Greenlane Holdings Sees Flat Sales Quarter Over Quarter
Greenlane Holdings, Inc. (NASDAQ: GNLN), today announced their financial results for the first quarter of 2021. The company highlighted total revenue, which increased 0.4% to $34.0 million for the quarter, compared to $33.9 million for the first quarter of 2020.
Gross profit and gross margin were stagnant at $7.3 million and 21.5% respectively. Excluding damaged and obsolete inventory, gross margin improved to 24.1%, up 260 basis points. The company reported a net loss of $7.7 million for the quarter, along with adjusted EBITDA of negative $5.2 million.
As of March 31, 2021, cash came to a total of $12.3 million, a decrease from the $30.4 million cash position reported for December 31, 2020. Working capital was $43.0 million as of March 31, 2021, compared to working capital of $58.2 million as of December 31, 2020.
Greenlane Holdings, Inc. last traded at US$3.69 on the Nasdaq.
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