Greenlane Holdings, Inc.

What they do

The Company's legacy business was wholesale distribution of cannabis accessories and vaporization products, but that business has shrunk to nearly nothing. Following an October 2025 private placement, Greenlane now focuses on acquiring, managing, and strategically deploying BERA, the native token of the Berachain blockchain network, including staking and lending activities.

Revenue drivers

• Wholesale distribution (legacy) — Sells cannabis accessories and vaporizer products to retailers; revenue has collapsed from $166.1M in 2021 to $4.4M in 2025.
• Staking and yield revenue — Earns staking revenue from Berachain's Proof of Liquidity mechanism and yield on stablecoin-related protocol instruments; recognized $0.3M in Q2 2026.
• Digital asset appreciation — Holds BERA tokens and BERA-equivalent units; value fluctuates with market prices and is not a revenue line but a primary asset.

Recent performance

In Q2 2026, net revenue was $82K, down 90% from $788K in Q2 2025, reflecting the near-total cessation of the legacy business. Staking and yield revenue was $309K, with gross profit of $32K. Total operating expenses fell ~37% sequentially from Q1 2026, but the Company still posted a net loss of $24.8M in Q2 2026, driven by a $19.1M decline in fair value of digital assets and a $1.8M impairment of investments. At June 30, 2026, cash stood at $6.1M, and total assets were $32.0M, down from $74.9M at December 31, 2025.

Strategy

The Company adopted the BERA Strategy in October 2025 after raising $110.7M in a private placement. The strategy aims to increase long-term BERA-per-share through disciplined token purchases, lending arrangements with Berachain Operations Corporation, and participation in PoL staking. The Board has formed a Digital Assets Committee to oversee risk management and controls. Management continues to emphasize cost alignment—reducing operating expenses to match the smaller scale of the business—while deploying capital into BERA and stablecoin-related instruments.

Risks

• Digital asset price volatility — The fair value of BERA holdings declined sharply in Q2 2026, causing a $19.1M loss and underscoring exposure to crypto market swings.
• Liquidity and going concern — With only $6.1M cash and legacy revenue nearly zero, the Company faces potential cash strain if BERA yields or sale proceeds are insufficient.
• Nasdaq delisting — The Company received delisting notices on March 30 and April 27, 2026, indicating compliance risk related to listing requirements.
• Revenue collapse — Legacy distribution revenue has fallen from $166M in 2021 to $4.4M in 2025, and Q2 2026 revenue was just $82K, making the new strategy the sole viable path.

Outlook

Management expects to continue executing the BERA Strategy, focusing on disciplined capital deployment and cost reduction. The Company anticipates growing BERA-per-share through additional token purchases and staking yields, though it cautions that BERA-per-share does not reflect market price changes. Liquidity management and compliance with Nasdaq listing rules remain near-term priorities.