re- Q1 results There seems to be some improvement in Greenlane's financial performance from Q4/23 to Q1/24.
- Revenue increased slightly from $17.3 million to $18.1 million.
- Gross margin before amortization improved significantly from $3.2 million (18% of revenue) to $4.8 million (27% of revenue).
- The adjusted EBITDA loss narrowed considerably from $2.3 million to $0.5 million.
- The net loss decreased substantially from $17.7 million to $0.8 million, though Q4 2023 was impacted by a $14.4 million impairment charge.
While the order backlog declined from $36.0 million to $24.0 million and the cash balance decreased from $11.8 million to $7.2 million, the core profitability metrics all showed marked improvement quarter-over-quarter.
The higher gross margins, substantially reduced adjusted EBITDA and net losses indicates that Greenlane made some progress in Q1 2024 versus Q4 2023 in driving towards positive adjusted EBITDA and profitability.