Greenlane Holdings, Inc. is a US-listed company in the distributors industry. Its financial year ends in December.
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Greenlane Holdings, Inc. valuation: adjust assumptions and compare models →
Greenlane has little or no product revenue yet; it used $15m of cash in the twelve months to June 2026. It passes 3 of our 3 financial-health checks.
Our model value for Greenlane Holdings is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Greenlane Holdings, Inc.'s trailing-twelve-month revenue fell 67.0% year on year, with a free-cash-flow margin of -588.4%.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 49.0% while net income fell 520.4%: a 471pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
| At fiscal year end | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Share price | $5370750.00 | $6534000.00 | $1590600.00 | $23760.00 | $4273.50 | $1237.50 | $12.56 |
| Market value | $136.2bn | $195.2bn | $1.53tn | $8.9bn | $1.6bn | $1.5bn | $94m |
| + Net debt (− = net cash) | −$39m | −$22m | $21m | $15m | $14m | $14m | −$33m |
| Enterprise value | $136.2bn | $195.1bn | $1.53tn | $9.0bn | $1.6bn | $1.5bn | $62m |
| Multiples | |||||||
| Price / sales | n/m | n/m | n/m | 65.3x | 23.7x | 113.0x | 21.6x |
| Price / earnings | — | — | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
Weak moat
How hard Greenlane Holdings's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -58.8% of total assets over 8 years.
Gross margin has been a median 18.5%, moving by 172.1 percentage points (standard deviation) across 8 years.
Operating margin has been a median -48.9%; its worst year was -2151.4%.
Free cash flow was positive in 0 of 8 years, at a median -20.5% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (12 before it).
No analyst estimates are published for Greenlane Holdings, Inc.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2023 | −$277206.90 | −$432970.78 | −56.2% |
| Mar 2023 | −$778819.40 | −$423136.53 | +45.7% |
| Dec 2022 | −$739218.44 | −$687044.10 | +7.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| GNLN | −76% | −99% | −82% | −71% | −99% | −89% |
| Industry peers (median) | +48% | −9% | −13% | −13% | −23% | −32% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| GNLN | 25% | 8% | 25% | 25% | 25% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| GNLN | −88% | −99% | −91% | −92% | −99% | −90% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since April 18, 2019: 100% from April 18, 2019 to November 2, 2026. Getting back needed a 2578888793% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 14, 2026 | +4.1% | −0.7% | +52.8% | +42.5% |
| May 15, 2026 | −13.2% | −1.3% | −26.4% | −32.0% |
| November 14, 2025 | −6.3% | −0.9% | +11.3% | −6.0% |
| August 14, 2023 | −3.9% | −0.6% | −12.2% | −6.7% |
| May 15, 2023 | +10.5% | −0.3% | +11.9% | −33.2% |
| April 3, 2023 | −2.5% | −0.2% | −2.5% | −20.1% |
| November 15, 2022 | −13.1% | +0.1% | −11.9% | −21.5% |
| October 25, 2022 | −9.8% | +0.8% | −70.4% | −70.8% |
| August 16, 2022 | +6.1% | −0.5% | −19.9% | −34.9% |
| May 17, 2022 | −4.1% | −2.1% | −20.3% | −35.7% |
| March 30, 2022 | −10.4% | −2.1% | −23.8% | −44.8% |
| March 10, 2022 | −4.2% | −1.7% | −10.4% | −13.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $77.3M |
| FY23 Q4 | $65.4M |
| FY24 Q1 | $46.3M |
| FY24 Q2 | $29.4M |
| FY24 Q3 | $21.6M |
| FY24 Q4 | $13.3M |
| FY25 Q1 | $9.8M |
| FY25 Q2 | $8M |
| FY25 Q3 | $4.7M |
| FY25 Q4 | $4.4M |
| FY26 Q1 | $3.3M |
| FY26 Q2 | $2.6M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -54.8% |
| FY23 Q4 | -52.3% |
| FY24 Q1 | -59.5% |
| FY24 Q2 | -68.8% |
| FY24 Q3 | -72.1% |
| FY24 Q4 | -79.7% |
| FY25 Q1 | -78.8% |
| FY25 Q2 | -72.9% |
| FY25 Q3 | -78.5% |
| FY25 Q4 | -67.2% |
| FY26 Q1 | -66.0% |
| FY26 Q2 | -67.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -48.7% |
| FY23 Q4 | -39.7% |
| FY24 Q1 | -47.3% |
| FY24 Q2 | -59.2% |
| FY24 Q3 | -51.1% |
| FY24 Q4 | -89.0% |
| FY25 Q1 | -115.2% |
| FY25 Q2 | -139.2% |
| FY25 Q3 | -421.9% |
| FY25 Q4 | -1249.4% |
| FY26 Q1 | -1695.0% |
| FY26 Q2 | -2151.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -5.8% |
| FY23 Q4 | -4.3% |
| FY24 Q1 | -10.2% |
| FY24 Q2 | -26.2% |
| FY24 Q3 | -40.6% |
| FY24 Q4 | -52.7% |
| FY25 Q1 | -104.3% |
| FY25 Q2 | -130.5% |
| FY25 Q3 | -202.4% |
| FY25 Q4 | -282.6% |
| FY26 Q1 | -407.8% |
| FY26 Q2 | -588.4% |
| Fiscal year | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Revenue | 179 | 185 | 138 | 166 | 137 | 65 | 13 | 4 | 3 |
| Gross profit | 36 | 31 | 23 | 34 | 25 | 18 | 6 | −12 | −13 |
| EBITDA | −1 | −22 | −46 | −48 | −177 | −24 | −11 | −54 | −56 |
| Operating income | −2 | −25 | −49 | −53 | −184 | −26 | −12 | −54 | −57 |
| Net income | −6 | −29 | −15 | −31 | −170 | −32 | −18 | −86 | −122 |
| Diluted EPS | — | −$384.00 | −$488.00 | −$31.70 | −$45.02 | −$8.16 | −$14.56 | −$11.42 | — |
| Growth (year on year) | |||||||||
| Revenue | — | +3.4% | −25.2% | +20.1% | −17.4% | −52.3% | −79.7% | −67.2% | −67.0% |
| Margins | |||||||||
| Gross margin | 20.0% | 16.8% | 16.5% | 20.4% | 18.2% | 27.3% | 47.3% | −286.2% | −492.4% |
| EBITDA margin | −0.6% | −12.0% | −33.6% | −28.9% | −128.9% | −36.5% | −83.0% | <−999% | <−999% |
| Operating margin | −1.4% | −13.5% | −35.4% | −31.7% | −134.3% | −39.9% | −89.0% | <−999% | <−999% |
| Net margin | −3.3% | −15.6% | −10.5% | −18.4% | −123.7% | −49.2% | −132.9% | <−999% | <−999% |
| Free-cash-flow margin | −13.7% | −21.0% | −10.2% | −25.1% | −21.3% | −4.3% | −52.7% | −375.6% | −588.4% |
| Cash flow | |||||||||
| Cash from operations | −14 | −37 | −12 | −37 | −26 | −2 | −7 | −16 | −15 |
| Capital spending | 11 | 2 | 2 | 4 | 3 | 1 | 0 | 0 | 0 |
| Free cash flow | −24 | −39 | −14 | −42 | −29 | −3 | −7 | −16 | −15 |
| Stock-based pay | 4 | 8 | 1 | 6 | 2 | 0 | 0 | 5 | — |
| Free cash flow after stock pay | −29 | −47 | −15 | −47 | −32 | −3 | −7 | −21 | — |
| Balance sheet | |||||||||
| Cash | 7 | 48 | 30 | 13 | 6 | 0 | 1 | 33 | 6 |
| Total debt | 49 | 8 | 8 | 34 | 21 | 15 | 15 | — | 0 |
| Net debt (negative = net cash) | 42 | −39 | −22 | 21 | 15 | 14 | 14 | −33 | −6 |
| Diluted shares | — | — | — | — | — | — | 1m | 7m | — |
| Returned to shareholders | |||||||||
| Buybacks | — | 1 | — | — | — | — | — | — | — |
| Total returned | — | 1 | — | — | — | — | — | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 4 | 2 | 1 | 1 | 1 | 1 | 0 | 0 |
| Gross profit | 3 | 1 | 1 | 0 | −5 | −8 | 0 | 0 |
| EBITDA | −0 | −4 | −3 | −3 | −9 | −38 | −5 | −3 |
| Operating income | −1 | −4 | −3 | −3 | −9 | −39 | −6 | −3 |
| Net income | −4 | −9 | −4 | −3 | −9 | −70 | −18 | −25 |
| Diluted EPS | −$5484.67 | $12030.28 | −$2.54 | −$25.46 | −$6.44 | $8.46 | −$4.49 | −$6.06 |
| Growth (year on year) | ||||||||
| Revenue | −65.8% | −83.4% | −70.2% | −70.3% | −81.7% | −18.0% | −69.5% | −89.6% |
| Margins | ||||||||
| Gross margin | 75.0% | 44.1% | 49.1% | 0.3% | −692.4% | −594.0% | 48.4% | 39.0% |
| EBITDA margin | −8.7% | −219.1% | −229.3% | −387.7% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | −13.3% | −229.1% | −236.6% | −413.2% | <−999% | <−999% | <−999% | <−999% |
| Net margin | −93.0% | −528.9% | −263.2% | −408.0% | <−999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | −120.7% | −95.8% | −235.6% | −57.4% | −531.1% | −329.2% | — | <−999% |
| Cash flow | ||||||||
| Cash from operations | −5 | −2 | −3 | −0 | −4 | −4 | −5 | −2 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | — | 0 |
| Free cash flow | −5 | −2 | −3 | −0 | −4 | −4 | — | −2 |
| Stock-based pay | 0 | 0 | 0 | 0 | — | — | 1 | 1 |
| Free cash flow after stock pay | −5 | −2 | −3 | −0 | — | — | — | −3 |
| Last 12 months unless stated | GNLN | BGMS | CTNT | INEO | YDDL | AENT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $3m | $2m | $1m | $58m | $66m | $1.1bn | $607m |
| Revenue growth, last 12 months | −67.0% | −89.8% | 26.5% | −6.9% | 23.1% | 8.0% | 4.1% |
| Revenue growth, 3-year average | −69.7% | — | −68.2% | — | — | −0.3% | −0.7% |
| Revenue growth, latest quarter | −89.6% | 710.0% | 145.4% | — | — | 17.7% | 10.9% |
| Gross margin | −492.4% | — | 8.1% | 19.2% | 23.9% | — | 24.0% |
| Operating margin | <−999% | −149.9% | −316.6% | −0.1% | 18.0% | 2.4% | 3.6% |
| Operating margin, 3-year average | −783.2% | <−999% | −232.1% | — | — | 2.2% | 4.6% |
| Net margin | <−999% | −120.5% | −206.8% | −0.7% | 17.9% | 1.1% | 0.6% |
| Cash from operations / revenue | −588.4% | −60.1% | −155.4% | 7.6% | −14.8% | −0.1% | 2.3% |
| Free-cash-flow margin | −588.4% | −60.1% | −158.0% | 7.6% | −14.8% | −0.2% | 1.4% |
| Free-cash-flow margin, 3-year average | −248.3% | <−999% | — | — | — | — | 3.8% |
| Stock pay / revenue | 0.2% | 36.3% | 27.5% | — | — | 0.0% | 0.4% |
| Change in share count | — | 26.3% | — | 50.9% | 0.8% | 0.1% | −0.3% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $4.4M | 99.9% | ▼ 60.1% |
| Canada | $4,000 | 0.1% | ▼ 97.5% |
From Greenlane Holdings, Inc.'s 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Yorkville Advisors Global, LP | $60,500 | 25K | 86.6% | New |
| Tower Research Capital LLC (TRC) | $3,620 | 1K | 5.2% | New |
| Vanguard Capital Management LLC | $3,102 | 1K | 4.4% | New |
| Citigroup Inc | $2,628 | 1K | 3.8% | New |
| Sbi Securities Co., Ltd. | $2 | 0K | 0.0% | ▼ 90.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Greenlane Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 13, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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