Free cash flow remains consistently negative, with a $4.8 million outflow in 2026Q1 and capital expenditures representing a disproportionate 22.6% of total revenue.
| Cash from Operations | -17.64M | -16.26M | -6.75M | -1.79M | -26.43M | -37.33M | -12.3M | -36.9M | -13.58M | 3.12M | 2.64M |
| Operating CF Margin % | - | -373.36% | -50.85% | -2.74% | -19.28% | -22.48% | -8.89% | -19.95% | -7.59% | 3.54% | 3.96% |
| Operating CF Growth % | -1607.67% | -140.89% | -276.46% | 93.22% | 29.21% | -203.45% | 66.66% | -171.8% | -534.61% | 18.17% | - |
| Net Income | -100.07M | -85.58M | -17.66M | -32.33M | -182.23M | -53.42M | -47.7M | -39.82M | -5.89M | 2.29M | 86.98K |
| Depreciation & Amortization | 513K | 493K | 800K | 2.24M | 7.41M | 4.69M | 2.52M | 2.71M | 1.49M | 789K | 572.15K |
| Stock-Based Compensation | 4.84M | 4.84M | 86K | 284K | 2.3M | 5.71M | 853K | 8.02M | 4.06M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 613K | 0 | 10.89M | 855.44K | 0 | 0 |
| Other Non-Cash Items | 72.04M | 58.52M | 5.59M | 4.02M | 130.88M | -1.42M | 14.35M | 5.19M | 265.64K | 158.47K | -14.42K |
| Working Capital Changes | 5.04M | 5.47M | 4.43M | 23.99M | 15.21M | 6.49M | 17.68M | -23.89M | -14.36M | -114.99K | 2M |
| Change in Receivables | 1.65M | 716K | -2.81M | 4.59M | 4.91M | -1.39M | 1.19M | 635K | -4.99M | -2.67M | 324.47K |
| Change in Inventory | 9.81M | 9.71M | 6.32M | 20.11M | 26.34M | 5.73M | 7M | -11.74M | -11.94M | -8.61M | 350.41K |
| Change in Payables | -5.62M | -5.17M | -2.32M | -2.77M | -6.46M | -1.3M | 7.09M | -11.26M | 2.66M | 10.9M | 833.09K |
| Cash from Investing | -22.61M | -8.26M | -244K | 30K | 12.03M | -19.69M | -4.14M | -3.73M | -10.22M | -886.57K | -76.34K |
| Capital Expenditures | -10.21M | -98K | -244K | -1.01M | -2.78M | -4.72M | -1.79M | -2.02M | -10.9M | -289.83K | -76.34K |
| CapEx % of Revenue | 306.27% | 2.25% | 1.84% | 1.54% | 2.03% | 2.84% | 1.29% | 1.09% | 6.09% | 0.33% | 0.11% |
| Acquisitions | 0 | 0 | 0 | 1.04M | 5.22M | -15.65M | -1.84M | -1.16M | 785K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.23M | -8.16M | 0 | -1.04M | 8.94M | 675K | -515K | -53K | -29K | -596.74K | 0 |
| Cash from Financing | 45.06M | 56.13M | 7.43M | -10.14M | 13.93M | 38.96M | -1.06M | 80.98M | 29.13M | -1.89M | -1.29M |
| Debt Issued (Net) | 0 | -7.96M | 675K | -15.04M | -4.82M | 6.79M | -190K | 6.04M | 46.02M | -1.54M | -855.37K |
| Equity Issued (Net) | 45.06M | 20.75M | 5.64M | 3.85M | 21.07M | 32.64M | 0 | 75.95M | -15.07M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -200K | -604K | -898K | -1.63M | -282.47K | -430.17K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.53M | -15.07M | 0 | 0 |
| Other Financing | 0 | 43.35M | 1.11M | 1.05M | -2.33M | -273K | -269K | -110K | -187K | -66.16K | 0 |
| Net Change in Cash | 4.8M | 31.61M | 436K | -11.71M | -681K | -17.58M | -17.34M | 40.43M | 5.26M | 389.2K | 1.28M |
| Free Cash Flow | -17.73M | -16.36M | -6.99M | -2.8M | -29.21M | -42.05M | -14.61M | -38.98M | -24.5M | 2.24M | 2.57M |
| FCF Margin % | -531.7% | -375.61% | -52.69% | -4.28% | -21.31% | -25.32% | -10.56% | -21.07% | -13.69% | 2.54% | 3.85% |
| FCF Growth % | -73.13% | -133.89% | -149.79% | 90.41% | 30.54% | -187.92% | 62.53% | -59.06% | -1195.16% | -12.85% | - |
| FCF per Share | -4.34 | -272.92 | -541.33 | -723.14 | -39998.80 | -224690.08 | -252158.15 | -792452.83 | -483832.00 | 44179.25 | 50690.63 |
| FCF Conversion (FCF/Net Income) | 0.18x | 0.19x | 0.38x | 0.06x | 0.16x | 1.22x | 0.85x | 1.28x | 2.31x | 1.36x | 30.39x |
| Interest Paid | 0 | 0 | 0 | 0 | 2.25M | 574K | 437K | 975K | 3.18M | 269.71K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 76K | 39K | 192K | 498K | 125K | 181.2K | 0 |
Total business model collapse
According to the provided cash flow statements, Greenlane's operating cash flow consistently fails to track with net income, as evidenced by the OCF/NI ratio fluctuating wildly between 0.02 and 1.38, which suggests that reported earnings are heavily distorted by non-cash charges and volatile working capital adjustments.
The lack of a stable relationship between net income and operating cash flow indicates that the company's accounting earnings provide little insight into its actual liquidity position. Investors should monitor this divergence as it suggests that the firm's operational reality is far more distressed than the bottom-line figures might imply.
As reported in financial statements, Greenlane has maintained a consistent negative free cash flow trajectory, with quarterly outflows reaching as high as $4.9 million, signaling that the business is currently unable to fund its operations through internal revenue generation regardless of the scale of its contraction.
The persistent FCF burn, coupled with negative margins, suggests that the company is consuming its remaining cash reserves to sustain a legacy footprint that no longer produces value. This trajectory warrants further investigation into how much longer the current cash runway can support these ongoing operational losses.
Based on the reported figures, Greenlane's capital expenditure reached $10.1 million in 2026Q1, representing a significant 22.6% of revenue, which appears disproportionately high for a company experiencing such a radical contraction in its core business activities and overall market presence.
This level of capital intensity during a period of revenue decline may indicate either mandatory maintenance costs for legacy infrastructure or inefficient capital allocation. It appears that the company is struggling to align its asset base with its current, much smaller operational requirements.
Data from the cash flow statements reveals erratic working capital swings, with changes ranging from a $4.8 million inflow to a $4.6 million outflow, suggesting that the company is relying on aggressive inventory management or payment delays to manage its immediate liquidity needs.
These fluctuations appear to be a symptom of a business attempting to clear obsolete stock while simultaneously managing a shrinking vendor base. The inconsistency in these movements suggests that working capital is being used as a stop-gap measure rather than reflecting a stable, efficient operating cycle.
Based on the provided financial data, the cash flow statement obscures the true nature of the company's burn rate by failing to clearly delineate between one-time restructuring costs and recurring operational expenses, making it difficult to assess the underlying sustainability of the remaining business model.
The presence of significant non-cash adjustments and the lack of clarity regarding the nature of recent capital expenditures suggest that the cash flow statement may be masking the true extent of the firm's operational distress. Investors should be wary of interpreting these figures as indicative of future performance.
Quick answers to the most common questions about buying GNLN stock.
Greenlane Holdings, Inc. (GNLN) generated $-16.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Greenlane Holdings, Inc. (GNLN) reported negative free cash flow of $16.4M in 2025, indicating capital requirements exceeded cash from operations.
Greenlane Holdings, Inc. (GNLN) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.