Greenlane Holdings reported second-quarter 2026 results showing a sharp sequential reduction in operating costs alongside continued expansion of its BERA treasury strategy. Total operating expenses fell about 37% from the first quarter to $3.6 million, while the company ended June with about 81.3 million units of BERA, including BERA-equivalent tokens, up from about 77.7 million at March 31 and about 51.7 million at December 31, 2025. BERA-per-share, a treasury metric tracking token holdings per Class A share, rose to about 117 from about 86 at year-end, though the company said the fair value of its BERA holdings declined during the quarter as market prices fell. The company deployed about $1.2 million into BERA and BERA-equivalent digital assets and about $4.1 million into stablecoin-related protocol instruments during the quarter. It held those BERA-related assets at a cost basis of about $70.2 million and a fair value of about $16.4 million as of June 30. Greenlane also recorded about $0.3 million in staking and yield revenue, including staking from Berachain’s Proof of Liquidity (consensus model linking security and liquidity) and yield from stablecoin-related protocol instruments. Financially, net revenue fell to about $0.1 million from about $0.8 million a year earlier as the legacy wholesale and distribution business moved to a lower-scale, asset-light model. Loss from operations was $3.3 million, roughly flat year over year but narrower than the first quarter. A non-cash $19.1 million change in fair value of digital assets and a $1.8 million investment impairment pushed net loss attributable to Greenlane Holdings to $24.8 million, versus $3.2 million in the prior-year period. Greenlane also flagged a potential Nasdaq listing risk tied to a proposed $5.0 million minimum market value of listed securities standard for the Nasdaq Capital Market, though the rule change was stayed pending Commission review and the company said it had not received a deficiency notice or Staff Delisting Determination as of the press release date.