Greenlane Holdings Q1 2023 Revenue Surges 9% Thanks To New Products & Reduced Operating Expenses

Greenlane Holdings, Inc.,(NASDAQ: GNLN) a leading distributor of cannabis accessories and vaporization products, reported its financial results for the first quarter of 2023 late Monday. The company experienced a 9.0% increase in revenue, reaching $24.0 million, and significantly reduced operating expenses by 32%.

Key Takeaways

• Growth can be attributed to the successful launch of 16 new products, including offerings from Groove, Eyce, and DaVinci.
• Moreover, Greenlane demonstrated its commitment to optimizing operational efficiency by reducing operating expenses by a notable $7.1 million or 32% compared to the previous quarter.
• Although Greenlane reported a net loss of $10.2 million, the adjusted EBITDA loss for the quarter improved to $6.8 million, indicating positive strides in the company's financial performance.

Highlights

• Q1 2023 revenue increased 9.0% to $24.0 million compared to Q4 2022 ($22.0 million).
• Q1 2023 operating expenses were down $7.1 million or 32% compared to Q4 2022, including a $4.6 million intangible assets impairment charge.
• Q1 2023 net loss attributed to Greenlane Holdings, Inc. was $10.2 million compared to Q4 2022 ($13.3 million), including the $4.6 million intangible assets impairment charge. The basic and diluted net loss per share was $0.64 compared to $1.02 for the prior quarter.
• Q1 2023 adjusted EBITDA loss was $6.8 million compared to Q4 2022 ($7.6 million).
• The Company launched 16 new products: 12 from Groove, 3 from Eyce, and the MIQRO-C from DaVinci.
• Q1 2023 net sales were $24.0 million, a 9.0% increase over the prior quarter.
• The gross margin was 23.0% during the quarter, lower than the 26.7% in Q4 2022.

Price Action

GNLN shares were trading 13.89% higher on Monday after the bell at $0.33 per share. 

See Also 

• Greenlane's Q4 Revenue Plummets 23% Sequentially, Company Weighs In

• EXCLUSIVE: Strategies And Insights For Sustainable Success From 4 Cannabis Industry Leaders

Photo by 3D Animation Production Company via Pixabay.