Greenlane Q1 revenue up 9% QoQ but net loss still $10.2M; cash drops to $5.9M

Greenlane Holdings, Inc.

2023-Q1 EPS reported -$0.64 vs consensus -$793029.60 ▲ beat (+100.0%)

Revenue $24.0M, +9.0% vs Q4 2022; gross margin 23.0% vs 26.7% prior quarter.
Net loss attributable to GNLN $10.2M ($0.64/sh) vs $13.3M ($1.02/sh) in Q4 2022.
Adjusted EBITDA loss $6.8M, improved from $7.6M loss in Q4 2022.
Operating expenses down $7.1M or 32% vs Q4 2022, including $4.6M impairment in prior quarter.
Cash & restricted cash $5.9M, down from $12.2M at Dec 31, 2022.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Greenlane Holdings, Inc. reported the first quarter ended March 31, 2023 results: revenue $24.0 million, net income $10.2 million, EPS $0.64 per share.

Period: the first quarter ended March 31, 2023
Revenue: $24.0 million
Net income: $10.2 million
EPS: $0.64 per share
Result: reported results

Exact text from the filing

Recent Highlights • Revenue for Q1 2023 increased 9.0% to $24.0 million, compared to $22.0 million in Q4 2022. • Operating expenses in Q1 2023 were down $7.1 million or 32% compared with Q4 2022, inclusive of a Q4 2022 intangible assets impairment charge of $4.6 million. • Net loss attributed to Greenlane Holdings, Inc. for Q1 2023 was $10.2 million, compared to $13.3 million in Q4 2022, inclusive of the $4.6 million intangible assets impairment charge. Basic and diluted net loss of $0.64 per share compared to a loss of $1.02 per share for the prior quarter. • Adjusted EBITDA loss for Q1 2023 was $6.8 million compared to a loss of $7.6 million for Q4 2022. • The Company has launched 16 new products: 12 products from Groove, 3 from Eyce, and the MIQRO-C from DaVinci.

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Source: SEC EDGAR

accession 0001743745-23-000031

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