v3.20.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Net sales $ 35,764 $ 44,886 $ 102,032 $ 147,770
Cost of sales 33,297 38,448 85,419 123,194
Gross profit 2,467 6,438 16,613 24,576
Operating expenses:        
Salaries, benefits and payroll taxes 5,010 6,562 17,745 21,673
General and administrative 10,673 4,751 25,758 15,549
Goodwill impairment charge 0 0 8,996 0
Depreciation and amortization 599 650 1,959 1,980
Total operating expenses 16,282 11,963 54,458 39,202
Loss from operations (13,815) (5,525) (37,845) (14,626)
Other income (expense), net:        
Change in fair value of convertible notes 0 0 0 (12,063)
Interest expense (115) (119) (335) (862)
Other income, net 357 7,746 1,483 8,670
Total other income (expense), net 242 7,627 1,148 (4,255)
(Loss) income before income taxes (13,573) 2,102 (36,697) (18,881)
Provision for income taxes 220 11,063 147 10,966
Net loss (13,793) (8,961) (36,844) (29,847)
Less: Net loss attributable to non-controlling interest (9,300) (2,563) (25,839) (4,016)
Net loss attributable to Greenlane Holdings, Inc. $ (4,493) $ (6,398) $ (11,005) $ (25,831)
Net loss per share of Class A common stock - basic and diluted (in dollars per share) $ (0.35) $ (0.64) $ (0.95) $ (0.67)
Weighted average shares of Class A common stock outstanding (in shares) 12,798 9,998 11,559 9,998
Other comprehensive income (loss):        
Foreign currency translation adjustments $ 285 $ (13) $ 130 $ 38
Unrealized gain (loss) on derivative instrument 35 (310) (525) (310)
Comprehensive loss (13,473) (9,284) (37,239) (30,119)
Less: Comprehensive loss attributable to non-controlling interest (9,066) (2,809) (26,152) (4,238)
Comprehensive loss attributable to Greenlane Holdings, Inc. $ (4,407) $ (6,475) $ (11,087) $ (25,881)