Greenlane Holdings, Inc. Segments Disclosure
NOTE 13. SEGMENT REPORTING
We define our segments as those operations whose results are regularly reviewed by our CODM to analyze performance and allocate resources. Therefore, segment information is prepared on the same basis that management reviews financial information for operational decision-making purposes. Our CODM is a committee comprised of our CEO and our CFO.
Due to the launch of the digital asset treasury reserve strategy in October 2025 and continual assessment of the requirements under ASC 280, Segment Reporting, the Company has reassessed its segment conclusions and determined that effective with this Annual Report on Form 10-K, the Company is presenting two operating and reportable segments: one reportable segment that develops and distributes wholesale accessories, vape devices, and lifestyle products (the “Wholesale Segment”); and one segment that manages the Company’s digital asset treasury (the “Digital Asset Segment”). In the Wholesale Segment, all brands are predominantly wholesale and distribution products that are manufactured using similar production processes, generally fall under the same regulatory environment, and are sold to the same types of customers in similar size quantities at similar price points and with similar profit margins. In the Digital Asset Segment, the Company’s digital asset investments are maintained and managed to make a return on investment through validation and staking activities to generate revenue.
The Company’s chief operating decision maker (“CODM”) is the chief executive officer. The CODM assesses performance for each segment based on revenue and gross profit, which are reported in the condensed consolidated statement of operations. Other costs and expenses of the Company are analyzed by segment. The accounting policies for segment reporting are the same as for the Company’s consolidated financial statements. As the Company continues its operations of the digital asset strategy, it may provide additional data points to the CODM to assist with decision making that will be evaluated for inclusion in the Company’s reportable segment disclosure.
There were no Digital Asset Segment activities for the year ended December 31, 2024.
Our CODM assesses the performance of our one operating segment based on the operating segments’ net sales and gross profit. The following table sets forth information by reportable segment for the years ended December 31, 2025 and 2024 for the Wholesale / Distribution segment.
| For the year ended December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Net revenue | $ | 4,142 | $ | 13,275 | ||||
| Cost of revenue | 16,820 | 6,993 | ||||||
| Gross profit (loss) | $ | (12,678 | ) | $ | 6,282 | |||
The following table sets forth information by reportable segment for the years ended December 31, 2025 and 2024 for the digital asset segment.
| For the year ended December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Net revenue | $ | 214 | $ | |||||
| Cost of revenue | ||||||||
| Gross profit (loss) | $ | 214 | $ | |||||
The following table sets forth information by reportable segment for the years ended December 31, 2025.
| (in thousands) | Wholesale and Distribution | Digital Asset | Total | |||||||||
| Operating expenses | ||||||||||||
| Salaries, benefits and payroll taxes | $ | 9,506 | $ | 441 | $ | 9,947 | ||||||
Stock based compensation – strategic advisory warrants | 18,553 | 18,553 | ||||||||||
| General and administrative | 9,112 | 1,534 | 10,646 | |||||||||
| Restructuring expenses | 1,492 | 1,492 | ||||||||||
| Impairment | 650 | 650 | ||||||||||
| Depreciation | 493 | 493 | ||||||||||
| Total operating expenses | $ | 39,806 | $ | 1,974 | $ | 41,781 | ||||||
The following table sets forth specific asset categories which are reviewed by our CODM in the evaluation of operating segments:
| For the year ended December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Accounts receivable, net | $ | 1,572 | $ | 4,262 | ||||
| Inventories | $ | $ | 14,215 | |||||
| Vendor deposits | $ | $ | 3,091 | |||||
None of the above assets were present in our digital asset segment.
The following table sets forth net sales disaggregated by geography:
| For the year ended December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| United States | $ | 4,351 | $ | 10,900 | ||||
| Canada | 4 | 157 | ||||||
| Europe | 2,218 | |||||||
| Total net sales | $ | 4,355 | $ | 13,275 | ||||
The following table sets forth our long-lived assets by geographic area, which consist of property and equipment, net, and operating lease right-of-use assets:
| As of December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| United States | $ | 397 | $ | 2,459 | ||||
| Canada | 4 | |||||||
| Europe | ||||||||
| Total long-lived assets | $ | 397 | $ | 2,463 | ||||
There were no long-lived assets within our digital asset segment. The Company’s digital asset activities are primarily comprised of liquid crypto holdings, stablecoins, and related treasury activities, which are presented within current assets based on their nature and liquidity profile.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 21, 2025 | |
| 2023 | Jul 19, 2024 | |
| 2022 | Mar 31, 2023 | |
| 2021 | Mar 31, 2022 | |
| 2020 | Mar 31, 2021 | |
| 2019 | Apr 24, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.