Business
Greenlane Reports Q2 2022 Revenue of $39.9 Million, Up 15% Year-over-Year
Company Announces Strategic Decision to Sell Packaging Business, Make Final Transition to a Consumer House of BrandsBOCA RATON, FL / ACCESSWIRE / August 16,
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"Company Announces Strategic Decision to Sell Packaging Business, Make Final Transition to a Consumer House of BrandsBOCA RATON, FL / ACCESSWIRE / August 16, 2022 / 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 second quarter and six months ended June 30th, 2022.Recent Highlights:Financial ResultsRevenue for Q2 2022 increased 15% to $39.9M, compared to $34.7M in Q2 2021. For the six months ending June 30, 2022, revenue was $86.5 million, a 25.8% increase from the $68.7 million reported for comparable prior year period.Basic and diluted net loss of $2.27 per share compared to a loss of $3.23 per share for the prior year quarter, and a loss of $5.57 for the trailing six months versus a loss of $9.07 for the comparable prior year period.Adjusted EBITDA loss for Q2 2022 was $5.8 million or $1.09 per share compared to a loss of $3.7 million or $3.92 per share for Q2 of 2021. For the six months ending June 30, 2022, adjusted EBITDA loss was $11.1 million or $2.25 per share versus a loss of $8.9 million or $11.05 per share for the comparable period.Strategic InitiativesAnnounces plans to sell its packaging divisionPromotes Craig Snyder, the Company's Chief Commercial Officer, to PresidentSecured a $15 million asset-based credit facility to support working capital needsCompleted $5.4 million registered direct offering of common stock and warrantsSold its interest in Vibes Holdings, LLC, for $5.3 million, and its Azarius retail location and business in AmsterdamExited facilities for savings of over $900,000 annuallyRestructured contract with key vendor for approximately $500,000 of annual savingsSold previously reserved E&O inventory for over $2 millionFinalized USPS PACT Act implementation and began shipments to customers under USPS B2B Exemption programThe Company reaffirms its belief in raising a total of $30M of non-dilutive capital under the previously announced liquidity planThe Company adjusts previously announced expectation of achieving adjusted SG&A reductions to $14M - $16M by Q3 of 2022 to now $16M - $18M by Q3 to account for higher-than-expected shipping expensesThe Company withdraws its previously issued guidance of achieving p...