MeritValue

Greenlane Holdings, Inc.

GNLNdata completeness 88%8 fiscal years on file
The thesis, from the filings

Greenlane Holdings, Inc. earns about -118% on invested capital, but has diluted owners by 288% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$166.1M1$137.1M2$65.4M3$13.3M4$4.36M4
Net income−$30.6M5−$169.5M6−$32.2M7−$17.6M8−$85.6M8
Operating cash flow−$37.3M9−$26.4M10−$1.79M11−$6.75M12−$16.3M12
Capital expenditure$4.4M13$2.78M14$1.01M15$244,00016$98,00016
Free cash flow (derived)−$41.7M9−$29.2M10−$2.8M11−$6.99M12−$16.4M12
Total debt$44.8M17$34.4M18$14.6M19$15.3M20—
Cash & equivalents$12.9M21$6.46M22$463,00023$899,00024$32.5M24
Diluted shares1.9M753,000363,0001.2M7.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$90.6
your share of equity
Profit it earned you last year
−$114.24
Free cash flow it threw off
−$21.84
Debt you’d be carrying
—

10 shares is a claim on $90.6 of net worth that earned you −$114.24 and generated −$21.84 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-118% avg · 5y
FY21 -20%FY22 -212%FY23 -101%FY24 -67%FY25 -191%

It earned an average -118% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+288% shares · 5y

Share count is up 288% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 66% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001743745-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-028387 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-011057 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014263 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001743745-24-000011 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-028387 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-011057 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-014263 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001743745-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-028387 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-011057 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014263 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001743745-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-028387 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-011057 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-014263 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-12-31 · accession 0001743745-24-000011 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-028387 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-011057 (LongTermDebtCurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-014263 (LongTermDebtCurrent)
  21. 10-K/A · period ending 2021-12-31 · accession 0001743745-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001493152-24-028387 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001493152-25-011057 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001493152-26-014263 (CashAndCashEquivalentsAtCarryingValue)