Quarterly ResultMay 13, 2026, 04:23 PM
Glass House Brands Q1 Revenue $40.5M; Adjusted EBITDA $(4.2)M
AI Summary
Glass House Brands reported Q1 2026 financial results with revenue of $40.5 million, a decrease from $44.8 million in Q1 2025, and a significant decline in Gross Profit Margin to 25%. The company posted an Adjusted EBITDA loss of $(4.2) million and a Net Loss of $(17.0) million. Despite the challenging quarter, Glass House Brands reiterated its full-year 2026 wholesale cannabis biomass production forecast of approximately 1,000,000 pounds and a $95 per pound annual production cost target. The company also announced the submission of applications for DEA registration to fully operate its medical business under Schedule III Classification and initiated an At-The-Market program for up to $50 million in equity shares.
Key Highlights
- Q1 2026 revenue was $40.5 million, down from $44.8 million in Q1 2025.
- Gross Profit Margin declined to 25% in Q1 2026 from 45% in Q1 2025.
- Adjusted EBITDA was negative $(4.2) million, compared to positive $4.4 million in Q1 2025.
- Net Loss increased to $(17.0) million in Q1 2026 from $(10.0) million in Q1 2025.
- Submitted applications for DEA registration to operate medical business under Schedule III.
- Reiterated full-year 2026 wholesale biomass production forecast of 1,000,000 pounds.
- Issued warrant redemption notice for 30,664,500 warrants expiring June 2026.
- Entered into an At-The-Market program to sell up to $50 million in equity shares.