Glass House Brands Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Glass House Brands Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	48.3	63.2	84.9	161	201	182
Cost of revenue	29.5	47.4	64.2	79.9	104	105
Gross profit	18.7	15.8	20.7	81	97.4	77
Selling and marketing	1.49	3.53	3.43	2.84	2.42	2.67
General and administrative	18.6	33.8	45.6	52.9	60.1	64.1
Operating expenses	24.7	52	77.1	130	91.7	93.5
Operating income	-6	-36.2	-56.4	-49.5	5.74	-16.5
Interest expense	2.18	2.74	7.61	9.82	9.18	7.06
Interest income	0.12	0.06	0.06	0.05	0	0.29
Other non-operating income		-5.11	19	-38.6	5.48	-0.49
Pre-tax income	-10.2	-41.3	-37.3	-88.1	11.2	-17
Income tax	6.42	2.01	-4.39	9.94	10.5	11.9
Net income to minority interests	0	-0.2	-0.06	0.21	0.2	0.71
Net income	-16.7	-43.1	-32.9	-98.3	0.52	-29.7
EBITDA	-3.62	-31.6	-45.1	-36	20	-1.53
EPS, basic	-0.78	-1.11	-0.83	-1.62	-0.21	-0.55
EPS, diluted	-0.78	-1.11	-0.83	-1.62	-0.21	-0.55
Shares, basic (weighted)	21.3	40.3	64.2	72	75.2	81.9
Shares, diluted (weighted)	21.3	40.3	64.2	72	75.2	81.9

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.54	54.1	14.1	32.5	36.9	23.4
Receivables	5.14	2.46	4.79	3.98	5.22	4.42
Inventory	6.87	6.53	11	8.84	14.3	26.2
Other current assets	1.02	5.56	7.76	3.87	7.78	15.7
Total current assets	18.5	68.6	38.9	49.2	66.1	67.7
Property, plant and equipment	27.2	196	216	216	212	229
Lease right-of-use assets	2.53	3.08	10.8	8.96	8.17	3.88
Goodwill	4.82	4.92	37.8	0	0
Intangible assets	5.28	5.63	35.9	21.2	14.2	11.6
Long-term investments	10.7	7.2	4.25	2.33	2.34	0
Other non-current assets	0.55	2.34	4.69	4.47	4.87	1.06
Total assets	69.5	288	351	304	311	319
Accounts payable	2.58	4.34	6.01	5.54	8.69	13.7
Accrued liabilities	1.08	2.57	12.6	13.1	14.4	17.9
Short-term debt	0.6	0.04	0.04	7.55	7.64	0.04
Total current liabilities	19.6	55.2	54	87.4	66.5	38
Long-term debt	15.4	44.8	62.6	56.5	50.6	68.6
Lease liabilities	2.32	2.87	9.86	7.7	6.86	2.87
Other non-current liabilities	0.85	1.45	2.8	5.44	20.9	33.4
Total liabilities	43.3	106	129	159	146	144
Total debt	16	44.9	62.7	64.1	58.2	68.7
Paid-in capital	42.9	242	262	281	307	294
Retained earnings	-16.7	-59.8	-92.7	-191	-190	-220
Shareholders' equity	26.3	182	169	89.8	116	73.9
Minority interests		-0.2	-4.26	-22.7	-38.5	8.17
Total equity	26.3	181	165	67.1	77.7	82.1
Total liabilities and equity	69.5	288	351	304	311	319

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-16.7	-43.3	-33	-98.1	0.72	-29
Depreciation and amortization	2.39	4.6	11.3	13.5	14.3	15
Stock-based compensation	2.55	8.71	12.8	7.64	13.1	13.4
Deferred income tax	1.33	-0.15	-11.5	1.51	0	0
Change in receivables	-3.54	2.61	-1.58	-0.17	-1.48	-0.55
Change in inventory	-3.76	0.68	-0.67	2.36	-5.41	-12
Change in payables	1.89	2.96	0.47	5.99	8.41	5.82
Cash from operations	-7.7	-20.3	-40.8	23.2	28.4	11.4
Capital expenditures	-3.85	-108	-27.8	-12.3	-10.3	-27.2
Acquisitions	-0.08	-0.28	2.79
Cash from investing	-7.72	-112	-29.2	-12.7	-10.3	-27.7
Stock issued		126	0.3	0	2.19
Cash from financing	17.3	181	30.1	7.87	-13.7	2.72
Net change in cash	1.9	49.5	-39.9	18.4	4.4	-13.6
Free cash flow	-11.5	-129	-68.6	10.9	18.1	-15.7
Interest paid	0.32	0.38	4.71	7.4	5.99	4.53
Income taxes paid	0.91	2.64	4.13	4.83	2.46	2.46

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $6.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	42.3%	Gross profit / revenue.
Operating margin	-9.1%	Operating income / revenue.
EBITDA margin	-0.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-9.4%	Pre-tax income / revenue.
Net margin	-16.3%	Net income / revenue.
FCF margin	-8.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.3%	Cash from operations / revenue.
Return on equity (ROE)	-31.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.4%	Net income / average total assets.
Return on invested capital (ROIC)	-10.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	7.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	14.9%	Capital expenditures / revenue.
D&A / revenue	8.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	28.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	30.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-21.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	54.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	32.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-388.2%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-107.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-5,815.0%	Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-59.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-186.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-36.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-24.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	23.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	35.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	8.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	31.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.78x	Current assets / current liabilities.
Quick ratio	0.73x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.62x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.93x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.6%	Total debt / total assets.
Liabilities / assets	45.2%	Total liabilities / total assets.
Net debt	$45.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-2.34x	Operating income / interest expense.
Working capital	$29.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$62.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	0.83x	Revenue / average property, plant and equipment.
Inventory turnover	5.19x	Cost of revenue / average inventory.
Days inventory	70 days	365 x average inventory / cost of revenue.
Receivables turnover	37.8x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	41 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	237.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.55	Net income per basic share, as reported (split-adjusted).
Revenue per share	$2.22	Revenue / diluted weighted shares.
FCF per share	-$0.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.14	Cash from operations / diluted weighted shares.
Book value per share	$0.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.76	Tangible book value / shares outstanding.
Cash per share	$0.28	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$598.4M	Share price x shares outstanding.
Enterprise value	$643.7M	Market cap + total debt - cash - short-term investments.
P/S	3.29x	Market cap / revenue.
P/B	8.09x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.60x	Market cap / tangible book value, when positive.
P/OCF	52.3x	Market cap / cash from operations, when positive.
EV/Sales	3.54x	Enterprise value / revenue.
FCF yield	-2.6%	Free cash flow / market cap.
Earnings yield	-5.0%	Net income / market cap (the inverse of P/E).

What was Glass House Brands Inc.'s revenue in fiscal 2025?

Glass House Brands Inc. reported revenue of $182.0M for fiscal 2025, 9.4% lower than the year before.

Was Glass House Brands Inc. profitable in fiscal 2025?

No. It reported a net loss of $29.7M.

How much free cash flow did Glass House Brands Inc. generate in fiscal 2025?

Cash from operations of $11.4M minus capital expenditures of $27.2M left free cash flow of -$15.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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