Will Greenlane Holdings' Cost-Trimming Counter Q2 2023 Revenue Decline?
Portfolio Pulse from Nicolás Jose Rodriguez
Greenlane Holdings, Inc. (NASDAQ:GNLN) reported a decline in Q2 2023 revenue to $19.6 million, compared to $24.0 million in Q1 2023. However, operating expenses saw a reduction of $0.9 million, a 6.2% decrease from Q1 2023. The company also reported a net loss of $10.5 million, slightly higher than the $10.2 million loss in Q1 2023. Despite the decrease in net sales, the company maintained a gross margin of 23.3%. GNLN stocks were trading lower by 4.38% at $0.851 per share after market close.
August 15, 2023 | 3:30 am
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Greenlane Holdings reported a decline in Q2 2023 revenue and a slight increase in net loss. However, it managed to reduce operating expenses. The stock price fell by 4.38% after market close.
The reported decline in revenue and increase in net loss for Q2 2023 are negative indicators for Greenlane Holdings. Despite the reduction in operating expenses, the company's financial performance has not improved significantly, which is likely the reason for the drop in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100