Greenlane Holdings, Inc. (Nasdaq: GNLN) reported financial results for the fourth quarter and full year ended December 31, 2025, marking the culmination of its strategic pivot to a digital asset treasury focused on BERA, the native token of the Berachain blockchain. The company, which raised $110.7 million in a private placement in October 2025, now holds 51,659,912 units of BERA at a cost basis of $58.3 million and a fair value of $36.6 million as of year-end. The shift reflects a fundamental reorientation of the company's capital deployment and strategic focus toward the Berachain ecosystem.
Greenlane's digital asset treasury strategy comprises five core components: capital deployment through open market and negotiated BERA purchases; network participation via Proof of Liquidity (PoL) staking and validator infrastructure; governance participation to earn Berachain Governance Tokens (BGT); risk-adjusted yield participation in decentralized finance protocols on Berachain; and capital allocation discipline to enhance per-share shareholder value. As of December 31, 2025, the company held $22.6 million in stablecoins and $32.5 million in cash and cash equivalents, with no outstanding debt. On March 3, 2026, Greenlane disclosed holding approximately 70.4 million BERA units and deploying up to 50 million into validator infrastructure across multiple operators.
For the fourth quarter of 2025, net revenue was approximately $1.4 million, down 18% from $1.7 million in Q4 2024, reflecting the wind-down of legacy operations. Operating loss widened to $(38.6) million from $(3.8) million, driven by $18.6 million in non-cash stock-based compensation related to strategic advisory warrants and a $6.0 million increase in compensation costs. Net loss attributable to Greenlane was $(69.6) million, compared to $(8.8) million in the prior-year quarter, including a $31.1 million loss on the change in fair value of digital assets recognized entirely in Q4.
For the full year 2025, total net revenue fell 67% to approximately $4.4 million from $13.3 million in 2024. Gross loss was $(12.5) million versus a gross profit of $6.3 million, driven by a $6.3 million inventory impairment from warehouse wind-down. Net loss attributable to Greenlane was $(85.6) million, compared to $(17.6) million in 2024, reflecting the digital asset fair value losses, $18.6 million in non-cash stock-based compensation, $4.8 million in other stock-based compensation, and restructuring charges.
Subsequent to year-end, Greenlane received a delisting notice from Nasdaq on March 25, 2026, due to non-compliance with the minimum bid price requirement, and plans to appeal. Stockholders approved a reverse stock split between 1-for-5 and 1-for-15, to be effected shortly. The company also entered into token transaction agreements with Berachain Operations Corporation on February 4, 2026, including a token purchase and sale agreement and a lending agreement. Under the lending agreement, Greenlane may lend stablecoins to the counterparty to acquire BERA, while the purchase agreement allows Greenlane to buy BERA tranches. The counterparty may source BERA from BSQD Corp., an entity wholly owned by Greenlane's Chief Investment Officer Ben Isenberg, on an arm's-length basis.
On February 11, 2026, the board appointed Jason Hitchcock as CEO. Additionally, on January 7, 2026, Greenlane entered into an at-the-market offering agreement with Yorkville Securities for up to $5,355,687 in common stock sales. CEO Jason Hitchcock stated: "Fiscal year 2025 marked a pivotal year for Greenlane as we initiated our Berachain-focused Digital Asset Treasury strategy and began deploying capital into the ecosystem. These foundational actions reflect our conviction in the long-term potential of Berachain and our commitment to building value for shareholders." The company's full financial statements are available in its Form 10-K filed with the SEC at www.sec.gov.
