- Second quarter results include record biomass production of 246,000 pounds and cost of production of $122 per pound, significant quarter-over-quarter improvements
- Company completed deconsolidation of its dual-use California business and celebrates uplisting to NYSE
- Reaffirms full year 2026 wholesale cannabis biomass production forecast of approximately 1 million pounds
- Conference Call to be held today August 13, 2026, at 5:00 p.m. ET
LONG BEACH, Calif. and TORONTO, Aug. 13, 2026 (GLOBE NEWSWIRE) — Glass House Brands Inc. (“Glass House” or the “Company”) (CBOE CA: GLAS.A.U) (NYSE: GLAS), one of the fastest-growing cannabis companies in the U.S., today reported financial results for the second quarter ended June 30, 2026.
As a result of the Company’s previously announced deconsolidation of Glass House Retail, LLC (“GHR”) effective June 12, 2026, the historical operating results of GHR through June 11, 2026, together with the loss recognized upon deconsolidation of GHR on June 12, 2026, are presented as discontinued operations for all periods presented. Prior-period results of operations have been retrospectively recast to conform to the current-period presentation. Beginning June 12, 2026, the Company’s share of GHR’s post-deconsolidation income or loss is recognized under the equity method and included in continuing operations. Unless otherwise noted, the results of operations discussed in this earnings release, including the non-GAAP financial measures presented herein, reflect the Company’s continuing operations and exclude amounts classified as discontinued operations.
Second Quarter 2026 Highlights
(Unaudited results, unless otherwise stated, all results and dollar references are in U.S. dollars)
- Revenue was $47.0 million, compared to $47.6 million in Q2 last year and $28.6 million in the first quarter 2026.
- Gross Profit Margin of 34%, compared to 55% in second quarter 2025 and 14% in first quarter 2026.
-
Adjusted EBITDA
1 was positive $5.7 million, compared to positive $18.1 million in second quarter 2025 and negative $(4.2) million in first quarter 2026. - Operating Cash Flow of positive $0.2 million, compared to $17.7 million in second quarter 2025 and negative $(11.8) million in first quarter 2026.
-
Equivalent Dry Pound Production
2 was 245,746 pounds, compared to 230,748 in second quarter 2025 and 151,531 in first quarter 2026. -
Cost per Equivalent Dry Pound of Production
3 of $122 per pound, compared to $91 per pound in second quarter 2025 and $175 per pound in first quarter 2026. - Cash, Restricted Cash and Cash Equivalents balance was $22.1 million at June 30, 2026, compared to $20.7 million at the end of first quarter 2026.
Management Commentary
“In light of April’s rescheduling of medical cannabis, we made significant changes to the business, our licenses and operating structure including registering our cultivation and processing licenses with the DEA, and converting each of our cultivation and processing licenses to medical,” said Kyle Kazan, Co-Founder, Chairman and CEO of Glass House. “We are confident that medical cannabis rescheduling is sufficient to support interstate commerce between companies with appropriately registered DEA licenses and export to international medical cannabis markets.”
“We completed a deconsolidation transaction whereby we fully separated our retail operations. Now, our remaining business is fully medically licensed and Schedule III compliant.”
“Our second quarter results reflect our retail deconsolidation and meaningful progress in returning to more fully efficient operations at our farms. We produced 246,000 pounds of biomass in the quarter, a record level and ahead of both our guidance and our production last year. Our cost of production for the quarter was $122 per pound. The cost of production reflects significant improvement from the $175 per pound we reported last quarter.”
“As we look forward, we expect to see a further scaling of production for the second half of 2026 as we start to see a full contribution from Greenhouse Two at the end of this quarter. We remain on track to produce 1 million pounds of biomass this year and to end 2026 with a production run rate of over 1.1 million pounds.”
“Longer term, our outlook remains unchanged. Our $95 cost of production target remains achievable as with our operating model, we will never have to pay the high energy bills of indoor peers, nor do we rely on third-party water supply. It is these benefits that have sustained us despite challenging California cannabis market conditions and makes us an ideal supply partner for operators in other markets which rely heavily on indoor growth. We also look forward to entering new markets and product categories, which will further expand our growth trajectory.”
Second Quarter 2026 Operational Highlights and Subsequent Events
- Glass House Brands Announces California Retail Joint Venture with Vireo Growth
- Glass House Brands Announces Application for DEA Registration of Certain Medical Operations
- Glass House Brands Announces the Filing of Prospectus Supplement for Previously Announced At-The-Market Distribution Program
- Glass House Brands Completes Previously Announced Warrant Redemption
- Glass House Brands Announces the Filing of Shelf Prospectus and At-The-Market Distribution Program
- Glass House Brands Announces its Deconsolidation of its Dual-Use Business and its Application for Uplisting of Shares to NYSE
- Glass House Brands Announces Voting Results Following Annual Meeting
- Glass House Brands Provides Notice of Warrant Acceleration
- Glass House Brands Announces Uplist to NYSE
- Glass House Brands Completes First International Hemp Sale
- Glass House Brands Announces the Filing of an Updated At-The-Market Distribution Program
- Glass House Brands Retains Former DEA Compliance Executive to Advise on Interstate Commerce and Export Opportunities
Q2 2026 Financial Results Discussion
Revenues for second quarter 2026 were $47.0 million, compared to $28.6 million in first quarter 2026 and $47.6 million in second quarter 2025, excluding retail revenue. Retail revenue through the date of deconsolidation was $9.9 million for the second quarter of 2026.
The wholesale biomass segment revenue was $41.7 million, accounting for 89% of total revenue. Biomass production reached 245,746 pounds during Q2 2026, compared to 151,531 in the first quarter 2026 and 230,748 in the prior year period.
Wholesale CPG segment revenues were $5.3 million, representing a 14% sequential increase and (4)% year-over-year decrease.
Consolidated gross profit for the second quarter was $15.8 million, compared to $26.1 million for Q2 last year and $4.1 million in first quarter 2026. Gross margin was 34%, compared to 55% in the prior year period and 14% in the first quarter of 2026. The underperformance was attributable to the higher proportion of trim within the production mix and higher cost of production. Retail gross margin through the date of deconsolidation was approximately 50% for the quarter.
Average selling price was $211 per pound, compared to $206 in the second quarter of 2025 as California pricing conditions continue to show signs of improvement.
General and administrative expenses were $13.4 million for the second quarter of 2026, compared to $10.2 million last year and $12.2 million in the first quarter.
Sales and marketing expenses were $0.4 million, compared to $0.3 million during the same period last year and $0.1 million in the prior quarter.
Professional fees were $1.6 million in Q2, compared to $2.9 million in Q1 2026 and $2.0 million in Q2 2025.
Depreciation and amortization in Q2 2026 were $3.4 million, compared to $3.5 million in Q1 2026 and $3.4 million in Q2 2025.
Adjusted EBITDA was positive $5.7 million in Q2 2026, compared to positive $18.1 million in the second quarter 2025 and negative $(4.2) million in Q1 2026. Adjusted EBITDA results reflect the factors that impacted gross margin performance as well as a modest increase in cash operating expenses.
Operating cash flow was positive $0.2 million, compared to positive $17.7 million in the year-ago period and negative $(11.8) million in Q1 2026.
As of June 30, 2026, the Company had $22.1 million of cash and restricted cash, compared to $20.7 million at the start of the second quarter. The Company spent $2.1 million in capex in the second quarter, which was mostly for Phase III expansion at Camarillo. The Company also paid $2.9 million in preferred stock dividend payments.
Warrant Redemption and Acceleration
The Company delivered a notice of redemption, dated April 28, 2026, with respect to the warrants (the “Warrants”) outstanding under the warrant agency agreement, dated May 13, 2019, between the Company and Odyssey Trust Company, as amended (the “Warrant Agency Agreement”). The Warrants were redeemed on May 28, 2026 (the “Redemption Date”) in accordance with Section 3.4 (1) of the Warrant Agency Agreement at a redemption price of .011826 Shares per Warrant (the “Redemption Shares”). If the Company had not taken any action, the outstanding Warrants would have expired on June 29, 2026.
In June, the Company provided notice that it has elected to exercise its rights under the terms of a warrant indenture dated August 31, 2022 (the “2022 Warrant Indenture”) governing certain share purchase warrants of the Company (the “Series B and C Warrants”) and a warrant indenture dated August 23, 2023 (the “2023 Warrant Indenture”), governing certain share purchase warrants of the Company (the “Series D Warrants”) to accelerate the expiry date of such warrants.
For further information, please refer to the Company’s news releases dated April 28, 2026, May 29, 2026 and June 23, 2026.
Financial results and analyses will be available on the Company’s website on the ‘Investors’ and ‘News & Events’ drop-down menus (www.glasshousebrands.com) and SEDAR+ (www.sedarplus.ca).
Unaudited results, unless otherwise stated, all results are in U.S. dollars.
| Net Income / Loss | |||||||||||
| (in thousands) | Q2 2025 | Q1 2026 | Q2 2026 | ||||||||
| Revenues, Net | $ | 47,605 | $ | 28,610 | $ | 47,017 | |||||
| Cost of Goods Sold | 21,535 | 24,559 | 31,249 | ||||||||
| Gross Profit | 26,070 | 4,051 | 15,768 | ||||||||
| % of Net Revenue | 55 | % | 14 | % | 34 | % | |||||
| Operating Expenses: | |||||||||||
| General and Administrative | 10,150 | 12,165 | 13,388 | ||||||||
| Sales and Marketing | 321 | 96 | 357 | ||||||||
| Professional Fees | 1,965 | 2,865 | 1,581 | ||||||||
| Depreciation and Amortization | 3,353 | 3,480 | 3,438 | ||||||||
| Total Operating Expenses | 15,789 | 18,606 | 18,764 | ||||||||
| Income (Loss) from Operations | 10,281 | (14,555 | ) | (2,996 | ) | ||||||
| Interest Expense | 1,882 | 1,270 | 628 | ||||||||
| Loss on Change in Fair Value of Contingent Liabilities and Shares Payable | 95 | — | — | ||||||||
| Other Income, Net | (3,657 | ) | (1,621 | ) | (2,115 | ) | |||||
| Total Other Income, Net | (1,680 | ) | (351 | ) | (1,487 | ) | |||||
| Income Taxes | 4,159 | 2,980 | 3,062 | ||||||||
| Net Income (Loss) from Continuing Operations | 7,802 | (17,184 | ) | (4,571 | ) | ||||||
| Net Income (Loss) from Discontinued Operations | 942 | 178 | (2,112 | ) | |||||||
| Net Income (Loss) | $ | 8,744 | $ | (17,006 | ) | $ | (6,683 | ) | |||
| Adjusted EBITDA | |||||||||||
| (in thousands) | Q2 2025 | Q1 2026 | Q2 2026 | ||||||||
| Net Income (Loss) (GAAP) | $ | 8,744 | $ | (17,006 | ) | $ | (6,683 | ) | |||
| Depreciation and Amortization | 3,905 | 4,022 | 3,797 | ||||||||
| Interest, Net | 1,919 | 1,295 | 643 | ||||||||
| Income Tax Expense | 4,969 | 3,058 | 3,119 | ||||||||
| EBITDA (Non-GAAP) | 19,537 | (8,631 | ) | 876 | |||||||
| Adjustments: | |||||||||||
| Share-Based Compensation | 2,944 | 4,523 | 4,214 | ||||||||
| Stock Appreciation Rights Expense | 37 | (5 | ) | — | |||||||
| Equity in (Income) Loss on Equity Method Investees | (44 | ) | — | (665 | ) | ||||||
| Loss on Deconsolidation of GHR | — | — | 2,490 | ||||||||
| Change in Fair Value of Derivative Asset and Liability | 328 | (409 | ) | (595 | ) | ||||||
| Impairment Expense for Intangible Assets | — | — | 170 | ||||||||
| Change in Fair Value of Contingent Liabilities and Shares Payable | 95 | — | — | ||||||||
| Employee Retention Tax Credits | (4,750 | ) | — | (666 | ) | ||||||
| Non-Recurring Legal and Professional Fees | — | 349 | (135 | ) | |||||||
| Adjusted EBITDA(Non-GAAP) | $ | 18,147 | $ | (4,173 | ) | $ | 5,689 | ||||
The selected cash flow information includes the cash flows of the retail business through June 11, 2026 and have not been separately presented between continuing and discontinued operations.
| Select Cash Flow Information | |||||||||||
| (in thousands) | Q2 2025 | Q1 2026 | Q2 2026 | ||||||||
| Net Income (Loss) | $ | 8,744 | $ | (17,006 | ) | $ | (6,683 | ) | |||
| Depreciation and Amortization | 3,905 | 4,022 | 3,795 | ||||||||
| Share-Based Compensation | 2,944 | 4,523 | 4,214 | ||||||||
| Impairment Expense for Intangibles | — | — | 170 | ||||||||
| Loss on Change in Fair Value of Contingent Liabilities and Shares Payable | 95 | — | — | ||||||||
| Other | 881 | (1,911 | ) | 853 | |||||||
| Cash From Net Income (Loss) | 16,569 | (10,372 | ) | 2,349 | |||||||
| Accounts Receivable | (3,248 | ) | (2,096 | ) | (3,700 | ) | |||||
| Income Taxes Receivable | 996 | 25 | 2 | ||||||||
| Prepaid Expenses and Other Current Assets | (243 | ) | 1,455 | (3,672 | ) | ||||||
| Inventory | (3,987 | ) | (5,310 | ) | (4,165 | ) | |||||
| Other Assets | (96 | ) | (14 | ) | (26 | ) | |||||
| Accounts Payable and Accrued Liabilities | 4,290 | 1,855 | 6,544 | ||||||||
| Income Taxes Payable | 1,290 | — | 1 | ||||||||
| Other | 2,166 | 2,702 | 2,846 | ||||||||
| Working Capital Impact | 1,168 | (1,383 | ) | (2,170 | ) | ||||||
| Operating Activities Cash Flow | 17,737 | (11,755 | ) | 179 | |||||||
| Purchases of Property and Equipment | (9,458 | ) | (3,546 | ) | (2,113 | ) | |||||
| Other | 190 | 800 | (6,027 | ) | |||||||
| Investing Activities Cash Flow | (9,268 | ) | (2,746 | ) | (8,140 | ) | |||||
| Proceeds from the Issuance of At-the-Money Shares | — | 22,302 | 4,925 | ||||||||
| Proceeds from the Issuance of Notes Payable, net | — | (250 | ) | — | |||||||
| Payments on Notes Payable, Third Parties and Related Parties | (1 | ) | (10 | ) | (8 | ) | |||||
| Distributions to Preferred Shareholders | (1,937 | ) | (2,888 | ) | (2,888 | ) | |||||
| Other | 55 | (76 | ) | 59 | |||||||
| Financing Activities Cash Flow | (1,883 | ) | 19,078 | 2,088 | |||||||
| Net Increase (Decrease) in Cash, Restricted Cash and Cash Equivalents | 6,586 | 4,577 | (5,873 | ) | |||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 37,615 | 23,350 | 27,927 | ||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 44,201 | $ | 27,927 | $ | 22,054 | |||||
|
Select Balance Sheet Information |
|||||||||||
| (in thousands) |
Q2 2025 |
Q1 2026 |
Q2 2026 |
||||||||
| Cash and Restricted Cash | $ | 33,939 | $ | 17,160 | $ | 18,554 | |||||
| Accounts Receivable, Net | 9,833 | 6,430 | 10,068 | ||||||||
| Income Taxes Receivable | 930 | 763 | 761 | ||||||||
| Prepaid Expenses and Other Current Assets | 14,837 | 10,459 | 7,811 | ||||||||
| Inventory | 17,172 | 29,672 | 34,022 | ||||||||
| Assets Associated with Discontinued Operations | 9,789 | 9,868 | — | ||||||||
| Total Current Assets | 86,500 | 74,352 | 71,216 | ||||||||
| Operating and Finance Lease Right-of-Use Assets, Net | 2,230 | 2,054 | 1,568 | ||||||||
| Equity Method Investments | 172 | — | 14,490 | ||||||||
| Property, Plant and Equipment, Net | 209,126 | 216,299 | 221,091 | ||||||||
| Intangible Assets, Net | 672 | 950 | 919 | ||||||||
| Restricted Cash, Net of Current Portion | 3,500 | 3,500 | 3,500 | ||||||||
| Other Assets | 2,248 | 316 | 596 | ||||||||
| Non-Current Assets Associated with Discontinued Operations | 30,113 | 27,882 | — | ||||||||
| TOTAL ASSETS | $ | 334,561 | $ | 325,353 | $ | 313,380 | |||||
| Accounts Payable and Accrued Liabilities | $ | 32,130 | $ | 30,680 | $ | 38,051 | |||||
| Income Taxes Payable | 2,440 | — | — | ||||||||
| Current Portion of Operating and Finance Lease Liabilities | 871 | 682 | 583 | ||||||||
| Current Portion of Notes Payable | — | 38 | 14,733 | ||||||||
| Liabilities Associated with Discontinued Operations | 7,927 | 8,807 | — | ||||||||
| Total Current Liabilities | 43,368 | 40,207 | 53,367 | ||||||||
| Operating and Finance Lease Liabilities, Net of Current Portion | 1,054 | 1,115 | 945 | ||||||||
| Other Non-Current Liabilities | 27,937 | 33,625 | 38,528 | ||||||||
| Notes Payable, Net of Current Portion | 65,613 | 67,818 | 55,408 | ||||||||
| Non-Current Liabilities Associated with Discontinued Operations | 4,273 | 5,140 | — | ||||||||
| TOTAL LIABILITIES | 142,245 | 147,905 | 148,248 | ||||||||
| Preferred Equity Series B, C, D and E | 91,790 | 92,500 | 92,500 | ||||||||
| Additional Paid-In Capital, Accumulated Deficit and Non-Controlling Interest | 100,526 | 84,948 | 72,632 | ||||||||
| TOTAL MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | 192,316 | 177,448 | 165,132 | ||||||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | $ | 334,561 | $ | 325,353 | $ | 313,380 | |||||
| Notes Payable and Preferred Equity | |||||||||||||
| (in thousands) | Q4 2025 | Q1 2026 | Q2 2026 | Comments | |||||||||
| Notes Payable | |||||||||||||
| Secured Credit Facility | $ | 50,000 | $ | 50,000 | $ | 50,000 | Maturity is 2/28/30 | ||||||
| 2025 Lompoc Term Loan | 2,990 | 2,980 | 2,971 | Maturity is 8/4/35 | |||||||||
| Greenhouse 2 Equipment Supplier Financing | — | 1,120 | 3,959 | ||||||||||
| Series A | 11,895 | 10,950 | 10,734 | 8% semi annual interest, cash or shares, higher of 10 day VWAP 5 trading days prior to pay date or $4.08, Maturity 4/15/27 | |||||||||
| Series B | 4,111 | 3,785 | 3,623 | 8% semi annual interest, cash or shares, lower of 10 day VWAP 5 trading days prior to pay date or $10.00, Maturity 4/15/27 | |||||||||
| Plus Convertible Debt | 16,006 | 14,735 | 14,357 | ||||||||||
| Other | (330 | ) | (978 | ) | (1,146 | ) | Mostly original issue discount | ||||||
| Notes Payable Total | $ | 68,666 | $ | 67,857 | $ | 70,141 | |||||||
| Preferred Equity | |||||||||||||
| Series D | $ | 15,000 | $ | 15,000 | $ | 15,000 | Currently at 15% dividend with 15% cash payment until 8/24/28 when it increases to 20% dividend with 20% cash payment | ||||||
| Series E | 77,500 | 77,500 | 77,500 | 12% dividend with 12% cash payment | |||||||||
| Preferred Equity Total | $ | 92,500 | $ | 92,500 | $ | 92,500 | |||||||
| Cash Payments | |||||||||||||
| Debt Amortization | $ | 239 | $ | 10 | $ | 9 | |||||||
| Cash Interest | 1,226 | 1,134 | 1,137 | 8.58% interest rate on the Senior Secured Credit Facility, entered into on 2/28/25 and 8.5% interest rate on the 2025 Lompoc Term Loan, entered into on 8/4/25 | |||||||||
| Debt Service | 1,465 | 1,144 | 1,146 | ||||||||||
| Series D | 563 | 563 | 563 | 15% annual rate until 8/24/28 when it increases to 20% | |||||||||
| Series E | 2,358 | 2,325 | 2,321 | 12% annual rate | |||||||||
| Preferred Equity Dividends | 2,921 | 2,888 | 2,884 | ||||||||||
| Total Debt Service and Dividends | $ | 4,386 | $ | 4,032 | $ | 4,030 | |||||||
| Equity Table | |||||||||||||
| (in thousands, except share price) |
Q2 2026 |
Q1 2026 |
Change | Comments | |||||||||
| Total Equity and Exchangeable Shares | 89,045 | 84,663 | 4,382 | Shares issued in connection with At-the-Market program, interest and conversion of convertible debentures and exercise of RSUs, ISOs, and warrants | |||||||||
| Warrants | |||||||||||||
| Series D | 1,719 | 2,770 | (1,051 | ) | Notice of acceleration delivered during Q2 2026; All outstanding warrants were fully exercised during July 2026; Exercise price of $6.00 | ||||||||
| Series C | 880 | 1,000 | (120 | ) | Notice of acceleration delivered during Q2 2026; All outstanding warrants were fully exercised during July 2026; Exercise price of $5.00 | ||||||||
| Series B | 4,847 | 8,407 | (3,560 | ) | Notice of acceleration delivered during Q2 2026; All outstanding warrants were fully exercised during July 2026; Exercise price of $5.00 | ||||||||
| SPAC | — | 30,665 | (30,665 | ) | Redeemed and exercised during Q2 2026 | ||||||||
| Total Warrants | 7,446 | 42,842 | (35,396 | ) | |||||||||
| Stock Options | — | 22 | (22 | ) | |||||||||
| RSUs | 3,708 | 4,756 | (1,048 | ) | Up to 3-year vesting through 2028 | ||||||||
| Total | 3,708 | 4,778 | (1,070 | ) | |||||||||
| Share Price at Quarter End | $ | 12.37 | $ | 8.15 | $ | 4.22 | |||||||
| Convertible Debentures | |||||||||||||
| Series A | $ | 10,734 | $ | 10,950 | $ | (216 | ) | 8% semi annual interest, cash or shares, higher of 10 day VWAP 5 trading days prior to pay date or $4.08, Maturity 4/15/27 | |||||
| Series B | 3,623 | 3,785 | (162 | ) | 8% semi annual interest, cash or shares, lower of 10 day VWAP 5 trading days prior to pay date or $10.00, Maturity 4/15/27 | ||||||||
| Total Convertible Debentures | $ | 14,357 | $ | 14,735 | $ | (378 | ) | ||||||
| Number of Shares if Converted Assuming Share Price at Quarter End | 1,305 | 1,981 | (676 | ) | |||||||||
| Revenue | |||||||||||||||||||||||||||||||||||
| (in thousands) | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | FY 2024 | FY 2025 | ||||||||||||||||||||||||||
| Wholesale CPG (B2B) | $ | 4,987 | $ | 4,747 | $ | 5,483 | $ | 4,958 | $ | 4,320 | $ | 4,637 | $ | 5,281 | $ | 17,996 | $ | 19,508 | |||||||||||||||||
| Wholesale Biomass (B2B) | 36,256 | 28,283 | 42,122 | 21,231 | 22,597 | 23,973 | 41,736 | 139,086 | 114,233 | ||||||||||||||||||||||||||
| Total | $ | 41,243 | $ | 33,030 | $ | 47,605 | $ | 26,189 | $ | 26,917 | $ | 28,610 | $ | 47,017 | $ | 157,082 | $ | 133,741 | |||||||||||||||||
| Sequential % Change | |||||||||||||||||||||||||||||||||||
| Wholesale CPG (B2B) | 4 | % | (5 | )% | 16 | % | (10 | )% | (13 | )% | 7 | % | 14 | % | |||||||||||||||||||||
| Wholesale Biomass (B2B) | (24 | )% | (22 | )% | 49 | % | (50 | )% | 6 | % | 6 | % | 74 | % | |||||||||||||||||||||
| Total | (22 | )% | (20 | )% | 44 | % | (45 | )% | 3 | % | 6 | % | 64 | % | |||||||||||||||||||||
| % Change to Prior Year | |||||||||||||||||||||||||||||||||||
| Wholesale CPG (B2B) | 22 | % | 12 | % | 38 | % | 4 | % | (13 | )% | (2 | )% | (4 | )% | 12 | % | 8 | % | |||||||||||||||||
| Wholesale Biomass (B2B) | 36 | % | 78 | % | 8 | % | (56 | )% | (38 | )% | (15 | )% | (1 | )% | 32 | % | (18 | )% | |||||||||||||||||
| Total | 34 | % | 64 | % | 11 | % | (50 | )% | (35 | )% | (13 | )% | (1 | )% | 29 | % | (15 | )% | |||||||||||||||||
| Gross Profit | |||||||||||||||||||||||||||||||||||
| (in thousands) | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | FY 2024 | FY 2025 | ||||||||||||||||||||||||||
| Wholesale CPG (B2B) | $ | 1,168 | $ | 1,221 | $ | 1,949 | $ | 1,477 | $ | 818 | $ | 1,449 | $ | 582 | $ | 4,517 | $ | 5,465 | |||||||||||||||||
| Wholesale Biomass (B2B) | 16,187 | 13,191 | 24,121 | 4,115 | 6,767 | 2,602 | 15,186 | 72,113 | 48,194 | ||||||||||||||||||||||||||
| Total | $ | 17,355 | $ | 14,412 | $ | 26,070 | $ | 5,592 | $ | 7,585 | $ | 4,051 | $ | 15,768 | $ | 76,630 | $ | 53,659 | |||||||||||||||||
| % of Revenue | |||||||||||||||||||||||||||||||||||
| Wholesale CPG (B2B) | 23 | % | 26 | % | 36 | % | 30 | % | 19 | % | 31 | % | 11 | % | 25 | % | 28 | % | |||||||||||||||||
| Wholesale Biomass (B2B) | 45 | % | 47 | % | 57 | % | 19 | % | 30 | % | 11 | % | 36 | % | 52 | % | 42 | % | |||||||||||||||||
| Total | 42 | % | 44 | % | 55 | % | 21 | % | 28 | % | 14 | % | 34 | % | 49 | % | 40 | % | |||||||||||||||||
| Wholesale Biomass Production and Cost per Pound | |||||||||||||||||||||||||||||||||||
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | FY 2024 | FY 2025 | |||||||||||||||||||||||||||
| Equivalent Dry Pounds of Production | 165,074 | 152,568 | 230,748 | 123,986 | 159,131 | 151,531 | 245,746 | 608,478 | 666,433 | ||||||||||||||||||||||||||
| % Change to Prior Year | 60 | % | 149 | % | 54 | % | (47 | )% | (4 | )% | (1 | )% | 6 | % | 71 | % | 10 | % | |||||||||||||||||
| Cost per Equivalent Dry Pounds of Production | $ | 110 | $ | 108 | $ | 91 | $ | 128 | $ | 129 | $ | 175 | $ | 122 | $ | 123 | $ | 111 | |||||||||||||||||
| % Change to Prior Year | (9 | )% | (41 | )% | (39 | )% | 24 | % | 17 | % | 62 | % | 34 | % | (10 | )% | (10 | )% | |||||||||||||||||
| Ending Operational Canopy Licensed (000 sq. ft) | 1,525 | 1,525 | 1,525 | 1,525 | 1,708 | 1,708 | 1,708 | 1,525 | 1,708 | ||||||||||||||||||||||||||
| Wholesale Biomass Sold and Average Selling Price per Pound | |||||||||||||||||||||||||||||||||||
| Q4 2024 | Q1 2025 | Q2 2025 |
Q3 2025 |
Q4 2025 |
Q1 2026 |
Q2 2026 | FY 2024 | FY 2025 | |||||||||||||||||||||||||||
| Equivalent Dry Pounds Sold | 164,660 | 146,555 | 204,015 | 137,026 | 154,972 | 140,421 | 197,578 | 568,133 | 642,568 | ||||||||||||||||||||||||||
| % Change to Prior Year | 68 | % | 160 | % | 48 | % | (34 | )% | (6 | )% | (4 | )% | (3 | )% | 68 | % | 13 | % | |||||||||||||||||
| Equivalent Dry Pounds Sold Average Selling Price | $ | 220 | $ | 193 | $ | 206 | $ | 155 | $ | 146 | $ | 171 | $ | 211 | $ | 245 | $ | 177 | |||||||||||||||||
| % Change to Prior Year | (19 | )% | (32 | )% | (27 | )% | (32 | )% | (34 | )% | (11 | )% | 2 | % | (21 | )% | (28 | )% | |||||||||||||||||
Equivalent Dry Pounds Average Selling Price excludes the impact of cultivation tax.
Conference Call
The Company will host a conference call to discuss the results today, August 13, 2026, at 5:00 p.m. Eastern Time.
| Webcast and Replay: | Register Here |
| Dial-In Number: | 1-800-715-9871 or 1-646-307-1963 |
| Conference ID: | 8964579# |
(replay available for approximately 30 days)
In addition, content related to the earnings call including a transcript and audio recording of the call, as well as the Company’s financial statements and management’s discussion and analysis of financial condition and results of operations for the period (upon completion), will be posted to the Company’s website and can be found here. Content from previous reporting periods is also available.
Non-GAAP Financial Measures
Glass House defines EBITDA as Net Income (Loss) (GAAP) adjusted for interest and financing costs, income taxes, depreciation, and amortization. Adjusted EBITDA is defined as EBITDA excluding share-based compensation, stock appreciation rights expense, change in equity method investments, change in fair value of derivative instruments, impairment expense for goodwill and intangible assets, change in fair value of contingent liabilities and shares payable, loss on extinguishment of debt, employee retention tax credits, non-recurring casualty loss, non-recurring legal and professional fees and certain debt-related fees.
EBITDA and Adjusted EBITDA are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. Such supplemental non-GAAP financial measures are not standardized financial measures under U.S. GAAP used to prepare the Company’s financial statements and might not be comparable to similar financial measures disclosed by other companies and, thus, should only be considered in conjunction with the GAAP financial measures presented herein.
The Company has provided tables above that provide a reconciliation of the Company’s Net Income (Loss) (GAAP) to Adjusted EBITDA for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 and three months ended March 31, 2026.
Footnotes and Sources:
- EBITDA and Adjusted EBITDA are non-GAAP financial measures that are not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Please see “Non-GAAP Financial Measures” herein for further information and for a reconciliation of such non-GAAP measures to the closest GAAP measure.
- Equivalent Dry Pound Production includes all dry production (flower, smalls and trim) plus equivalent dry weight for wet weight and fresh frozen not converted into dry weight by the Company.
- Cost per Equivalent Dry Pound of Production, is the application of a subset of Costs of Goods Sold for cannabis biomass production (including all expenses from nursery and cultivation to curing and trimming – the point at which product is ready for sales as wholesale cannabis or to be transferred to CPG) applied to the Company’s metric of dry production which includes all dry production (flower, smalls and trim) plus equivalent dry weight for wet weight and fresh frozen that is not converted into dry goods by the Company.
About Glass House Brands
Glass House is one of the fastest-growing cannabis companies in the U.S., with a dedicated focus on the California market and building leading, lasting brands to serve consumers across all segments. Whether it be through its portfolio of brands, which includes Glass House Farms, PLUS Products, Allswell and Mama Sue Wellness, Glass House is committed to realizing its vision of excellence: outstanding cannabis products, produced sustainably, for the benefit of all. For more information and company updates, visit www.glasshousebrands.com/ and https://ir.glasshousebrands.com/contact/email-alerts/.
Forward Looking Statements
This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as “forward-looking statements”). Forward-looking statements reflect current expectations or beliefs regarding future events or Glass House’s future performance or financial results. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include, without limitation, statements regarding the completion of the proposed joint venture with Vireo and the anticipated benefits thereof. All forward-looking statements, including those herein, are qualified by this cautionary statement. Although Glass House believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. Accordingly, readers should not place undue reliance on forward-looking statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information, including those risks disclosed in the Glass House’s Annual Information Form available on SEDAR+ at www.sedarplus.ca and in Glass House’s Form 40-F available on EDGAR at www.sec.gov. For more information on Glass House, investors are encouraged to review Glass House’s public filings on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The forward-looking statements and financial outlooks contained in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. Glass House disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
For further information, please contact:
Glass House Brands Inc.
Jon DeCourcey, Vice President, Head of Capital Markets
T: (781) 724-6869
E: [email protected]
Investor Relations Contact:
KCSA Strategic Communications
Phil Carlson
T: 212-896-1233
E: [email protected]
