Greenlane Holdings, Inc. reported its fourth quarter and full year 2025 financial results, detailing the completion of its strategic transition to a Berachain-focused digital asset treasury. The company, which initiated this fundamental reorientation in October 2025 following a $110.7 million private placement, now centers its capital deployment and strategic focus on BERA, the native token of the Berachain blockchain network.
The company's digital asset treasury strategy consists of five core components: capital deployment through BERA acquisition, network participation via Proof of Liquidity staking and validator infrastructure, governance participation to earn Berachain Governance Tokens, risk-adjusted yield participation in select decentralized finance protocols on the Berachain network, and capital allocation discipline. As of December 31, 2025, Greenlane held 51,659,912 units of BERA at a cost basis of $58.3 million with a fair value of $36.6 million, recognizing a $31.1 million loss on the change in fair value during fiscal year 2025.
Chief Executive Officer Jason Hitchcock stated that fiscal year 2025 marked a pivotal year as the company initiated its Berachain-focused strategy and began deploying capital into the ecosystem. The company maintained $32.5 million in cash and cash equivalents as of year-end with no outstanding debt, providing financial flexibility for continued capital deployment. Additional information about the company's strategy and financial position is available through its investor relations website at https://investor.gnln.com.
Fourth quarter financial results reflected the strategic transition, with net revenue decreasing 18% to approximately $1.4 million as legacy operations continued to wind down. Operating loss expanded to $(38.6) million, driven primarily by $18.6 million in non-cash stock-based compensation related to strategic advisory warrants and increased compensation costs associated with the strategic transition. Net loss attributable to Greenlane Holdings was $(69.6) million, reflecting the $31.1 million change in fair value of digital assets recognized entirely in the fourth quarter following initial BERA acquisition.
For the full year ended December 31, 2025, total net revenue decreased 67% to approximately $4.4 million as the company transitioned away from legacy wholesale and distribution operations. Gross loss was $(12.5) million compared to gross profit of $6.3 million in the prior year, driven by a $6.3 million inventory impairment recorded in connection with the wind-down of warehouse operations. Net loss attributable to Greenlane Holdings was $(85.6) million, reflecting digital asset fair value losses, stock-based compensation, and restructuring charges.
Subsequent to December 31, 2025, several material developments occurred that impact the company's future trajectory. On March 25, 2026, Greenlane received a delisting notice from Nasdaq for non-compliance with minimum bid price requirements, though the company plans to appeal this determination. The same day, stockholders approved a reverse stock split at a ratio within a range of 1-for-5 to 1-for-15. The company expects to effect the reverse stock split shortly following the issuance of these financial statements.
On February 4, 2026, Greenlane Subsidiary Inc. entered into token transaction agreements with Berachain Operations Corporation, including a Token Purchase and Sale Agreement and Token Lending Agreement. These agreements establish mechanisms for the subsidiary to lend stablecoins to the counterparty for BERA acquisition and to purchase BERA tokens through tranche notices with pricing determined through time-weighted average price and other mechanics. The counterparty may conduct transactions with BSQD Corp., an entity wholly owned by Greenlane's Chief Investment Officer Ben Isenberg, though such transactions are conducted on an arm's-length basis at prevailing market prices.
On February 11, 2026, the Board of Directors appointed Jason Hitchcock as Chief Executive Officer, bringing over 15 years of experience building revenue engines across SaaS, blockchain infrastructure, and decentralized finance. The company also entered into an ATM offering agreement with Yorkville Securities, LLC on January 7, 2026, for up to $5,355,687 of shares of common stock, with Yorkville entitled to a commission of up to 3.0% of gross proceeds.
The strategic shift represents a significant bet on the Berachain ecosystem, which is described as a decentralized, open-source, EVM-compatible layer-1 blockchain engineered for high throughput and low latency. More information about the Berachain network is available at https://berachain.com. This transition occurs amid regulatory uncertainty and technological risk inherent in digital asset investments, with BERA subject to extreme price volatility and not backed by any government or central bank. The company's forward-looking statements regarding its digital asset treasury strategy and BERA acquisition are subject to numerous risks and uncertainties detailed in its SEC filings available at https://www.sec.gov.
