Business
Greenlane Reports Q2 2023 Fiscal Results
BOCA RATON, FL / ACCESSWIRE / August 14, 2023 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (NASDAQ:GNLN), a premier global seller of premium
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"BOCA RATON, FL / ACCESSWIRE / August 14, 2023 / Greenlane Holdings, Inc. (\"Greenlane\" or the \"Company\") (NASDAQ:GNLN), a premier global seller of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today reported financial results for the second quarter ended June 30th, 2023.Recent HighlightsRevenue for Q2 2023 decreased to $19.6 million, compared to $24.0 million in Q1 2023.Operating expenses in Q2 2023 were reduced $0.9 million or 6.2% compared with Q1 2023.Net loss attributed to Greenlane Holdings, Inc. for Q2 2023 was $10.5 million, compared to $10.2 million in Q1 2023. Basic and diluted net loss of $6.56 per share compared to a loss of $6.40 per share for the prior quarter.Adjusted EBITDA loss for Q2 2023 was $5.8 million compared to a loss of $6.8 million for Q1 2023.The Company has launched 21 new products this year: The ORAFLEX line with the Rig, full line of Groove products, including the new line of Groove glass, the Groove Micro Rigs and a Limited-Edition Spoon Pipe. From DaVinci we brought a new color way to market in the MIQRO-C line along with the new ARTIQ, the newest DaVinci premium portable vaporizer which is quickly garnering critical acclaim.Results of Operations % % ($ in thousands) Q2'23 Q1'23 Q4'22 Change Q2 vs. Q1 Change Q1 vs. Q4 Net Sales $19,625 $23,959 $21,986 (18.1)% 9.0%Greenlane Brands Sales 5,135 3,207 3,180 60.1% 0.8%% of Net Sales 26.2% 13.4% 14.5% Cost of Sales 15,051 18,440 16,108 (18.4)% 14.5%Gross Profit 4,574 5,519 5,878 (17.1)% (6.1)%Gross Margin 23.3% 23.0% 26.7% 1.3% (13.9)%Salaries, Benefits & Payroll Taxes 5,157 5,370 5,413 (4.0)% (0.8)%General and Administrative 6,968 7,677 9,954 (9.2)% (22.9)%Depreciation and Amortization 1,978 1,992 2,190 (0.7)% (9.0)%Goodwill and Intangible Asset Impairment - - 4,600 -% (100.0)%Interest Expense (918) 815 851 (212.6)% (4.2)%Other Income (Expense), Net (85) 88 3,656 (196.6)% (97.6)%Provision for (benefit from) income taxes (7) 1 - (800.0)% Net Loss (10,525) (10,248) (13,475) 2.7% (23.9)%Less: Net income (loss) attributable to non-controlling interest 8 (54) (218) (114.8)% (75.2)%Net loss attributable to Greenlane Holdings, Inc. $(10,533) $(10,194) $(13,257) 3.3% (23.1)%Adjusted EBITDA $(5,769) $(6,818) $(7,564) (15.4)% (9.9)%Cash (includes restricted cash) $4,651 $5,872 $12,176 (20.8)% (51.8)%Net sales for...