Greenlane posts $69.6M Q4 loss, faces Nasdaq delisting; pivots to BERA treasury

Greenlane Holdings, Inc.

Q4 net loss $(69.6)M vs $(8.8)M YoY; revenue down 18% to $1.4M on legacy wind-down.
FY2025 net loss $(85.6)M; includes $31.1M fair-value loss on BERA and $18.6M stock-based compensation.
Held 51.7M BERA units at Dec 31, 2025 (cost $58.3M, fair value $36.6M); $32.5M cash, no debt.
Received Nasdaq delisting notice Mar 25, 2026 for bid price non-compliance; will appeal.
Stockholders approved 1-for-5 to 1-for-15 reverse stock split; CEO Jason Hitchcock appointed Feb 11, 2026.

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