Greenlane Renewables (GRN) Q4 2025 earnings summary

Executive summary

• Achieved $2.3 million in positive Adjusted EBITDA for FY2025, a $4.0 million improvement year-over-year.

• Ended FY2025 with $17.7 million in cash, surpassing internal goals and maintaining a debt-free balance sheet.

• Annual revenue was $44.4 million, with a gross profit of $18.1 million and a net loss of $0.7 million.

• Sales Order Backlog reached $33.6 million at year-end, providing strong revenue visibility for 2026.

• Strategic focus on profitable segments, new product development, and operational efficiency drove improved results.

Financial highlights

• FY2025 revenue declined 14% year-over-year to $44.4 million, but gross margin before amortization rose to 43% from 32%.

• Adjusted EBITDA improved from negative $1.7 million in FY2024 to positive $2.3 million in FY2025.

• Gross profit increased 18% year-over-year to $18.1 million.

• Cash and cash equivalents increased to $17.7 million from $16.2 million year-over-year.

• Fourth quarter revenue was $10.8 million, with a net loss of $1.3 million.

Outlook and guidance

• Priorities for 2026 include sustaining positive Adjusted EBITDA, efficient backlog conversion, and disciplined cost management.

• Plans to allocate capital toward initiatives supporting long-term growth, including new product launches.

• Revenue visibility supported by a $33.6 million Sales Order Backlog, excluding parts and service revenue.

• Cascade LF product line expected to drive future growth, with first shipments planned for end of 2026.