Greenlane Holdings, Inc. (Nasdaq: GNLN), a digital asset treasury company focused on the Berachain blockchain network, reported financial results for the fourth quarter and full year ended December 31, 2025, highlighting its strategic shift to a BERA-focused treasury and the implications for its future.
The company initiated its digital asset treasury strategy in October 2025 after raising $110.7 million through a private placement. As of December 31, 2025, Greenlane held 51,659,912 BERA tokens with a cost basis of $58.3 million and a fair value of $36.6 million, resulting in a $31.1 million loss on fair value changes for the fiscal year. Additionally, the company held $22.6 million in stablecoins and $32.5 million in cash and cash equivalents, with no outstanding debt. By February 27, 2026, BERA holdings increased to approximately 70.4 million tokens, with up to 50 million tokens deployed into validator infrastructure.
CEO Jason Hitchcock stated, “Fiscal year 2025 marked a pivotal year for Greenlane as we initiated our Berachain-focused Digital Asset Treasury strategy and began deploying capital into the ecosystem. These foundational actions reflect our conviction in the long-term potential of Berachain and our commitment to building value for shareholders on a per-share basis.”
Financial results for Q4 2025 showed net revenue of $1.4 million, down 18% from $1.7 million in Q4 2024, due to the wind-down of legacy operations. Operating loss widened to $38.6 million from $3.8 million, driven by $18.6 million in non-cash stock-based compensation related to strategic advisory warrants and $6.0 million in increased compensation costs. Net loss attributable to Greenlane was $69.6 million, compared to $8.8 million in the prior-year quarter, reflecting the $31.1 million digital asset fair value loss recognized entirely in Q4.
For full year 2025, total net revenue fell 67% to $4.4 million from $13.3 million in 2024. Gross loss was $12.5 million versus a gross profit of $6.3 million, including a $6.3 million inventory impairment. Net loss attributable to Greenlane was $85.6 million, compared to $17.6 million in 2024, due to digital asset losses, stock-based compensation, and restructuring charges.
Subsequent events include a Nasdaq delisting notice on March 25, 2026, for non-compliance with the minimum bid price requirement. The company plans to appeal the determination and stay the suspension. Stockholders approved a reverse stock split at a ratio between 1-for-5 and 1-for-15, to be effected after the financial statements issuance. Additionally, on February 4, 2026, Greenlane's subsidiary entered into token purchase and lending agreements with Berachain Operations Corporation to acquire BERA and lend stablecoins. The counterparty may source BERA from BSQD Corp., an entity wholly owned by Greenlane's Chief Investment Officer, on an arm's-length basis. On January 7, 2026, the company initiated an at-the-market offering for up to $5.36 million of common stock through Yorkville Securities.
The full financial statements are available in the company's SEC filings. For more information, visit investor.gnln.com.
