The core business is essentially zero revenue, and the BERA treasury strategy has already generated a $34.5M unrealized loss. With only $13.3M cash remaining and $4.8M quarterly operating cash burn, the company has limited runway. Monitor BERA price action and any additional capital raises — the lock-up expirations could add selling pressure on both GNLN shares and BERA tokens.
Price Chart
Executive Summary
Greenlane reported Q1 2026 net revenue of $0.4M (down 70% YoY) and a net loss of $18.4M ($4.49/share), driven by a $12.9M non-cash fair-value decline in BERA digital assets and $2.3M in non-recurring legal/advisory costs. The company's BERA holdings grew 44% per share to 123 units/share, but the digital asset strategy remains highly speculative with BERA's fair value ($34.2M) well below cost basis ($68.7M).
Key Financial Metrics
Key Facts
- Q1 2026 net revenue fell 70% YoY to $0.4M, with legacy wholesale revenue nearly zero ($27K) and staking revenue of $421K
- Net loss attributable to Greenlane was $18.4M vs $3.9M in Q1 2025, driven by a $12.9M non-cash fair-value decline in BERA digital assets
- BERA holdings grew to 77.7M units (cost basis $68.7M, fair value $34.2M) — a $34.5M unrealized loss
- Cash burn was $19.2M in Q1, reducing cash from $32.5M to $13.3M; operating cash flow was -$4.8M
- Company regained Nasdaq compliance on April 21, 2026 after a 1:8 reverse stock split on April 6
- Lock-up expirations on pre-funded warrants (April 18) and BERA holdings (April 23) increase potential selling pressure
Financial Impact
Net loss of $18.4M on $0.4M revenue; $12.9M non-cash digital asset impairment; cash burn of $19.2M in the quarter
Risk Factors
- BERA token price volatility could trigger further large fair-value write-downs
- Cash burn rate ($19.2M in Q1) will exhaust remaining $13.3M cash within months without additional funding
- Lock-up expirations on pre-funded warrants and BERA holdings may create selling pressure
- Legacy wholesale business is essentially non-revenue generating ($27K in Q1)
- Nasdaq compliance regained but micro-cap status ($3M market cap) creates ongoing listing risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3296130 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 10d ago | 8-K | $2.06 $1.92 | ▲ +6.80% | ▲ +6.37% | $1.88 (+8.92%) |
Oct 6, 2026 19d ago | 8-K | $2.95 $2.32 | ▲ +21.36% | ▲ +20.38% | $1.88 (+36.40%) |
Aug 14, 2026 10w ago | Press Release | $2.01 $2.82 | ▼ −40.30% | ▼ −41.49% | $1.88 (+6.66%) |
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 (−34.85%) |
Apr 9, 2026 28w ago | Press Release | $2.88 $3.78 | ▲ +31.25% | ▲ +28.06% | $1.88 (−34.85%) |
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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