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Founded in 2005, Greenlane is a public company whose primary strategic focus is a digital asset treasury strategy centered on BERA. We also continue to operate a reduced-scale wholesale and distribution business through an asset-light drop-ship model.
The business is unprofitable at the operating level (-1245.60% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 67.2% YoY. Margins deteriorated 1156.6pp alongside, both lines moving the wrong way.
ROIC dropped from -28.58% to -87.01%, capital efficiency is deteriorating. Negative free cash flow of -$16M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$3M
▼ -67.2% YoY
Net Income (TTM)
-$100M
▼ -385.1% YoY
Op. Margin
-1689.95%
▼ -1156.6pp YoY
ROIC
-118.50%
▼ -58.4pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$16M
▼ -133.9% YoY
Op. Cash Flow (FY)
-$16M
▼ -140.9% YoY
Net Debt
-$13M
Net Cash Position
Cash & Equiv.
$13M
5Y CAGR: -49.9%
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