Greenlane Holdings, Inc. (NASDAQ: GNLN), one of the largest global sellers of premium cannabis accessories, child-resistant packaging, and specialty vape products, reported financial results for its third quarter and nine months ended September 30th, 2022.
"We expect to gain significant efficiencies from our efforts to simplify the business, improve our systems and go-to-market offerings, and fully recognize our lower operating costs," said Nick Kovacevich, Greenlane CEO.
- Revenue for Q3 2022 decreased 31% to $28.7M, compared to $41.3M in Q3 2021. For the nine months ending September 30, 2022, revenue was $115.1 million, a 5% increase from the $110.0 million reported for the comparable prior year period.
- Net loss for Q3 2022 was $79.2 million, inclusive of a $66.8 million goodwill and intangible assets impairment charge, compared to $28.7 million in Q3 2021 and $14.5 million in the second quarter of 2022. Basic and diluted net loss of $11.43 per share compared to a loss of $8.19 per share for the prior-year quarter, and a loss of $18.01 for the trailing nine months versus a loss of $19.60 …