On 30 March 2022, Greenlane Holdings Inc (GNLN) reported the results for Q4 and FY2021. GNLN posted a loss in Q4 and missed the revenue estimates. Before the close of the last trading session, GNLN stock was trading at $0.5679. The stock lost 9.14% of its value from the previously traded session. On the last check, the stock bounced backed in the after-market and gained 6.71% in its value to $0.606 per share. The firm filed forms 3, 4, and 8-K with the SEC on 30 March 2022.
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Greenlane Holding Inc published the performance for Q4 and FY2021, on 30 March 2022. The firm’s revenue in Q4 of FY2021 was $56.02 million versus $36.27 million in Q4 of FY2020. The revenue of GNLN missed the Zacks Estimates by 0.14%. While the revenue reported in FY2021 was $166.06 million against $138.8 million in FY2020. The yearly revenue posted an expansion of 19.6%.
The profit of GNLN in Q4 of FY2021 was $12.4 million versus $6.1 million in Q4 of FY2020. Further, GNLN posted a profit of $27.6 million in FY2021 against $22.7 million in FY2020. The gross margin for Q4 was 22.1% while the gross margin in FY2021 was 16.6%.
Further, the firm posted a total loss of $11.1 million in Q4 of FY2021 versus $10.8 million in Q4 of FY2020. Also, the total loss in FY2021 was $53.4 million against $47.7 million in FY2020.
GNLN reported a loss of $0.09 and $0.79 per stock in Q4 and FY2021, sequentially.
GNLN Leadership changes
On 10 March 2022, Greenlane Holding declared the appointment of Craig Snyder for the position of Chief Commercial Officer for Greenlane. Mr. Synder started working as the CCO ON 28 March 2022. He has critical experience driving disruptive systems in new business sectors and building corporate standing on a public level. Mr. Synder will likewise be centered around carefully changing the Company’s Consumer Goods system and getting more Greenlane Brands items under the control of consumers through more conventional channels.
Moreover, GNLN has agreed with Mr. Adam Schoenfeld to quit as Chief Marketing Officer of the company. Mr. Schoenfeld abdicated his position as a CMO on 31 March 2022. Mr. Schoenfeld will keep on serving on the organization’s top managerial board.
What do the analysts say?
On 11 March 2022, the analyst at Canaccord Genuity maintained the stock rating, changing the target price from $5 to $2.