Forensic Analysis · Trading Companies & Distributors · as of Aug 20, 2026

Greenlane Holdings, Inc. (GNLN)

A forensic read on Greenlane Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-8.1

Distress distance

Clean

Earnings quality

Forensic signals

-126.1%

ROE

-67.2%

Revenue growth

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Greenlane Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -8.1, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+80.7%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +80.7% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 45% against +141% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 276% of net operating assets, against an accruals ratio of 80.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.

907d

FY2023→FY2024

Inventory days. Days inventory outstanding moved from 235 to 907 FY2023→FY2024 (against cost of goods sold; inventory -31% vs -85% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.

stopped

FY2021→FY2022

Shareholder returns — halted. Capital returns have STOPPED — $200,000 of buybacks + dividends in FY2021, but ~$0 in FY2022. A halt usually means the company is conserving cash.

suspended

FY2021→FY2022

Dividend — suspended. The dividend has been SUSPENDED — $200,000 paid in FY2021, then $0 in FY2022. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.

Key fundamentals

Latest Revenue$4.4M

Revenue Growth YoY-67.2%

Net Margin-1965.1%

Free Cash Flow-$16.4M

Return on Equity-126.1%

Debt / Equity0.14x

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Data from SEC EDGAR public filings · metrics as of Aug 20, 2026. Forensic signals flag probability, not certainty.