olivLaw · US equity research
Greenlane Holdings, Inc. GNLN
Wholesale-Durable Goods, NEC · SIC 5099 · Vertical: Wholesale — durable goods (SIC 509x)
Greenlane Holdings, listed on Nasdaq as GNLN, shifted in 2025 from a lifestyle accessories distributor to a digital asset treasury company focused on BERA, the native token of the Berachain blockchain. Investors are watching whether the BERA strategy can offset the decline of the legacy business, especially given large losses from the fair value of holdings, which could also affect Nasdaq listing compliance, for example if market value falls below the 5.0 million USD threshold.
At the close of 04 Nov 2026, Greenlane Holdings, Inc. (GNLN) stock was 1.26 USD (+1.21% on the day), with market capitalisation 871.7 k USD, beta 1.28, 52-week range 1.24–27.08 USD. Latest reported quarter (Q2 2026): revenue of 82.0 k USD (−89.6% YoY), net income of -24.8 m USD, diluted EPS -6.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 26.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.05 – 2.89
- in the lower half of the band · %B 0.11 · band width 93.0%
- SMA 50 / 200
- 2.47 / 3.94
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.34 / -0.27
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −64.1% | −1.1% | −63.0 pp | — |
| 3 months | −35.3% | −0.5% | −34.9 pp | — |
| 6 months | −75.8% | +4.4% | −80.2 pp | — |
| Year to date | −90.0% | +12.3% | −102.3 pp | — |
| 1 year | −95.1% | +13.5% | −108.7 pp | −34.5% |
| 3 years | −100.0% | +76.4% | −176.4 pp | +38.8% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.0 m | 1.7 m | 1.5 m | 788.0 k | 737.0 k | 1.4 m | 448.0 k | 82.0 k |
| Cost of revenue | 1.0 m | 927.0 k | 748.0 k | 786.0 k | 5.8 m | 9.4 m | 231.0 k | 50.0 k |
| Gross profit | 3.0 m | 732.0 k | 721.0 k | 2.0 k | -5.1 m | -8.1 m | 217.0 k | 32.0 k |
| Operating income | -538.0 k | -3.8 m | -3.5 m | -3.3 m | -9.1 m | -38.6 m | -5.6 m | -3.3 m |
| Depreciation & amortisation | 185.0 k | 165.0 k | 106.0 k | 201.0 k | 87.0 k | 99.0 k | 105.0 k | 126.0 k |
| Interest expense | 3.2 m | 1.9 m | 391.0 k | 0 ≈ | 2.0 k | 1.0 k | -34.0 k | -22.0 k |
| Pre-tax income | -3.8 m | -8.8 m | -3.9 m | -3.2 m | -8.9 m | -69.6 m | -18.2 m | -24.8 m |
| Income tax | — | — | — | — | — | — | — | -5.0 k |
| Net income | -3.8 m | -8.8 m | -3.9 m | -3.2 m | -8.9 m | -69.6 m | -18.4 m | -24.8 m |
| Diluted EPS | -5,484.67 | -1.82 ≈ | -2.54 | -25.46 | -6.44 | -2.55 ≈ | -4.49 | -6.06 |
| Operating cash flow | -4.9 m ≈ | -1.5 m | -3.4 m | -400.0 k | -3.9 m ≈ | -4.5 m | -4.8 m | -2.3 m ≈ |
| Capex | 22.0 k ≈ | 71.0 k | 16.0 k | 52.0 k ≈ | 7.0 k ≈ | 23.0 k | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 178.9 m | 185.0 m | 138.3 m | 166.1 m | 137.1 m | 65.4 m | 13.3 m | 4.4 m |
| Revenue YoY | unavailable | +3.4% | −25.2% | +20.1% | −17.4% | — | −79.7% | −67.2% |
| Net income | -5.9 m | -28.8 m | -14.5 m | -30.6 m | -169.5 m | -32.2 m | -17.6 m | -85.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | — | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -1.22 | -15.85 | -22.51 | -8.16 | -14.56 | -11.42 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | — | unavailable | unavailable |
| net % | -3.3% | -15.6% | -10.5% | -18.4% | -123.7% | -49.2% | -132.9% | -1,965.1% |
| Free cash flow | -24.5 m | -38.9 m | -14.1 m | -41.7 m | -29.2 m | -2.8 m | -7.0 m | -16.4 m |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 32.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 67.7 m USD
- Total assets
- 74.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 5.01x
- ROE
- -231.3%
- ROA
- -165.3%
- FCF margin
- -375.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 138.3 m | 166.1 m | 137.1 m | 65.4 m | 13.3 m | 4.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 115.5 m | 132.2 m | 112.1 m | 47.5 m | 7.0 m | 16.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 22.8 m | 33.9 m | 25.0 m | 17.8 m | 6.3 m | -12.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -49.0 m | -52.7 m | -184.1 m | -26.1 m | -11.8 m | -54.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 2.5 m | 4.7 m | 7.4 m | 2.2 m | 800.0 k | 493.0 k | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -46.5 m ≈ | -48.0 m ≈ | -176.7 m ≈ | -23.8 m ≈ | -11.0 m ≈ | -53.8 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 437.0 k | 574.0 k | 2.5 m | 5.5 m | 5.9 m | 394.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -47.5 m | -53.4 m | -182.2 m | -32.3 m | -17.7 m | -85.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 194.0 k | 10.0 k | -13.0 k | — | — | 7.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -14.5 m | -30.6 m | -169.5 m | -32.2 m | -17.6 m | -85.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -1.22 | -15.85 | -22.51 | -8.16 | -14.56 | -11.42 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 11.9 m | 1.9 m | 753.0 k | 363.0 k | 1.2 m | 7.5 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 30.4 m | 12.9 m | 6.5 m | 463.0 k | 899.0 k | 32.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 6.3 m | 14.7 m | 6.5 m | 1.7 m | 4.3 m | 1.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 36.1 m | 67.0 m | 40.6 m | 20.5 m | 14.2 m | — | SEC (XBRL)· 21 Mar 2025verified |
| Current assets | 96.1 m | 124.7 m | 76.7 m | 29.8 m | 23.8 m | 36.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 12.2 m | — | 4.0 m | 2.5 m | 1.4 m | 253.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | 3.3 m | 41.9 m | 0 | — | — | — | SEC (XBRL)· 31 Mar 2023verified |
| Intangibles (excl. goodwill) | 5.9 m | 84.7 m | 0 | — | — | — | SEC (XBRL)· 05 Jan 2024verified |
| Total assets | 122.7 m | 285.8 m | 89.7 m | 38.1 m | 28.6 m | 74.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 18.4 m | 23.0 m | 15.0 m | 12.1 m | 9.8 m | 5.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 182.0 k | 11.6 m | 3.2 m | 7.3 m | 7.7 m | — | SEC (XBRL)· 21 Mar 2025verified |
| Long-term debt | 7.8 m | 10.6 m | 13.0 m | 7.3 m | 7.7 m | — | SEC (XBRL)· 21 Mar 2025verified |
| Current liabilities | 41.9 m | 71.0 m | 35.7 m | 26.1 m | 22.3 m | 7.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 53.4 m | 89.5 m | 50.7 m | 27.1 m | 22.3 m | 7.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 69.3 m | 196.4 m | 39.0 m | 11.0 m | 6.3 m | 67.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Shares outstanding at year end | — | — | — | 3.7 m | — | — | SEC (XBRL)· 09 Jan 2024verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -12.3 m | -37.3 m | -26.4 m | -1.8 m | -6.8 m | -16.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 1.8 m | 4.4 m | 2.8 m | 1.0 m | 244.0 k | 98.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -14.1 m ≈ | -41.7 m ≈ | -29.2 m ≈ | -2.8 m ≈ | -7.0 m ≈ | -16.4 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -4.1 m | -19.7 m | 12.0 m | 30.0 k | -244.0 k | -8.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | -1.1 m | 39.0 m | 13.9 m | -10.1 m | 7.4 m | 56.1 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 871.7 k USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -4,630.6% | 0 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -68.3% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1,066.8x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1,785.2% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Greenlane Holdings, Inc. (GNLN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 4.4 m USD in 2025; YoY growth -67.2%; net margin -4,630.6%; ROE -534.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
What contradicts it
- Net margin: -4,630.6%
- Revenue CAGR 3Y: -68.3%
- Interest coverage: -1,066.8x
- FCF yield: -1,785.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Wholesale — durable goods (SIC 509x) · same industry group (3-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| POOLPool Corporation | 7.8 bn | 20.2 | 30.4% | 7.3% | −0.4% | −10% / −37% |
| GOLDGold.com, Inc. | 1.2 bn | 13.7 | 10.8% | 0.3% | +132.4% | +44% / +45% |
| AENTAlliance Entertainment Holding Corporation | 223.6 m | 16.9 | 11.9% | 483.6% | 0.0% | −34% / +362% |
| SORAAsiaStrategy | 60.4 m | 4.8 | 106.1% | 111.9% | −37.7% | −37% / unavailable |
| BGMSBio Green Med Solution, Inc. | 5.9 m | — | -40.8% | -204.0% | −100.0% | −41% / −100% |
| GNLNGreenlane Holdings, Inc. | 871.7 k | — | -534.0% | -4,630.6% | −67.2% | −95% / −100% |
| YDDLOne and one Green Technologies. INC | — | 4.6 | 37.8% | 17.9% | +23.1% | −79% / unavailable |
| CNMCore & Main, Inc. | — | 20.1 | 23.4% | 6.0% | +2.8% | +1% / +39% |
1- and 3-year price returns: for GNLN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Greenlane Holdings, listed on Nasdaq as GNLN, shifted in 2025 from a lifestyle accessories distributor to a digital asset treasury company focused on BERA, the native token of the Berachain blockchain. Investors are watching whether the BERA strategy can offset the decline of the legacy business, especially given large losses from the fair value of holdings, which could also affect Nasdaq listing compliance, for example if market value falls below the 5.0 million USD threshold.
SWOT
Strengths
- The company has a clear starting capital from the October 2025 private placement and a disciplined strategy of accumulating BERA. Its governance includes a Digital Assets Committee, providing a formal oversight framework.
- Operating costs have been cut quickly, showing management's ability to align the cost base with the size of the business. The legacy activity has moved to an asset-light model that needs no warehouses.
- Participation in the Proof of Liquidity mechanism can generate staking and yield revenue, providing income directly linked to BERA holdings.
Weaknesses
- Assets are highly concentrated in a single token, so problems specific to BERA or its ecosystem have a disproportionate impact on the financial position.
- The fair value of holdings is well below cost basis, and losses from changes in asset value dominated the 2026 quarterly results.
- Revenue from the traditional business has almost disappeared, and revenue from the new segment is still small relative to operating expenses.
Opportunities
- If the Berachain ecosystem attracts more users and developers, the value of holdings and staking revenue could increase.
- Clarifying the regulatory framework for digital asset treasury companies could reduce uncertainty and could ease access to financing.
- Growing BERA holdings per share could improve the strategy's performance indicator if cost reduction and accumulation continue.
Threats
- A fall in the BERA price could produce further accounting losses and could weaken investor confidence in the company's strategy.
- Regulatory changes or enforcement actions on digital assets could limit the company's ability to pursue the BERA strategy.
- If market value of listed securities falls below the Nasdaq threshold, the company could enter a delisting process, which would affect share liquidity.
Risks
- Concentration in a single assethigh
Almost all of the company's assets are tied to BERA, so any technical, governance or network security problem could directly affect the company's value.
- Nasdaq listing thresholdhigh
A new rule could require a minimum market value of listed securities, and the company could be affected if market value falls below the threshold without a cure period. Application of the rule, however, depends on the Commission's review.
- Regulatory riskmedium
The legal status of digital assets and of digital asset treasury companies is still uncertain, and new laws or agency actions could restrict the company's activity.
- Operational and security riskmedium
Staking and operating a validator can lead to losses through slashing penalties, configuration problems or cyberattacks, and the protocol changes frequently.
Investment thesis
What would need to be true (bull case)
- If the Berachain ecosystem develops and attracts users, the company's holdings could recover value, and the strategy of accumulating per share could become more relevant.
- The rapid reduction in operating costs shows discipline and could extend the period in which the company can fund the strategy with existing resources.
- Regulatory clarity for digital assets could reduce compliance risk and could open access to new sources of capital.
What would break the thesis
- The fair value of holdings is well below cost basis, which shows that a further fall in the BERA price could deepen accounting losses.
- The traditional business has almost disappeared, and revenue from the new segment remains small relative to expenses, so the company depends on the token's price.
- The Nasdaq delisting risk, should the new rule take effect, could reduce share liquidity and could weigh on investor confidence.
What to watch
- Fair value of BERA holdings and BERA-per-share trendQ3 2026
- SEC Commission decision on the Nasdaq minimum market value of listed securities rule2026
- Level of operating expenses and operating loss after cost reductionQ3 2026
- Effect of the second reverse stock split on listing status and capital structurenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Founded in 2005, Greenlane names a digital asset treasury strategy centered on BERA as its primary strategic focus. The company continues a reduced-scale wholesale and distribution business on an asset-light drop-ship model. Since October 2025, capital allocation has shifted toward acquiring, staking, validator participation and strategic deployment of digital assets, after a private placement of 110.7 million USD closed.
Berachain is a decentralized, EVM-compatible layer-1 blockchain using a Proof of Liquidity consensus mechanism that combines network security with active liquidity provisioning. The network has two tokens: BERA, used for fees, staking and validation, and BGT, a non-transferable token emitted to validators and used to direct rewards to protocols. Greenlane participates in this ecosystem through staking, possible validator operation and limited DeFi placements allowed by its treasury policy.
The legacy business of selling accessories and consumer products through vapor.com has been significantly reduced, and warehouses were largely exited. The company no longer prioritizes expanding this segment, which is managed mainly to preserve liquidity and meet existing contractual obligations.
Segments
BERA digital asset treasury
This is the main segment, which has grown as a share of the company's activity since October 2025. At June 30, 2026, the company held about 81.3 million BERA units with a cost basis of 70.2 million USD but a fair value of 16.4 million USD, showing the strong impact of market prices on the financial position. Staking and yield revenue was about 0.3 million USD in the second quarter of 2026.
Legacy distribution
Sales of accessories and consumer products have fallen sharply: net revenue in the second quarter of 2026 was about 0.1 million USD, compared with 0.8 million USD in the same period a year earlier. The asset-light drop-ship model reduced fixed costs, but the segment is no longer the main driver of results.
Market context
Greenlane operates in the market for digital asset treasury companies, a new area without clear regulation, where market position depends on the size of holdings and the token's price. The company states that BERA's aggregate value is much smaller than Bitcoin and other digital assets, so performance depends heavily on the success of the Berachain ecosystem. The market value of BERA fell in the second quarter of 2026, reducing the fair value of the company's holdings.
The market for lifestyle accessories distribution, where the company previously competed, is in relative decline for Greenlane, and legacy revenue fell sharply in 2025 and 2026. This business no longer supports growth, so the valuation depends almost entirely on the outcome of the BERA strategy.
Trends
- Regulation of digital assetsmixed
The US legal framework for digital assets is evolving, with proposals such as the CLARITY Act and the GENIUS Act for stablecoins, and the regulatory status of digital asset treasury companies remains uncertain. Clarification could reduce uncertainty but could also impose new compliance requirements.
- Adoption of the Berachain ecosystemmixed
The long-term success of BERA depends on growing network use, developers building applications and liquidity in DeFi protocols. If adoption grows, the value of holdings could benefit, though competition from other layer-1 blockchains is intense.
- Volatility of digital asset pricesheadwind
The fair value of BERA holdings is directly tied to the market price, and recent declines have produced large accounting losses. If volatility stays high, quarterly results will keep being dominated by changes in the value of assets.
- Reduction of operating coststailwind
The company significantly reduced operating expenses in the second quarter of 2026 compared with the first quarter, with a cost base aligned to the smaller scale of the business. If cost discipline holds, the operating loss could decline, which would support liquidity.
Competitive position
Competition comes both from other companies with similar digital asset treasury strategies and from competing layer-1 blockchains such as Ethereum, Solana and Binance Smart Chain, which have larger user bases and deeper liquidity. Greenlane differentiates itself through its exclusive focus on BERA and the Proof of Liquidity infrastructure, but this concentration increases dependence on a single asset.
- Other digital asset treasury companies with similar strategies
Companies accumulating other digital assets are described in the filings as following similar strategies, but the sources do not name them.
- Ethereum
Competing layer-1 blockchain with a larger base of users, liquidity and developers, cited as a direct alternative for applications and capital.
- Solana
Competing layer-1 blockchain that may attract users and developers through lower fees and faster finality.
- Binance Smart Chain
Competing layer-1 blockchain with an established ecosystem, cited among networks that could attract participants away from Berachain.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Oct 2026Item 1.03 · Financial statements and exhibits
- Current report07 Oct 2026Item 1.03 · Acquisition or disposition of assets · Financial statements and exhibits
- Current report01 Sept 2026Other events · Financial statements and exhibits
- Current report24 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report14 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report15 May 2026
- Current report15 May 2026Results of operations · Financial statements and exhibits
- Current report27 Apr 2026Delisting notice · Regulation FD disclosure · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Greenlane Holdings, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Greenlane Holdings, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Greenlane Holdings, Inc. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.