GLAS revenueFY2025$181.98M
- FY YoY
- -9.4%
- 5Y CAGR
- +30.4%
GLAS revenue was $181.98M for fiscal 2025 (ended Dec 31, 2025), down 9.4% from fiscal 2024. Compound annual growth was +30.4% over 5 years. It rose in 4 of the last 5 fiscal years.
Glass House Brands Inc. Subordinate Voting Shares (GLAS) financials
For fiscal 2025 (ended Dec 31, 2025), Glass House Brands Inc. Subordinate Voting Shares reported $181.98M of revenue and -$29.66M of net income.
- Revenue, FY2025
- $181.98M
- Revenue growth, YoY
- -9.4%
- Net income, FY2025
- -$29.66M
- Net margin
- -16.3%
- Free cash flow, FY2025
- -$15.73M
- EPS, diluted, FY2025
- -$0.55
- Cash
- $23.35M
- Total debt
- $68.67M
- P/S
- 1.01
- Market cap
- $183.0M
FY2020FY2025
FY2020FY2025
FY2020FY2025
GLAS revenue and earnings growth
GLAS net incomeFY2025-$29.66M
GLAS net income was -$29.66M for fiscal 2025 (ended Dec 31, 2025), compared with $519.0K in fiscal 2024.
GLAS EPSFY2025-$0.55
GLAS diluted EPS was -$0.55 for fiscal 2025 (ended Dec 31, 2025), compared with -$0.21 in fiscal 2024.
GLAS free cash flowFY2025-$15.73M
GLAS free cash flow was -$15.73M for fiscal 2025 (ended Dec 31, 2025), compared with $18.10M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Revenue | $181.98M | $200.90M | $160.84M | $84.87M | $63.19M | $48.26M |
| Cost of revenue | $105.02M | $103.50M | $79.87M | $64.16M | $47.39M | $29.52M |
| Gross profit | $76.96M | $97.39M | $80.97M | $20.71M | $15.80M | $18.74M |
| Selling, general and admin | $64.10M | $60.13M | $52.91M | $45.57M | $33.78M | $18.64M |
| Operating income | -$16.53M | $5.74M | -$49.53M | -$56.39M | -$36.18M | -$6.00M |
| Interest expense | $7.06M | $9.18M | $9.82M | $7.61M | $2.74M | $2.18M |
| Pre-tax income | -$17.02M | $11.22M | -$88.12M | -$37.35M | -$41.29M | -$10.24M |
| Income tax | $11.93M | $10.50M | $9.94M | -$4.39M | $2.01M | $6.42M |
| Net income | -$29.66M | $519.0K | -$98.27M | -$32.90M | -$43.10M | -$16.66M |
| EPS, basic | -$0.55 | -$0.21 | -$1.62 | -$0.83 | -$1.11 | -$0.78 |
| EPS, diluted | -$0.55 | -$0.21 | -$1.62 | -$0.83 | -$1.11 | -$0.78 |
| Diluted shares | 81.9M | 75.2M | 72.0M | 64.2M | 40.3M | 21.3M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $23.35M | $36.92M | $32.52M | $14.14M | $54.07M | $4.54M |
| Receivables | $4.42M | $5.22M | $3.98M | $4.79M | $2.46M | $5.14M |
| Inventory | $26.23M | $14.25M | $8.84M | $10.95M | $6.53M | $6.87M |
| Current assets | $67.75M | $66.10M | $49.22M | $38.89M | $68.62M | $18.47M |
| Goodwill | - | $0 | $0 | $37.80M | $4.92M | $4.82M |
| Total assets | $318.56M | $310.50M | $303.77M | $350.63M | $287.58M | $69.54M |
| Current liabilities | $37.96M | $66.48M | $87.36M | $54.00M | $55.24M | $19.60M |
| Short-term debt | $37.0K | $7.64M | $7.55M | $40.2K | $38.0K | $601.2K |
| Long-term debt | $68.63M | $50.55M | $56.51M | $62.62M | $44.82M | $15.37M |
| Total debt | $68.67M | $58.20M | $64.06M | $62.66M | $44.86M | $15.97M |
| Total liabilities | $143.96M | $146.45M | $158.54M | $129.49M | $105.65M | $43.27M |
| Shareholders' equity | $73.94M | $116.24M | $89.76M | $168.86M | $182.13M | $26.27M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $11.45M | $28.39M | $23.22M | -$40.78M | -$20.29M | -$7.70M |
| Capital expenditures | $27.18M | $10.29M | $12.31M | $27.77M | $108.50M | $3.85M |
| Free cash flow | -$15.73M | $18.10M | $10.91M | -$68.55M | -$128.78M | -$11.55M |
| Investing cash flow | -$27.74M | -$10.29M | -$12.71M | -$29.20M | -$111.50M | -$7.72M |
| Financing cash flow | $2.72M | -$13.70M | $7.87M | $30.06M | $181.32M | $17.32M |
| Stock-based compensation | $13.40M | $13.10M | $7.64M | $12.76M | $8.71M | $2.55M |
| Depreciation and amortization | $15.00M | $14.30M | $13.50M | $11.32M | $4.60M | $2.39M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Revenue growth, YoY | -9.4% | 24.9% | 89.5% | 34.3% | 30.9% | - |
| Gross margin | 42.3% | 48.5% | 50.3% | 24.4% | 25.0% | 38.8% |
| Operating margin | -9.1% | 2.9% | -30.8% | -66.4% | -57.2% | -12.4% |
| Net margin | -16.3% | 0.3% | -61.1% | -38.8% | -68.2% | -34.5% |
| Free cash flow margin | -8.6% | 9.0% | 6.8% | -80.8% | -203.8% | -23.9% |
| Return on equity | -40.1% | 0.4% | -109.5% | -19.5% | -23.7% | -63.4% |
| Return on assets | -9.3% | 0.2% | -32.3% | -9.4% | -15.0% | -24.0% |
| Current ratio | 1.78 | 0.99 | 0.56 | 0.72 | 1.24 | 0.94 |
| Debt to equity | 0.93 | 0.50 | 0.71 | 0.37 | 0.25 | 0.61 |
Source: XBRL data Glass House Brands Inc. Subordinate Voting Shares files with the SEC, latest filing dated Mar 24, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
GLAS peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| GLAS | $181.98M | -9.4% | -$29.66M | -16.3% | $183.0M |
| PM | $43.14B | +7.9% | $10.71B | 24.8% | $308.43B |
| BTI | £25.61B | -1.0% | £7.76B | 30.3% | $131.54B |
| MO | $23.52B | +0.5% | $8.12B | 34.5% | $126.62B |
| DFTX | - | - | -$353.79M | - | $4.47B |
| RGC | - | - | -$11.70M | - | $2.61B |
| TRLV | $1.08B | -9.1% | -$445.60M | -41.2% | $2.23B |
| RLX | CN¥3.96B | +44.0% | CN¥921.87M | 23.3% | $1.97B |
| CRON | $271.85M | +54.3% | $63.36M | 23.3% | $1.33B |
GLAS FAQ
9 questionsWhat is GLAS revenue?
Glass House Brands Inc. Subordinate Voting Shares (GLAS) reported $181.98M of revenue for fiscal 2025 (ended Dec 31, 2025). That is down 9.4% from the year before.Is GLAS profitable?
No. Glass House Brands Inc. Subordinate Voting Shares reported a net loss of $29.66M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does GLAS have?
Glass House Brands Inc. Subordinate Voting Shares reported $23.35M in cash and cash equivalents and $68.67M of debt on its most recent balance sheet in SEC filings.How fast is GLAS revenue growing?
Glass House Brands Inc. Subordinate Voting Shares's revenue changed -9.4% in fiscal 2025, to $181.98M. Its compound annual growth rate was +30.4% over 5 years.What is GLAS gross margin?
Glass House Brands Inc. Subordinate Voting Shares's gross profit was $76.96M on $181.98M of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 42.3%.What is GLAS free cash flow?
Glass House Brands Inc. Subordinate Voting Shares generated -$15.73M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of $11.45M less capital expenditures.What is GLAS earnings per share?
Diluted earnings per share were -$0.55 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did GLAS last report financial results?
The latest statements here come from Glass House Brands Inc. Subordinate Voting Shares's 40-F filed on Mar 24, 2026, covering the period ended Dec 31, 2025.Where does this GLAS financial data come from?
Quantisnow builds these statements from the structured XBRL data Glass House Brands Inc. Subordinate Voting Shares files with the SEC. It is provided for information only and is not investment advice.