- Greenlane Holdings ( NASDAQ: GNLN ) stock plunged after reporting Q3 earnings .
- The company saw a revenue decline of 31% Y/Y.
- Gross margin rate improved 17.3% vs. 3.6% year ago.
- The company's current President, will take the helm as CEO effective January 1, 2023 and current CEO will step into a Chief Corporate Development role.
- The company is looking forward to exit packaging business and further streamline remaining industrial businesses, which will free up meaningful working capital throughout Q4 and 2023 by significantly reducing the overall inventory for profitable, higher margin consumer business with far less inventory on hand.
- In March 2022, Management stated the expectation of its 2022 Plan would generate over $30M of non-dilutive liquidity. To date, including a sale of its building, disposition of non-core assets, selling of previously reserved "E&O" inventory, and securing of an asset-based loan, the Company estimates the liquidity generated under this plan is approximately $27 million and continuing.
- GNLN almost lost 100% of its value over a period of one year.
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Greenlane Holdings down after Q3 results, plans to exit packaging business