The company's revenue base has undergone a radical contraction to $448,000 in 2026Q1, while gross margins have collapsed into deeply negative territory at -3.5%.
| Sales/Revenue | 3.33M | 4.36M | 13.28M | 65.37M | 137.09M | 166.06M | 138.3M | 185.01M | 178.93M | 88.26M | 66.69M |
| Revenue Growth % | -66.04% | -67.19% | -79.69% | -52.31% | -17.45% | 20.07% | -25.24% | 3.39% | 102.74% | 32.34% | - |
| Cost of Goods Sold | 18.1M | 16.82M | 6.99M | 47.55M | 112.1M | 132.21M | 115.54M | 153.92M | 143.2M | 67.69M | 58.62M |
| COGS % of Revenue | - | 386.22% | 52.68% | 72.73% | 81.78% | 79.61% | 83.54% | 83.2% | 80.03% | 76.69% | 87.9% |
| Gross Profit | -14.77M | -12.46M | 6.28M | 17.83M | 24.98M | 33.85M | 22.77M | 31.09M | 35.74M | 20.57M | 8.07M |
| Gross Margin % | -442.98% | -286.22% | 47.32% | 27.27% | 18.22% | 20.39% | 16.46% | 16.8% | 19.97% | 23.31% | 12.1% |
| Gross Profit Growth % | - | -298.42% | -64.76% | -28.65% | -26.2% | 48.71% | -26.78% | -13% | 73.72% | 155% | - |
| Operating Expenses | 41.57M | 41.78M | 18.1M | 43.91M | 209.09M | 86.58M | 71.74M | 56.01M | 38.22M | 17.85M | 7.94M |
| OpEx % of Revenue | - | 959.38% | 136.32% | 67.17% | 152.52% | 52.13% | 51.87% | 30.28% | 21.36% | 20.23% | 11.91% |
| Selling, General & Admin | 11.81M | 10.65M | 17.14M | 41.67M | 72.29M | 81.89M | 60.22M | 53.31M | 36.72M | 17.06M | 7.94M |
| SG&A % of Revenue | - | 244.45% | 129.15% | 63.74% | 52.73% | 49.31% | 43.54% | 28.81% | 20.52% | 19.33% | 11.91% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.2M | 31.14M | 953K | 2.24M | 136.79M | 4.69M | 11.52M | 2.71M | 1.49M | 791.21K | 0 |
| Operating Income | -56.34M | -54.25M | -11.81M | -26.08M | -184.1M | -52.72M | -48.98M | -24.92M | -2.43M | 2.72M | 124.09K |
| Operating Margin % | -1689.95% | -1245.6% | -89% | -39.9% | -134.3% | -31.75% | -35.41% | -13.47% | -1.36% | 3.08% | 0.19% |
| Operating Income Growth % | - | -359.13% | 54.7% | 85.83% | -249.19% | -7.65% | -96.5% | -925.96% | -189.45% | 2088.55% | - |
| EBITDA | -55.83M | -53.75M | -11.02M | -23.84M | -176.7M | -48.03M | -46.45M | -22.22M | -937.45K | 3.51M | 696.25K |
| EBITDA Margin % | -1674.57% | -1234.28% | -82.98% | -36.47% | -128.9% | -28.93% | -33.59% | -12.01% | -0.52% | 3.97% | 1.04% |
| EBITDA Growth % | -423.93% | -388% | 53.8% | 86.51% | -267.87% | -3.4% | -109.08% | -2270.16% | -126.73% | 403.7% | - |
| D&A (Non-Cash Add-back) | 513K | 493K | 800K | 2.24M | 7.41M | 4.69M | 2.52M | 2.71M | 1.49M | 791.21K | 572.15K |
| EBIT | -87.28M | -85.18M | -11.72M | -26.88M | -179.79M | -52.84M | -47.07M | -27.91M | -2.38M | 2.74M | 379.79K |
| Net Interest Income | -37K | -394K | -5.94M | -5.45M | -2.45M | -574K | -437K | -975K | -3.19M | -269.71K | -183.88K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 433 | 0 | 0 |
| Interest Expense | 37K | 394K | 5.94M | 5.45M | 2.45M | 574K | 437K | 975K | 3.19M | 269.71K | 183.88K |
| Other Income/Expense | -43.57M | -31.33M | -5.84M | -6.24M | 1.86M | -691K | 1.47M | -3.96M | -3.14M | -241.68K | 71.82K |
| Pretax Income | -99.92M | -85.57M | -17.66M | -32.33M | -182.24M | -53.41M | -47.51M | -28.89M | -5.57M | 2.47M | 195.91K |
| Pretax Margin % | -2996.91% | -1964.94% | -133.01% | -49.45% | -132.94% | -32.16% | -34.35% | -15.62% | -3.11% | 2.8% | 0.29% |
| Income Tax | 7K | 7K | 0 | 0 | -13K | 10K | 194K | 10.94M | 319.32K | 182.53K | 108.93K |
| Effective Tax Rate % | -0.01% | -0.01% | 0% | 0% | 0.01% | -0.02% | -0.41% | -37.85% | -5.73% | 7.38% | 55.6% |
| Net Income | -100.07M | -85.58M | -17.64M | -32.17M | -169.51M | -30.58M | -14.52M | -28.82M | -5.89M | 2.29M | 86.98K |
| Net Margin % | -3001.59% | -1965.1% | -132.88% | -49.22% | -123.65% | -18.42% | -10.5% | -15.58% | -3.29% | 2.6% | 0.13% |
| Net Income Growth % | -488.18% | -385.15% | 45.17% | 81.02% | -454.26% | -110.67% | 49.62% | -389.43% | -356.93% | 2534.43% | - |
| Net Income (Continuing) | -99.92M | -85.58M | -17.66M | -32.33M | -182.23M | -53.42M | -47.7M | -39.82M | -5.89M | 2.29M | 86.98K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | -149K | -149K | -132K | 18K | 21.84M | 54.19M | 92.08M | 0 | 0 | 0 |
| EPS (Diluted) | -24.49 | -91.39 | -1364.38 | -8309.63 | -232115.50 | -163413.88 | -250618.50 | -197752.50 | -116230.13 | 45236.75 | 1718.00 |
| EPS Growth % | 86.1% | 93.3% | 83.58% | 96.42% | -42.04% | 34.8% | -26.73% | -70.14% | -356.94% | 2533.11% | - |
| EPS (Basic) | - | -91.39 | -1364.38 | -8309.63 | -232115.50 | -163413.88 | -250618.50 | -197752.50 | -116230.13 | 45236.75 | 1718.00 |
| Diluted Shares Outstanding | 4.09M | 59.94K | 12.92K | 3.87K | 730 | 187 | 58 | 49 | 51 | 51 | 51 |
| Basic Shares Outstanding | 4.09M | 59.94K | 12.92K | 3.87K | 730 | 187 | 58 | 49 | 51 | 51 | 51 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 12.33% | 494.53% |
Total business model collapse
As reported in recent financial filings, Greenlane Holdings experienced a severe revenue decline, with quarterly figures dropping to $448,000 in 2026Q1, representing a 69.5% year-over-year contraction that suggests the company has largely abandoned its legacy distribution model in favor of an uncertain future.
The consistent double-digit percentage declines across the last ten quarters indicate that the firm is not merely facing cyclical headwinds but is undergoing a fundamental dissolution of its primary revenue streams. This trajectory implies that the current scale may no longer be sufficient to support the overhead of a public entity.
Based on the provided income statement data, Greenlane's gross margins have collapsed into deeply negative territory, reaching -286.22% in recent periods, which indicates that the cost of goods sold is significantly outpacing the revenue generated from the company's remaining product portfolio.
Such extreme margin compression suggests that the company is likely liquidating inventory at prices far below cost or is burdened by significant non-cash write-downs of obsolete stock. This pattern points to a structural misalignment where the cost of maintaining the brand portfolio far exceeds the market's willingness to pay for the products.
According to the historical income statements, Greenlane's operating expenses consistently dwarf gross profit, with SG&A costs frequently exceeding total revenue, illustrating a complete lack of operating leverage that leaves the firm unable to scale its bottom line even during periods of relative stability.
The inability to reduce SG&A in proportion to the plummeting revenue suggests that the company is carrying a legacy cost structure that is disconnected from its current operational reality. Investors should monitor whether management can successfully right-size the organization before the remaining cash reserves are fully exhausted.
While some may argue that Greenlane's intellectual property holds latent value, the persistent net losses and negative gross margins suggest that the company's current business model is fundamentally broken and may be incapable of achieving profitability without a total liquidation of its remaining assets.
The discrepancy between the reported cash position and the tiny revenue run-rate warrants skepticism regarding the company's ability to survive as a going concern. The market appears to be pricing in a high probability of failure, as the current financial data provides little evidence of a sustainable path toward operational solvency.
Quick answers to the most common questions about buying GNLN stock.
For fiscal year 2025, Greenlane Holdings, Inc. (GNLN) reported total revenue of $4.4M. This represents a 93.5% decline compared to $66.7M in 2016.
Greenlane Holdings, Inc. (GNLN) reported a net loss of $85.6M for the fiscal year ending 2025.
Greenlane Holdings, Inc. (GNLN) reported an operating income of $-54.2M, resulting in an operating profit margin of -1245.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Greenlane Holdings, Inc. (GNLN) generated $-12.5M in gross profit for the year, representing a gross profit margin of -286.2%. This demonstrates the company's core pricing power and production efficiency.