Greenlane Holdings, Inc. (Nasdaq: GNLN) reported a net loss attributable to the company of $85.6 million for the full year 2025, compared to a loss of $17.6 million in 2024, as the company executed a strategic transition toward a digital asset treasury focused on BERA, the native token of the Berachain blockchain network. The company’s fourth quarter net loss was $69.6 million, including a $31.1 million loss on the change in fair value of its BERA holdings recognized entirely in the quarter.
Revenue for the full year fell 67% to $4.4 million from $13.3 million, reflecting the wind-down of legacy wholesale and distribution operations. Gross loss was $12.5 million, compared to a gross profit of $6.3 million in the prior year, driven by a $6.3 million inventory impairment. Operating loss for the fourth quarter was $38.6 million, versus $3.8 million in Q4 2024, due to $18.6 million in non-cash stock-based compensation related to strategic advisory warrants and a $6.0 million increase in compensation costs tied to the strategic shift.
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. The company also held $22.6 million in stablecoins classified as cash equivalents and had no outstanding debt, with $32.5 million in cash and cash equivalents. By February 27, 2026, the company disclosed it held approximately 70.4 million units of BERA and had deployed up to 50 million units into validator infrastructure across multiple operators.
The digital asset treasury strategy, initiated in October 2025 after a $110.7 million private placement, encompasses five components: capital deployment through BERA acquisition, network participation via Proof of Liquidity staking and validator infrastructure, governance participation through Berachain Governance Tokens, risk-adjusted yield deployment in DeFi protocols, and capital allocation discipline to enhance shareholder value per share.
Subsequent to year-end, the company received a delisting notice from Nasdaq on March 25, 2026, for non-compliance with the minimum bid price requirement, which it plans to appeal. The same day, stockholders approved a reverse stock split at a ratio between 1-for-5 and 1-for-15, with timing and final ratio to be determined by the board. The company also entered into token purchase and lending agreements with Berachain Operations Corporation, under which its subsidiary may lend stablecoins to acquire BERA and purchase BERA tranches. The counterparty may source BERA from BSQD Corp., an entity wholly owned by Greenlane’s Chief Investment Officer Ben Isenberg, on an arm’s-length basis.
On February 11, 2026, the board appointed Jason Hitchcock as CEO, bringing over 15 years of experience in SaaS, blockchain infrastructure, and decentralized finance. The company also initiated an at-the-market offering for up to $5.36 million of common stock through Yorkville Securities.
“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,” said Jason Hitchcock, CEO. The company’s full financial statements are available in its Form 10-K filed with the SEC.
