Greenlane Holdings, Inc. — Second Quarter 2026 Earnings Summary

Financial Performance

• Net revenue for Q2 2026 was $82,000, a 90% decrease from $788,000 in Q2 2025.
• Staking and yield revenue for Q2 2026 was $309,000, compared to $0 in Q2 2025.
• Gross profit for Q2 2026 was $32,000, compared to $2,000 in Q2 2025.
• Total operating expenses for Q2 2026 were $3.6 million, a 37% sequential decrease from $5.8 million in Q1 2026 and a 11% increase from $3.3 million in Q2 2025.
• Salaries, benefits, and payroll taxes decreased approximately 49% sequentially to $738,000 in Q2 2026 from $1.1 million in Q1 2026.
• Loss from operations for Q2 2026 was $(3.3) million, compared to $(3.3) million in Q2 2025 and $(5.6) million in Q1 2026.
• Change in fair value of digital assets for Q2 2026 was $(19.1) million, compared to $0 in Q2 2025.
• Impairment of investments for Q2 2026 was $(1.8) million.
• Net loss attributable to Greenlane Holdings, Inc. for Q2 2026 was $(24.8) million, compared to $(3.2) million in Q2 2025.
• For the six months ended June 30, 2026, net revenue was $109,000, down from $2.3 million in the prior year period.
• For the six months ended June 30, 2026, staking and yield revenue was $729,000.
• For the six months ended June 30, 2026, loss from operations was $(8.9) million, compared to $(6.7) million in the prior year period.
• For the six months ended June 30, 2026, change in fair value of digital assets was $(32.0) million.
• For the six months ended June 30, 2026, net loss attributable to Greenlane Holdings, Inc. was $(43.2) million, compared to $(7.1) million in the prior year period.
• Cash and cash equivalents were $6.1 million as of June 30, 2026, down from $32.5 million as of December 31, 2025.
• Digital assets were recorded at a fair value of $16.4 million as of June 30, 2026, with a cost basis of $70.2 million.
• Stablecoin-related protocol instruments were $8.1 million as of June 30, 2026.
• Total stockholders' equity was $25.5 million as of June 30, 2026, down from $67.7 million as of December 31, 2025.
• Accumulated deficit was $(403.7) million as of June 30, 2026.

Guidance and Future Outlook

• The Company remains focused on the disciplined execution of its BERA Strategy, prudent management of liquidity, and continued cost discipline.
• The Company is evaluating alternatives to increase its market value of listed securities to meet Nasdaq listing requirements.

Business Segments and Product Lines

• The Company operates a Digital Asset Segment focused on the acquisition, management, and strategic deployment of BERA tokens.
• The legacy business transitioned to a lower-scale, asset-light operating model, including the exit of leased facilities.
• During Q2 2026, the Company deployed approximately $1.2 million into BERA and BERA-equivalent digital assets and $4.1 million into stablecoin-related protocol instruments.
• The Company executed token purchase and lending arrangements with Berachain Operations Corporation to facilitate BERA acquisition.
• As of June 30, 2026, the maximum amount available under the lending arrangement was $5.0 million.
• The Company held approximately 81.3 million units of BERA (inclusive of BERA-equivalent tokens) at quarter-end.
• BERA-per-share increased approximately 37% from year-end to approximately 117 units per Class A share as of June 30, 2026.
• The Company recognized approximately $0.3 million of staking and yield revenue from participation in Berachain's Proof of Liquidity (PoL) consensus mechanism and yield on stablecoin-related protocol instruments.

Market and Competitive Landscape

• The fair value of the Company's BERA holdings declined during the second quarter 2026, reflecting lower BERA market prices.
• The Company is the only Nasdaq-listed company purpose-built to accumulate BERA and actively participate in Berachain's Proof-of-Liquidity infrastructure.
• Berachain is described as a decentralized, open-source, EVM-compatible layer-1 blockchain utilizing a novel Proof of Liquidity consensus mechanism.

Risks and Challenges

• The Company's current market value of listed securities would be below the $5.0 million threshold under an amended Nasdaq rule if not for a stay on the approval order.
• The amended Nasdaq rule does not provide a compliance or cure period.
• BERA is subject to extreme price volatility, regulatory uncertainty, and technological risk.
• Investments in digital assets are highly speculative and may result in the loss of all or a substantial portion of invested capital.
• The Company faces risks related to the ability to execute its growth strategy, raise and deploy capital, and navigate changes in the regulatory landscape applicable to digital assets.

Management Commentary and Tone

• CEO Jason Hitchcock stated the company reduced total operating expenses by approximately 37% sequentially to align the cost base with the scale of the business.
• Management noted the advancement of the BERA Strategy, growing holdings to 81.3 million units and increasing BERA-per-share by 37% from year-end despite fair value declines.
• Management emphasized a focus on disciplined execution, prudent liquidity management, and continued cost discipline.

Other Key Points

• In October 2025, the Company adopted the BERA Strategy following a $110.7 million private placement transaction.
• The Company's treasury policy is overseen by the Board's Digital Asset Committee.
• On July 22, 2026, the SEC staff approved an amendment to Nasdaq listing standards establishing a $5.0 million minimum market value of listed securities requirement.
• On July 29, 2026, the SEC approval order was stayed pending review by the Commission.
• As of the date of the press release, the Company has not received a deficiency notice or Staff Delisting Determination from Nasdaq.
• The Company recognized a non-cash change in fair value of digital assets of $(32.0) million and an impairment of investments of $(1.8) million for the six months ended June 30, 2026.
• Net cash used in operating activities for the six months ended June 30, 2026, was $(7.1) million.
• Net cash used in investing activities for the six months ended June 30, 2026, was $(19.4) million, primarily driven by purchases of digital assets ($11.3 million) and stablecoin-related protocol instruments ($8.1 million).
• Net cash provided by financing activities for the six months ended June 30, 2026, was $0.
• The Company's Class A common stock outstanding was 694,544 shares as of June 30, 2026.