commitments and contingencies (Note 7) | - | - | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred stock, | - | - | ||||||
Class A common stock, | - | - | ||||||
Class B common stock, | - | - | ||||||
Common stock, value | - | - | ||||||
Additional paid-in capital* | 301,841 | 281,095 | ||||||
Accumulated deficit | (282,011 | ) | (274,929 | ) | ||||
Accumulated other comprehensive income | 265 | 265 | ||||||
Total stockholders' equity attributable to Greenlane Holdings, Inc. | 20,095 | 6,431 | ||||||
Non-controlling interest | (149 | ) | (149 | ) | ||||
Total stockholders' equity | 19,946 | 6,282 | ||||||
Total liabilities and stockholders' equity | $ | 31,777 | $ | 28,631 | ||||
* | After giving effect to the Reverse Stock Splits |
GREENLANE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(in thousands, except share and per share amounts)
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net sales | $ | 788 | $ | 2,652 | $ | 2,257 | $ | 7,578 | ||||||||
Cost of sales | 786 | 1,641 | 1,534 | 5,055 | ||||||||||||
Gross profit | 2 | 1,011 | 723 | 2,523 | ||||||||||||
Operating expenses: | ||||||||||||||||
Salaries, benefits and payroll taxes | 1,119 | 1,509 | 2,386 | 4,455 | ||||||||||||
General and administrative | 1,938 | 2,801 | 4,762 | 5,093 | ||||||||||||
Depreciation and amortization | 201 | 196 | 307 | 450 | ||||||||||||
Total operating expenses | 3,258 | 4,506 | 7,455 | 9,998 | ||||||||||||
Loss from operations | (3,256 | ) | (3,495 | ) | (6,732 | ) | (7,475 | ) | ||||||||
Other income (expense), net: | ||||||||||||||||
Interest expense | - | (289 | ) | (391 | ) | (811 | ) | |||||||||
Change in fair value of contingent consideration | - | 1,000 | - | 1,000 | ||||||||||||
Gain on extinguishment of debt | - | 2,166 | - | 2,166 | ||||||||||||
Other income (expense), net | 41 | (14 | ) | 41 | (3 | ) | ||||||||||
Total other income (expense), net | 41 | 2,863 | 350 | 2,352 | ||||||||||||
Loss before income taxes | (3,215 | ) | (632 | ) | (7,082 | ) | (5,123 | ) | ||||||||
Provision for (benefit from) income taxes | - | - | - | - | ||||||||||||
Net loss | (3,215 | ) | (632 | ) | (7,082 | ) | (5,123 | ) | ||||||||
Less: Net income (loss) attributable to non-controlling interest | - | (17 | ) | - | (17 | ) | ||||||||||
Net loss attributable to Greenlane Holdings, Inc. | $ | (3,215 | ) | $ | (615 | ) | $ | (7,082 | ) | $ | (5,106 | ) | ||||
Net loss attributable to Class A common stock per share - basic and diluted (Note 9)* | $ | (3.18 | ) | $ | (997.50 | ) | $ | (13.92 | ) | $ | (10,267.50 | ) | ||||
Weighted-average shares of Class A common stock outstanding - basic and diluted (Note 9)* | 1,010,216 | 617 | 508,494 | 497 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustments | - | (3 | ) | - | (1 | ) | ||||||||||
Comprehensive loss | (3,215 | ) | (635 | ) | (7,082 | ) | (5,124 | ) | ||||||||
Less: Comprehensive loss attributable to non-controlling interest | - | (17 | ) | - | (17 | ) | ||||||||||
Comprehensive loss attributable to Greenlane Holdings, Inc. | $ | (3,215 | ) | $ | (618 | ) | $ | (7,082 | ) | $ | (5,107 | ) | ||||
* | After giving effect to the Reverse Stock Splits |
GREENLANE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Six Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (7,082 | ) | $ | (5,123 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 307 | 450 | ||||||
Equity-based compensation expense | - | 86 | ||||||
Change in fair value of contingent consideration | - | 1,000 | ||||||
Accretion of debt discount | 284 | 33 | ||||||
Gain on extinguishment of debt | - | (2,166 | ) | |||||
Change in provision for credit losses | 673 | 41 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (206 | ) | (271 | ) | ||||
Inventories | (137 | ) | 2,770 | |||||
Vendor deposits | 564 | 28 | ||||||
Other current assets | 88 | 1,076 | ||||||
Accounts payable | (1,075 | ) | 2,904 | |||||
Accrued expenses and other liabilities | (116 | ) | 793 | |||||
Customer deposits | (1,195 | ) | - | |||||
Net used in operating activities | (7,895 | ) | (379 | ) | ||||
Cash flows from Investing Activities: | ||||||||
Purchases of property and equipment, net | (68 | ) | (151 | ) | ||||
Net cash used in investing activities | (68 | ) | (151 | ) | ||||
Cash flows from Financing Activities: | ||||||||
Proceeds from issuance of Class A common stock and warrants | 20,746 | - | ||||||
Proceeds from notes payable | - | 635 | ||||||
Payments on notes payable | (7,958 | ) | - | |||||
Proceeds from future receivables financing | - | 225 | ||||||
Repayments of loan against future accounts receivable | - | (613 | ) | |||||
Other | - | (10 | ) | |||||
Net cash provided by financing activities | 12,788 | 237 | ||||||
Effects of exchange rate changes on cash | - | (1 | ) | |||||
Net increase (decrease) in cash | 4,825 | (294 | ) | |||||
Cash as of beginning of the period | 899 | 463 | ||||||
Cash as of end of the period | $ | 5,724 | $ | 169 | ||||
About Greenlane Holdings, Inc.
Founded in 2005, Greenlane is a premier global platform for the development and distribution of premium smoking accessories, vape devices, and lifestyle products to thousands of producers, processors, specialty retailers, smoke shops, convenience stores, and retail consumers. We operate as a powerful family of brands, third-party brand accelerator, and an omnichannel distribution platform.
We proudly offer our own diverse brand portfolio and our exclusively licensed Marley Natural and K.Haring branded products. We also offer a carefully curated set of third-party products through our direct sales channels and our proprietary, owned and operated e-commerce platforms which include , , , , Wholesale.Greenlane.com and .
For additional information, please visit: . For additional information, please visit: .
Investor Contact:
or
PCG Advisory
Kevin McGrath
+1-646-418-7002
[email protected]
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Greenlane and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. Greenlane has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission ("SEC"), including under the caption "Risk Factors" in Greenlane's Annual Report on Form 10-K filed for the year ended December 31, 2024 and the Company's other filings with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC.
SOURCE: Greenlane Holdings, Inc.
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FAQ
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