Business
Greenlane Reports Q4 2022 Revenue of $22.0 Million and FY 2022 Revenue of $137.1 Million
Company Expects Newly Implemented Strategic Plan to Result in Positive Adjusted EBITDA by Q4 2023BOCA RATON, FL / ACCESSWIRE / April 3, 2023 / Greenlane
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"Company Expects Newly Implemented Strategic Plan to Result in Positive Adjusted EBITDA by Q4 2023BOCA RATON, FL / ACCESSWIRE / April 3, 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 fourth quarter and full year ended December 31, 2022 (\"Q4 2022\" and \"FY 2022\").Recent HighlightsTotal revenue for 2022 decreased 17.4% to $137.1 million, compared to $166.1 million for 2021.Fundamentals were realigned to achieve our goal of profitability in 2023, focused on a scalable, leverageable, and durable revenue, combined with consistent margins.Restructuring of the Industrial business; moving away from lower margin capital intensive business and focusing on our consumer business which is higher margin and higher value.Paying down existing senior debt by 40.0% and executing numerous cost-cutting initiatives including IT expenses, professional fees, VAT, labor, and the exit of facilities and office locations.Reducing adjusted SG&A (defined as SG&A excluding depreciation and amortization; see note labeled \"Adjusted SG&A\" below for a further explanation of this metric) by 11.8% to approximately $72.3 million, down from $81.8 million in FY 2021.Launched our Groove product line, the newest addition to the Greenlane Brand portfolio. Simple, functional and reliable products at an affordable price point.Took multiple steps in building out our global omnichannel strategy, including the launch of our US and Europe B2B websites, kicked off the re-design of two of our direct-to-consumer websites, vapor.com and Vaposhop.Strategically partnered with distributors throughout key international markets including, Latin America, Mexico, Puerto Rico, Argentina, along with many more.Management Commentary\"Greenlane, and our entire sector, faced a challenging year in 2022,\" said Craig Snyder, CEO of Greenlane. \"As we did not perform up to the expected standards, we initiated and are executing an aggressive transformative strategy to actively put the business on a path to profitability. We have taken steps and will continue to do so to fulfill the three key areas of concentration we have set forth for the company - consistently demonstrate tangible proof...