Greenlane Posts $6.06 Q2 Loss Per Share, Deepening Cash Burn
GNLN sits 28% above its 52-week low of $1.51 on light trading volume (0.2× avg).
Summary
Greenlane reported a Q2 loss of $6.06 per share, a massive figure relative to its $1.93 stock price. The company's Q2 revenue was $82,000, slumping amid a decline in legacy sales. The company has been burning cash, with prior losses tied to digital asset losses and ineffective internal controls. This follows a Q1 net loss and significant cash burn disclosed in May. The loss per share dwarfs the share price, signaling severe financial distress. With a market cap around $1.2 million, the company is in a precarious position. The reverse split in April did little to stabilize the stock.
At the time of this announcement, GNLN was trading at $1.93 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $1.2M. The 52-week trading range was $1.51 to $37.97. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.