Business
Greenlane Reports Q1 2023 Revenue Increase of 9% and a 32% Decrease in Operating Expenses Over Q4 2022
BOCA RATON, FL / ACCESSWIRE / May 15, 2023 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (NASDAQ:GNLN), one of the largest global sellers of
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"BOCA RATON, FL / ACCESSWIRE / May 15, 2023 / Greenlane Holdings, Inc. (\"Greenlane\" or the \"Company\") (NASDAQ:GNLN), one of the largest global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today reported financial results for the first quarter ended March 31st, 2023.Recent HighlightsRevenue 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 $7.6 million for Q4 2022.The Company has launched 16 new products: 12 products from Groove, 3 from Eyce, and the MIQRO-C from DaVinci.Results from Operations % ($ in thousands) Q1'23 Q4'22 Change Net Sales 23,959 21,986 9.0% Greenlane Brands Sales 3,207 3,180 0.8% % of Net Sales 13.4% 14.5% Cost of Sales 18,440 16,108 14.5% Gross Profit 5,519 5,878 (6.1)% Gross Margin 23.0% 26.7% Salaries, Benefits & Payroll Taxes 5,370 5,413 (0.8)% General and Administrative 7,677 9,954 (22.9)% Depreciation and Amortization 1,992 2,190 (9.0)% Goodwill and Intangible Asset Impairment - 4,600 (100.0)% Interest Expense 815 851 (4.2)% Other Income (Expense) 88 3,656 (97.6)% Net Loss (10,248) (13,475) (23.9)% Less: Net loss attributable to non-controlling interest (54) (218) (75.2)% Net loss attributable to Greenlane Holdings, Inc. (10,194) (13,257) (23.1)% Adjusted EBITDA (6,818) (7,564) (9.9)% Cash (includes restricted cash) 5,872 12,176 Net sales for the three months ended March 31, 2023, were $24.0 million, an increase of $2.0 million or 9.0% over the prior quarter.Gross margin was 23.0% during the quarter versus 26.7% during the fourth quarter of 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 attributable to Greenlane Holdings, Inc. was $10.2 million during the quarter, or $0.64 per s...