Greenlane Holdings Inc. Class A Common Stock (GNLN)

FairStock Score: 42/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I have seen many small companies with a story, but the numbers here are forbidding. Greenlane's filed results show revenue falling from $65.4M in fiscal 2023 to $13.3M in fiscal 2024 to $4.4M in fiscal 2025. In fiscal Q2 2026, the quarter ended June 30, 2026, revenue was only $82,000 and net income was -$24.8M. That is not a business with a moat; it is a business in collapse and now pivoting toward digital assets, staking, and Berachain infrastructure. With 11 employees and almost no revenue, competitive advantage is hard to identify. The balance sheet and cash flow are equally troubling. Trailing free cash flow was -$23.7M, and against a $1.7M market cap at the $2.43 close on October 13, 2026, FairStock calculates FCF yield of -1398.7%. FairStock's ROE is -535.09% and ROCE is -106.24%. Its Piotroski F-Score is 1/9 and Altman Z-Score is -17.49, both pointing to severe financial distress. The reported D/E of 0.00 is a small comfort, but it does not offset enormous losses. On valuation, FairStock shows P/B of 0.07 and a Graham Number of $88.37, implying a 97.24% margin of safety. Those figures make the stock look statistically cheap, but Graham would demand reliable earnings and assets. The filed figures show the opposite: in fiscal 2025 net loss was $85.6M, and in fiscal Q1 2026 net loss was $18.4M. The positive EPS of $9.46 that FairStock uses looks disconnected from recurring losses. This is a speculative turnaround, not a predictable value investment.

In plain English: Greenlane says it invests in digital assets and blockchain projects tied to Berachain, and it also sells vape and accessory products. The business looks very weak right now: sales have collapsed to almost nothing and it is losing large amounts of money. The stock price is very low compared with the company's stated accounting value, but the heavy losses make that cheapness look unreliable rather than safe.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer