Greenlane Holdings, Inc. (Nasdaq: GNLN) reported its financial results for the fourth quarter and full year ended December 31, 2025, detailing the company's strategic pivot to a digital asset treasury focused on BERA, the native token of the Berachain blockchain network. The transition, initiated in October 2025 following a $110.7M private placement, marks a fundamental reorientation of the company's capital deployment and strategic focus.
For fiscal year 2025, Greenlane reported total net revenue of approximately $4.4M, a 67% decrease from $13.3M in 2024, reflecting the wind-down of legacy wholesale and distribution operations. Gross loss was $(12.5)M compared to a gross profit of $6.3M in the prior year, driven by a $6.3M inventory impairment. Net loss attributable to Greenlane Holdings was $(85.6)M, compared to $(17.6)M in 2024, primarily due to $31.1M in digital asset fair value losses, $18.6M in non-cash stock-based compensation related to strategic advisory warrants, $4.8M in other stock-based compensation, and restructuring charges.
As of December 31, 2025, the company held 51,659,912 units of BERA at a cost basis of $58.3M with a fair value of $36.6M. Additionally, Greenlane held $22.6M in stablecoins (USDT and USDC) classified as cash equivalents, and no outstanding debt, with $32.5M in cash and cash equivalents. On March 3, 2026, the company disclosed that as of February 27, 2026, it held approximately 70.4 million units of BERA and had deployed up to 50 million units into validator infrastructure across multiple operators.
CEO Jason Hitchcock commented, "Fiscal year 2025 marked a pivotal year for Greenlane as we initiated our Berachain-focused Digital Asset Treasury strategy and began deploying capital into the ecosystem. We took deliberate steps to reposition the Company — acquiring BERA and participating in Proof of Liquidity staking — while maintaining a disciplined approach to capital allocation and transparent reporting."
Subsequent events include a Nasdaq delisting notice received on March 25, 2026, due to non-compliance with the minimum bid price requirement. The company plans to appeal the determination, which will stay the suspension of its common stock. Stockholders approved a reverse stock split at a ratio within a range of 1-for-5 to 1-for-15, with the final ratio and timing to be determined by the Board of Directors. Additionally, on February 4, 2026, a Greenlane subsidiary entered into token purchase and lending agreements with Berachain Operations Corporation to acquire BERA tokens and lend stablecoins, respectively. The counterparty may conduct transactions with BSQD Corp., an entity wholly owned by Greenlane's Chief Investment Officer, on an arm's-length basis.
On February 11, 2026, the Board appointed Jason Hitchcock as CEO, and on January 7, 2026, the company entered into an at-the-market offering agreement with Yorkville Securities for up to $5,355,687 of shares. The company continues to operate a reduced-scale wholesale and distribution business through an asset-light drop-ship model.
Investors should consider the risks associated with digital assets, including extreme price volatility, regulatory uncertainty, and technological risk, as detailed in the company's SEC filings. For more information, visit investor.gnln.com.
