Greenlane Q2 revenue slumps amid decline in legacy sales - GNLN News | RalliesGreenlane Q2 revenue slumps amid decline in legacy sales
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GNLN• Outlook
- Greenlane says it remains focused on disciplined execution of its BERA Strategy and cost discipline
- The company is monitoring Nasdaq listing status and evaluating alternatives to increase market value of listed securities
Key details
| Metric | Actual |
|---|
| Q2 revenue | $82,000 |
| Q2 net loss | $24.83 million |
| Q2 operating expenses | $3.63 million |
Result drivers
- Cost cuts - Operating expenses fell 37% sequentially, mainly due to reduced headcount and cost alignment
- Digital asset losses - Fair value of BERA holdings declined by $19 million in Q2, reflecting lower market prices
- Legacy sales decline - Net revenue dropped 90% year over year as legacy wholesale and distribution sales continued to fall
Quarterly results
- U.S. digital asset treasury firm's Q2 revenue fell 90% year over year as legacy sales declined
- Operating expenses dropped 37% sequentially as the company reduced headcount and costs
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