Greenlane (GNLN) Q1 2026 earnings summary

Executive summary

• Completed strategic transition to a digital asset treasury strategy focused on BERA, reducing legacy wholesale/distribution to an asset-light, drop-ship model.

• Majority of assets now in digital assets and stablecoins; legacy business now a minor contributor.

• Deployed $10.1M into BERA and BERA-equivalent digital assets and $4.0M into stablecoin-related protocol instruments in Q1 2026.

• BERA holdings grew to 77.7M units at quarter-end, with BERA-per-share up 44% from year-end.

• Reverse stock splits in June 2025 (1-for-750) and April 2026 (1-for-8) to maintain Nasdaq compliance; regained Nasdaq minimum bid price compliance in April 2026 after delisting notice.

Financial highlights

• Net revenue for Q1 2026 was $0.4M, down 70% year-over-year from $1.5M, reflecting the legacy business decline but offset by $421K staking revenue.

• Net loss for Q1 2026 was $18.4M, including a $12.9M non-cash fair value loss on digital assets.

• Gross margin was 48% in Q1 2026, similar to 49% in Q1 2025, with staking revenue offsetting legacy sales decline.

• Cash and cash equivalents at March 31, 2026 were $13.3M; digital assets valued at $34.2M.

• No outstanding debt as of March 31, 2026.

Outlook and guidance

• Management believes liquidity is sufficient for at least 12 months, with focus on digital asset treasury execution and cost alignment.

• Company may seek additional capital opportunistically but is not dependent on new financing for near-term obligations.

• Near-term focus on maintaining liquidity, executing treasury strategy, and aligning costs.

• Management expects non-recurring legal and advisory costs to decrease in future periods.

• Focus remains on disciplined execution of the BERA Strategy and aligning costs with the scale of operations.