Business
Greenlane Reports Fourth Quarter and Full Year 2024 Financial Results
BOCA RATON, FL / ACCESS Newswire / March 21, 2025 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (Nasdaq:GNLN), one of the premier global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, ...
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"BOCA RATON, FL / ACCESS Newswire / March 21, 2025 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (Nasdaq:GNLN), one of the premier global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today reported its financial results for the fourth quarter and twelve months ended December 31, 2024, and the filing of an annual report on Form 10-K, including the audited consolidated financial statements for the fiscal year ended December 31, 2024, and the unqualified report thereon of the Company's independent registered public accounting firm.","length":629,"tagName":"p"},{"type":"text","content":"A Note on Our Revenue Reporting","length":31,"tagName":"p"},{"type":"text","content":"Beginning with our second quarter 2023 earnings release, we implemented a major restructuring of our industrial product lines, transitioning much of this business from gross sales to a commission structure. While this change affects how we report revenue, we believe it enables us to preserve working capital and improve gross margins.","length":335,"tagName":"p"},{"type":"text","content":"Full Year 2024 Financial Highlights","length":35,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"$13.3 million vs $65.4 million for full year 2023; Y-o-Y decrease in net sales was due to a major restructuring in April of 2023, involving our packaging and industrial vaping product lines transitioning much of this business from a gross sale to a commission structure to preserve working capital.","length":298,"tagName":"p"}]},{"val":[{"type":"text","content":"Gross margin of 47.3% compared to gross margin of 27.3% for the same period in 2023.","length":84,"tagName":"p"}]},{"val":[{"type":"text","content":"$10.1 million, or 57.7% decrease in salaries and benefits vs full year 2023.","length":76,"tagName":"p"}]},{"val":[{"type":"text","content":"$14.4 million, or 59.9% decrease in G&A vs full year 2023.","length":62,"tagName":"p"}]},{"val":[{"type":"text","content":"Operating loss improved by $14.3 million to $11.7 compared to an operating loss of approximately $26.1 million in the prior year period.","length":136,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":656,"olType":false},{"type":"text","content":"Fourth Quarter 2024 Operational Highlights","l...