Last10K.com

Greenlane Holdings, Inc. (GNLN) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

GNLN Quarterly Reports

Greenlane Holdings, Inc.

CIK: 1743745 Ticker: GNLN
                                
Exhibit 99.1

image_0.jpg
Greenlane Reports Record Q4 2021 Revenue of $56.0 Million, Up 54% Year-over-Year

Company Expects Newly Implemented Strategic Plan to Result in Positive Adjusted EBITDA by Q3 2022

BOCA RATON, Fla., March 30, 2022 – Greenlane Holdings, Inc. (“Greenlane” or "the Company”) (Nasdaq: GNLN), one of the largest global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today reported financial results for the fourth quarter and full year ended December 31, 2021 ("Q4 2021" and "FY 2021").

Recent Highlights

Total revenue for Q4 2021 increased 54% to $56.0 million, compared to $36.3 million for Q4 2020. Total revenue for 2021 increased 20.1% to $166.1 million, compared to $138.3 million for 2020.
Sales of Greenlane Brands increased 16.9% to $7.4 million, or 13.2% of total revenue, in Q4 2021 compared to $6.3 million, or 17.5% of total revenue for Q4 2020. Sales of Greenlane Brands increased 52.3% to $34.8 million, or 21.0% of total revenue, in 2021 compared to $22.8 million, or 16.5% of total revenue, in 2020.
Implemented a new strategic plan (the "2022 Plan") to accelerate the path to profitability and capitalize the business in a non-dilutive manner by reducing headcount and facility footprint, disposing of non-core assets, discontinuing distribution and selling of lower-margin 3rd-party brands, and securing an asset-based loan to support the Company's long-term working capital needs. The Company expects the 2022 Plan to:
Reduce adjusted SG&A (defined as SG&A excluding depreciation and amortization; see note labeled "Adjusted SG&A" below for a further explanation of this metric) by nearly 40% on a quarterly basis to between approximately $14 million and $16 million in Q3 2022, down from $26.6 million in Q3 2021
Help the Company achieve positive adjusted EBITDA by Q3 2022
Generate liquidity in excess of $30 million if all measures are successful
Fully achieved the committed synergy cost savings with over $20 million per year saved as a result of the merger with KushCo Holdings, Inc. ("KushCo")
Appointed corporate restructuring consultant and seasoned business leader Craig Snyder as new Chief Commercial Officer, who will be responsible for the Company’s sales and “go-to-market” strategy
Received approval from U.S. Postal Service to ship B2B electronic nicotine delivery systems products, rendering 97%+ of Company's shipments eligible for shipment using major carriers or freight
Completed the acquisition of industry leading vaporizer brand DaVinci, expanding the Greenlane Brands portfolio and intellectual property portfolio

Management Commentary

"2021 was one of the most pivotal years in Greenlane's 17-year history," said Nick Kovacevich, CEO of Greenlane. "Not only did we complete our transformational merger with KushCo—creating the industry's leading ancillary cannabis company and house of brands—but we also strengthened our Greenlane Brands portfolio with the acquisitions of Eyce and DaVinci, which gave us a strong platform entering the new year. 2022 has been off to a strong start, building on the progress we made last year, most notably through the introduction and implementation of our 2022 Plan to streamline the organization, reduce our cost structure, and capitalize the
1

The following information was filed by Greenlane Holdings, Inc. (GNLN) on Wednesday, March 30, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Greenlane Holdings, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Greenlane Holdings, Inc..

Continue

Assess how Greenlane Holdings, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Greenlane Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
M & A
Legal
Other
Filter Subcategory:
All
Shares
Expense
Product
Geography
Earnings
Cash Flow
Income
Other
Inside Greenlane Holdings, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations And Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Business Acquisitions
Business Acquisitions (Tables)
Business Acquisitions - Pro Forma Results (Details)
Business Operations And Organization
Business Operations And Organization (Details)
Business Operations And Organization (Tables)
Commitments And Contingencies
Compensation Plans
Compensation Plans (Tables)
Compensation Plans - Equity-Based Compensation Expense (Details)
Compensation Plans - Narrative (Details)
Debt
Debt (Tables)
Debt - Excluding Operating And Finance Leases (Details)
Debt - Narrative (Details)
Fair Value Measures And Disclosures - Reconciliation Of Fair Value Of Liabilities (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Schedule Of Interest Rate Derivatives (Details)
Fair Value Of Financial Instruments - Summary Of Liabilities Measured At Fair Value (Details)
Income Taxes
Income Taxes - Narrative (Details)
Leases
Leases (Tables)
Leases - Future Minimum Lease Payments (Details)
Leases - Lease Maturities (Details)
Leases - Lease Terms And Discount Rates (Details)
Leases - Narrative (Details)
Leases - Total Lease Cost (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Financial Information By Segment (Details)
Segment Reporting - Narrative (Details)
Segment Reporting - Schedule Of Segment Assets (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Calculation Of Basic And Diluted (Details)
Stockholders' Equity - Narrative (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Condensed Consolidated Statements Of Operations And Comprehensive Loss (Details)
Supplemental Financial Statement Information
Supplemental Financial Statement Information (Tables)
Supplemental Financial Statement Information - Accumulated Other Comprehensive Income (Loss) (Details)
Supplemental Financial Statement Information - Additional Information (Details)
Supplemental Financial Statement Information - Schedule Of Accrued Expenses And Other Current Liabilities (Details)
Supplemental Financial Statement Information - Schedule Of Customer Deposits (Details)
Ticker: GNLN
CIK: 1743745
Form Type: 10-Q Quarterly Report
Accession Number: 0001743745-22-000020
Submitted to the SEC: Mon May 16 2022 5:13:42 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Wholesale Durable Goods Not Classified

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/gnln/0001743745-22-000020.htm