Greenlane Holdings, Inc. reported its fourth quarter and full year 2025 financial results, marking a pivotal transformation from its legacy operations to a digital asset treasury strategy centered on BERA, the native token of the Berachain blockchain network. The company's strategic shift, initiated in October 2025 following a $110.7 million private placement, represents a fundamental reorientation of capital deployment and organizational focus toward the Berachain ecosystem. The company's digital asset treasury strategy consists of five core components: capital deployment through BERA acquisition, network participation via Proof of Liquidity staking and validator infrastructure, governance participation earning Berachain Governance Tokens, risk-adjusted yield participation in decentralized finance protocols on the Berachain network, and capital allocation discipline. As of December 31, 2025, Greenlane held 51,659,912 units of BERA at a cost basis of $58.3 million with a fair value of $36.6 million, recognizing a $31.1 million loss on the change in fair value during fiscal year 2025.
Chief Executive Officer Jason Hitchcock stated that fiscal year 2025 marked a pivotal year as the company initiated its Berachain-focused strategy and began deploying capital into the ecosystem. The company took deliberate steps to reposition itself while maintaining disciplined capital allocation and transparent reporting. For more information about Berachain's technology, visit https://berachain.com. Fourth quarter financial results showed the impact of this transition, with net revenue decreasing 18% to approximately $1.4 million from $1.7 million in Q4 2024, reflecting the continued wind-down of legacy operations. Operating loss was $(38.6) million, compared to $(3.8) million in Q4 2024, driven primarily by $18.6 million in non-cash stock-based compensation related to strategic advisory warrants and increased compensation costs associated with the strategic transition. Net loss attributable to Greenlane Holdings was $(69.6) million, compared to $(8.8) million in Q4 2024.
Full year 2025 results reflected the company's strategic transition away from legacy wholesale and distribution operations, with total net revenue decreasing 67% to approximately $4.4 million from approximately $13.3 million in the prior year. Gross loss was $(12.5) million, compared to gross profit of $6.3 million in the prior year, driven by a $6.3 million inventory impairment recorded in connection with the wind-down of warehouse operations. Net loss attributable to Greenlane Holdings was $(85.6) million, compared to $(17.6) million in the prior year. Subsequent to December 31, 2025, several material developments occurred that significantly impact the company's future. On March 25, 2026, Greenlane received a delisting notification from Nasdaq for non-compliance with minimum bid price requirements. The company plans to appeal this determination before a Nasdaq Hearings Panel. On the same date, 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.
The company entered into significant token transaction agreements on February 4, 2026, including a Token Purchase and Sale Agreement and a Token Lending Agreement with Berachain Operations Corporation. These agreements establish mechanisms for the company to lend stablecoins to acquire BERA tokens and purchase tranches of BERA through flexible transaction arrangements. The Counterparty informed Greenlane that it may conduct transactions with BSQD Corp., an entity wholly owned by Greenlane's Chief Investment Officer Ben Isenberg, though such transactions would be conducted on an arm's-length basis at prevailing market prices. On February 11, 2026, the Board of Directors unanimously appointed Jason Hitchcock as Chief Executive Officer, bringing over 15 years of experience building and scaling revenue engines across SaaS, blockchain infrastructure, and decentralized finance. The company also entered into an ATM Offering agreement with Yorkville Securities, LLC on January 7, 2026, allowing the company to offer and sell shares of its Class A common stock for up to $5,355,687. For more information about Greenlane, visit https://investor.gnln.com.
The company's financial statements, including Consolidated Statements of Operations, Consolidated Balance Sheet, and Consolidated Statements of Cash Flows, are included as exhibits to the press release. The forward-looking statements in the release are subject to numerous risks and uncertainties described in the company's Annual Report on Form 10-K filed with the SEC on March 31, 2026, available at https://www.sec.gov. The company cautions that BERA is a digital asset that is not legal tender, is not backed by any government or central bank, and may be subject to extreme price volatility, regulatory uncertainty and technological risk.
