Greenlane Q1 2026 results show $9.5 M revenue and 44% BERA‑per‑share

Greenlane Holdings posted $9.5 million of revenue for the quarter ended March 31, 2026, a 36% year‑over‑year increase, while its adjusted EBITDA slipped to a $0.8 million loss [2]. The company also disclosed that its digital‑asset treasury now holds 77.7 million BERA units, translating to roughly a 44% rise in BERA‑per‑share since the end of 2025 [3].

The stronger top line stems from higher sales of the biogas desulfurization line and parts‑and‑service business, which together lifted the gross margin (excluding amortization) to 43% of revenue, up from 40% a year earlier [2]. Management said the improvement reflects a deliberate ramp‑down of legacy low‑margin upgrading contracts and a shift toward proprietary “standard” products that command better margins. Research and development spending rose to $0.8 million as Greenlane pushes the next‑generation Cascade LF landfill‑gas upgrader toward a production start by the end of 2026 [2].

A key catalyst for that rollout is a definitive agreement with Panasonic do Brasil to localize Cascade LF production in Brazil, with Panasonic committing $2‑3 million in initial investment [2]. The partnership gives Greenlane access to Panasonic’s manufacturing expertise and balance‑sheet strength, while Greenlane retains design, supply‑chain, marketing and service responsibilities. The move aligns with Brazil’s new “Fuel of the Future” law, which will require fossil‑gas importers to source a growing share of biomethane, creating a regulated demand pipeline for Greenlane’s technology [2].

On the balance sheet, Greenlane entered the quarter with $13.5 million in cash and no debt, aside from payables and off‑balance‑sheet arrangements, and a sales‑order backlog of $31.5 million, indicating robust future revenue visibility [2]. The company also deployed about $10.1 million into BERA and related digital assets, plus $4.0 million into stablecoin protocols, as part of its BERA Strategy launched after a $110.7 million private placement in October 2025 [3].

The results underscore Greenlane’s dual focus: accelerating high‑margin biogas products while leveraging its digital‑asset treasury to enhance shareholder value. The upcoming Brazil production launch and the regulatory backdrop will test whether the company can convert its growing backlog into sustained profitability.