Business
Greenlane Reports Q3 2022 Earnings
BOCA RATON, FL / ACCESSWIRE / November 15, 2022 / 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 / November 15, 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 third quarter and nine months ended September 30th, 2022.Recent HighlightsFinancial ResultsRevenue for Q3 2022 decreased 31% to $28.7M, compared to $41.3M in Q3 2021. For the nine months ending September 30, 2022, revenue was $115.1 million, a 5% increase from the $110.0 million reported for the comparable prior year period.Net loss for Q3 2022 was $79.2 million, inclusive of a $66.8 million goodwill and intangible assets impairment charge, compared to $28.7 million in Q3 2021 and $14.5 million in the second quarter of 2022. Basic and diluted net loss of $11.43 per share compared to a loss of $8.19 per share for the prior year quarter, and a loss of $18.01 for the trailing nine months versus a loss of $19.60 for the comparable prior year period.Adjusted EBITDA loss for Q3 2022 was $11.2 million compared to a loss of $6.9 million for Q3 of 2021. For the nine months ending September 30, 2022, adjusted EBITDA loss was $24.6 million versus a loss of $15.8 million for the comparable period.Strategic InitiativesAnnounced management changes in connection with transition to consumer brands business modelLaunched new enhanced wholesale shopping experienceLaunched Groove, a new house brand offering quality products at a value priceAnnounced distribution partnership with AUXO by CCELLEntered into agreement to distribute Greenlane brands in Puerto RicoAnnounced strategic partnership with Leaf Trade to increase B2B visibilityAnnounced sale of headquarters building for $9.95 millionAnnounced closing of $7.5 million public offeringResults from Operations Three Months Ended September 30, % ($ in thousands) 2022 2021 Change Net Sales $28,680 $41,314 (30.6) %Greenlane Brands Sales 3,262 8,876 (63.2) %% of Net Sales 11.4% 21.5% Cost of Sales $23,711 $39,827 (40.5) %Gross Profit 4,969 1,487 234.2%Gross Margin 17.3% 3.6% Salaries, Benefits & Payroll Taxes 7,000 11,192 (37.5) %General and Administrative 8,547 16,795 (49.1) %Net Loss (79,215) (28,715) 175.9%Adjusted EBITDA (11,218) (6,942) 61.6%Cash (includes restricted cash) $10,194 $13,215 Net sales for the ...