Greenlane Posts $69.6M Q4 Net Loss, Plans Reverse Split After Delisting Notice
Greenlane raised $110.7 million in October 2025 to fund a Berachain-focused treasury and held 51.66 million BERA tokens while recording a $31.1 million fair value loss. Q4 revenue fell to $1.36 million and net loss reached $69.6 million; the company received a Nasdaq delisting notice and approved a 1-for-5 to 1-for-15 reverse stock split.
1. Strategic Transition to Berachain Treasury
In October 2025 Greenlane completed a $110.7 million private placement and adopted a Berachain-focused treasury policy, shifting capital deployment to acquiring BERA tokens, staking in Proof of Liquidity, participating in governance, and selective DeFi yield strategies.
2. Token Holdings and Valuation Losses
As of December 31, 2025 the company held 51.66 million BERA tokens with a cost basis of $58.3 million and a fair value of $36.6 million, resulting in a $31.1 million non-cash loss; by February 27, 2026 holdings rose to 70.4 million tokens with 50 million deployed to validator infrastructure.
3. Q4 and FY2025 Financial Results
Greenlane reported Q4 net revenue of $1.36 million, an 18% decline year-over-year, and a $69.6 million net loss driven by $31.1 million in digital asset fair value losses and $18.6 million in stock-based compensation; full-year revenue fell 67% to $4.36 million with an $85.6 million net loss.
4. Nasdaq Delisting and Reverse Split
On March 25, 2026 the company received a Nasdaq delisting notice for non-compliance with the minimum bid price requirement and plans to appeal; shareholders approved a reverse stock split of 1-for-5 to 1-for-15 to meet listing standards.