Greenlane Holdings increases sales by 9% in the first quarter of 2023 thanks to new products and…

Greenlane Holdings increases sales by 9% in the first quarter of 2023 thanks to new products and…

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Greenlane Holdings, Inc.,GNLN a leading distributor of cannabis accessories and vaporization products, reported its financial results for the first quarter of 2023 late Monday. The Pursue reported a 9.0% increase in revenue to $24.0 million and a significant 32% reduction in operating expenses.

The central theses

  • The growth was driven by the successful launch of 16 new products, including offerings from Groove, Eyece and DaVinci.
  • In addition, Greenlane demonstrated its commitment to optimizing operational efficiencies by reducing operating expenses by a whopping $7.1 million, or 32%, sequentially.
  • Although Greenlane reported a net loss of $10.2 million, adjusted EBITDA loss for the quarter improved to $6.8 million, indicating positive progress in the company’s financial performance.

highlights

  • Revenue for the first quarter of 2023 increased 9.0% to $24.0 million compared to the fourth quarter of 2022 ($22.0 million).
  • Operating expenses for the first quarter of 2023 decreased $7.1 million, or 32%, compared to the fourth quarter of 2022, including a $4.6 million impairment of intangible assets.
  • Net loss attributed to Greenlane Holdings, Inc. for the first quarter of 2023 was $10.2 million compared to Q4 2022 ($13.3 million), including impairment charges on intangible assets of $4.6 million. Dollar. Basic and diluted net loss per share was $0.64 compared to $1.02 in the prior quarter.
  • Adjusted EBITDA loss in Q1 2023 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.
  • Net sales for the first quarter of 2023 were $24.0 million, an increase of 9.0% sequentially.
  • Gross margin was 23.0% for the quarter, down from 26.7% in the fourth quarter of 2022.

price action

GNLN Shares were trading 13.89% higher at $0.33 a share after the bell Monday.

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