The company faces existential risk from both its collapsing legacy revenue and potential Nasdaq delisting under a new $5M market value rule. Monitor the SEC's review of the Nasdaq rule amendment and any further BERA price declines, as the digital asset portfolio ($16.4M fair value) is now the primary asset backing the equity.
Price Chart
Executive Summary
Greenlane Holdings reported Q2 2026 results showing a net loss of $24.8M, driven by a $19.1M non-cash fair value decline in its BERA digital asset holdings. While the company reduced operating expenses 37% sequentially and grew BERA-per-share 37% from year-end, net revenue collapsed 90% YoY to just $82K as the legacy business winds down. The company also flagged a potential Nasdaq delisting risk if a new $5M market value rule takes effect, as its current market cap is only ~$1M.
Key Financial Metrics
Key Facts
- Net revenue fell 90% YoY to $82K in Q2 2026 from $788K in Q2 2025.
- Net loss attributable to Greenlane was $24.8M, compared to $3.2M in the prior-year period.
- Non-cash change in fair value of digital assets was a loss of $19.1M in Q2 2026.
- BERA holdings grew to 81.3M units (cost basis ~$70.2M, fair value ~$16.4M) as of June 30, 2026.
- Total operating expenses reduced ~37% sequentially to $3.6M from $5.8M in Q1 2026.
- Cash and cash equivalents fell to $6.1M from $32.5M at year-end 2025.
- Nasdaq may adopt a $5.0M minimum market value listing rule; GNLN's current market cap is ~$1M, and the rule has no cure period.
- BERA-per-share increased ~37% from year-end to ~117 units per Class A share.
Financial Impact
Net loss of $24.8M in Q2 2026 vs $3.2M loss in Q2 2025; cash burn of $7.1M in H1 2026; digital asset fair value decline of $19.1M in the quarter.
Risk Factors
- Nasdaq delisting if $5M market value rule takes effect (current market cap ~$1M)
- Further BERA price declines eroding the digital asset treasury value
- Cash burn continues with only $6.1M cash remaining
- Legacy business revenue is negligible and declining
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3345618 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 8-K | $2.06 $1.92 | ▲ +6.80% | ▲ +6.37% | $1.88 (+8.93%) |
Oct 6, 2026 20d ago | 8-K | $2.95 $2.32 | ▲ +21.36% | ▲ +20.38% | $1.88 (+36.41%) |
Aug 14, 2026 10w ago | Press Release | $2.01 $2.82 | ▼ −40.30% | ▼ −41.49% | $1.88 (+6.67%) |
May 15, 2026 23w ago | Press Release | $3.61 $3.14 | ▲ +13.02% | ▲ +14.64% | $1.88 (+48.03%) |
Apr 27, 2026 26w ago | 8-K | $4.37 $5.21 | ▲ +19.22% | ▲ +18.82% | $1.88 (−57.07%) |
Apr 9, 2026 28w ago | 8-K | $2.88 $3.78 | ▲ +31.25% | ▲ +28.06% | $1.88 (−34.86%) |
Apr 9, 2026 28w ago | Press Release | $2.88 $3.78 | ▲ +31.25% | ▲ +28.06% | $1.88 (−34.86%) |
Mar 4, 2026 33w ago | 8-K | $6.08 $7.00 | ▲ +15.13% | ▲ +17.37% | $1.88 (−69.14%) |
US Market Status
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