Greenlane Holdings, Inc. reported its fourth quarter and full year 2025 financial results, revealing substantial losses as the company completed its strategic transition to a digital asset treasury focused on BERA, the native token of the Berachain blockchain network. The company's shift represents a fundamental reorientation of its capital deployment and strategic focus away from legacy wholesale and distribution operations.
The digital asset treasury strategy, initiated in October 2025 following a $110.7 million private placement, consists of five core components: capital deployment through BERA acquisition, network participation via Proof of Liquidity staking and validator infrastructure, governance participation earning Berachain Governance Tokens, risk-adjusted yield participation in decentralized finance protocols on the Berachain network, and capital allocation discipline. As of December 31, 2025, the company 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.
Fourth quarter net revenue decreased 18% to approximately $1.4 million from $1.7 million in Q4 2024, reflecting the continued wind-down of legacy operations. Operating loss was $(38.6) million, compared to $(3.8) million in Q4 2024, driven primarily by $18.6 million in non-cash stock-based compensation related to strategic advisory warrants and a $6.0 million increase in compensation costs associated with the strategic transition. Net loss attributable to Greenlane Holdings was $(69.6) million, compared to $(8.8) million in Q4 2024, 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 was approximately $4.4 million, a 67% decrease from approximately $13.3 million in the prior year. 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, compared to $(17.6) million in the prior year, primarily reflecting digital asset fair value losses, stock-based compensation, and restructuring charges.
Subsequent to December 31, 2025, Greenlane received a delisting notice from Nasdaq on March 25, 2026, notifying the company that it was not in compliance with minimum bid price requirements. The company plans to appeal this determination before a Nasdaq Hearings Panel. On the same date, stockholders approved a reverse stock split at a ratio within a range of 1-for-5 to 1-for-15, with the final ratio and timing to be determined at the discretion of the Board of Directors.
The company entered into significant token transaction agreements on February 4, 2026, including a Token Purchase and Sale Agreement and a Token Lending Agreement with Berachain Operations Corporation. These agreements establish mechanisms for lending stablecoins to acquire BERA tokens and purchasing BERA tokens through tranche notices with pricing determined through time-weighted average price and other pricing mechanics. The Counterparty informed Greenlane that it may conduct transactions with BSQD Corp., an entity wholly owned by Ben Isenberg, Greenlane's Chief Investment Officer, to source BERA to fulfill obligations under the Purchase and Sale Agreement.
On February 11, 2026, the Board of Directors unanimously appointed Jason Hitchcock as Chief Executive Officer, bringing over 15 years of experience building and scaling 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, allowing the company to offer and sell shares of its Class A common stock for up to $5,355,687, with Yorkville entitled to a commission of up to 3.0% of gross proceeds.
The strategic implications of Greenlane's transition extend beyond financial reporting, representing a case study in corporate pivots within the digital asset sector. The company's substantial BERA holdings and validator infrastructure deployment position it as a significant participant in the Berachain ecosystem, while the financial losses highlight the volatility risks inherent in digital asset treasury strategies. The Nasdaq delisting proceedings and reverse stock split approval underscore the challenges public companies face when executing radical strategic shifts, particularly in emerging technology sectors where regulatory frameworks remain evolving. For more information about Berachain, visit https://berachain.com.
