$GLAS

Glass House Brands Inc.

CIK:0001848731|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Revenues, Net	$ 181,984	$ 200,898
Cost of Goods Sold (Exclusive of Depreciation and Amortization Shown Separately Below)	105,024	103,505
Gross Profit	76,960	97,393
Operating Expenses:
General and Administrative	64,098	60,126
Sales and Marketing	2,669	2,418
Professional Fees	9,062	7,768
Depreciation and Amortization	15,764	15,044
Impairment Expense for Intangible Assets	1,900	6,300
Total Operating Expenses	93,493	91,656
Income (Loss) from Operations	(16,533)	5,737
Other (Income) Expense:
Interest Expense	7,058	9,184
Interest Income	(288)	0
Gain on Equity Method Investments	(84)	(14)
(Gain) Loss on Change in Fair Value of Derivative Asset and Liability	2,070	(690)
Gain on Change in Fair Value of Contingent Liabilities and Shares Payable	0	(13,724)
Loss on Extinguishment of Debt	292	0
Other (Income) Expense, Net	(8,563)	(238)
Total Other (Income) Expense, Net	485	(5,482)
Income (Loss) from Operations Before Provision for Income Taxes	(17,018)	11,219
Provision for Income Taxes	11,934	10,498
Net Income (Loss)	(28,952)	721
Net Income Attributable to Non-Controlling Interest	707	202
Net Income (Loss) Attributable to the Company	$ (29,659)	$ 519
Loss Per Share - Basic and Diluted
Loss Per Share - Basic (in dollars per share)	$ (0.55)	$ (0.21)
Loss Per Share - Diluted (in dollars per share)	$ (0.55)	$ (0.21)
Weighted-Average Shares Outstanding - Basic and Diluted
Weighted-Average Shares Outstanding - Basic (in shares)	81,935,989	75,229,075
Weighted-Average Shares Outstanding - Diluted (in shares)	81,935,989	75,229,075

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ (28,952)	$ 721
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Bad Debt Expense, Net of Recoveries	2,557	305
Interest Capitalized	(775)	0
Loss on Disposal of Property and Equipment	1,032	0
Depreciation and Amortization	15,764	15,044
Gain on Equity Method Investments	(84)	(14)
Impairment Expense for Intangible Assets	1,900	6,300
Non-Cash Operating Lease Costs	1,353	1,617
Loss on Extinguishment of Debt	(292)	0
Accretion of Debt Discount and Loan Origination Fees	391	1,690
(Gain) Loss on Change in Fair Value of Derivative Asset and Liability	2,070	(690)
Gain on Change in Fair Value of Contingent Liabilities and Shares Payable	0	(13,724)
Share-Based Compensation	13,402	13,098
Changes in Operating Assets and Liabilities:
Accounts Receivable	(547)	(1,481)
Income Taxes Receivable	1,138	(1,929)
Prepaid Expenses and Other Current Assets	(2,262)	(3,902)
Inventory	(11,975)	(5,412)
Other Assets	3,442	215
Accounts Payable and Accrued Liabilities	5,817	8,413
Interest Payments on Finance Leases	(272)	(258)
Income Taxes Payable	(2,408)	(5,471)
Operating Lease Liabilities	(1,325)	(1,556)
Other Non-Current Liabilities	10,889	15,426
NET CASH PROVIDED BY OPERATING ACTIVITIES	11,447	28,392
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of Property and Equipment	(27,179)	(10,294)
Proceeds from Sale of Assets	222	0
Issuance of Note Receivable	(1,000)	0
Cash Received from Consolidation of Variable Interest Entity	215	0
NET CASH USED IN INVESTING ACTIVITIES	(27,742)	(10,294)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the Issuance of At-the-Money Shares	2,182	0
Proceeds from the Issuance of Notes Payable, Third Parties and Related Parties	52,099	0
Proceeds from the Issuance of Preferred Shares	18,492	0
Redemption of Preferred Shares	(18,498)	0
Payment on Finance Lease	(1,013)	(478)
Payments on Notes Payable, Third Parties and Related Parties	(42,893)	(7,557)
Cash Received Upon Exercise of Options and Warrants	1,000	2,194
Distributions to Non-Controlling Interest Holders	(342)	(109)
Distributions to Preferred Shareholders	(8,305)	(7,749)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	2,722	(13,699)
NET INCREASE (DECREASE) IN CASH, RESTRICTED CASH AND CASH EQUIVALENTS	(13,573)	4,399
Cash, Restricted Cash and Cash Equivalents, Beginning of Period	36,923	32,524
CASH, RESTRICTED CASH AND CASH EQUIVALENTS, END OF PERIOD	23,350	36,923
SUPPLEMENTAL DISCLOSURE FOR CASH FLOW INFORMATION
Cash Paid for Interest	4,527	5,992
Cash Paid for Taxes	2,458	2,457
Non-Cash Investing and Financing Activities:
Exchange of Series B and Series C Preferred Shares for Series E Preferred Shares	59,008	0
Reclassification of Preferred Shares from Non-Controlling Interest to Additional Paid-In Capital	52,323	0
Contingent Shares Payable in Connection with Camarillo Acquisition	20,265	0
Variable Interest Entity Consolidation	12,865	0
Issuance of At-the-Money shares	3,946	66
Shares Issued to Settle Shares Payable - NHC Business Acquisitions	2,579	3,834
Shares Issued for Payment of Interest on Convertible Debentures	1,292	1,292
Shares Issued for 2024 and 2023 Bonus, respectively	1,114	2,715
Interest Capitalized to Property and Equipment	775	0
Shares Issued to Acquire Remaining Non-Controlling Interest in Consolidated Subsidiary	600	0
Recognition of Right-of-Use Asset and Lease Liability for Finance Lease	403	1,293
Shares Issued for Vested GH Group Non-Qualified Options	0	2,757
Lease Terminations and Amendments	$ 0	$ 22

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash	$ 19,850	$ 33,923
Restricted Cash	0	3,000
Accounts Receivable, Net	4,417	5,221
Income Taxes Receivable	791	1,929
Prepaid Expenses and Other Current Assets	15,664	7,775
Inventory	26,227	14,252
Notes Receivable	800	0
Total Current Assets	67,749	66,100
Operating Lease Right-of-Use Assets, Net	3,875	8,168
Finance Lease Right-of-Use Assets, Net	2,036	2,568
Long Term Investments	0	2,341
Property, Plant and Equipment, Net	228,760	212,252
Intangible Assets, Net	11,577	14,200
Restricted Cash, Net of Current Portion	3,500	0
Other Assets	1,060	4,873
TOTAL ASSETS	318,557	310,502
Current Liabilities:
Accounts Payable and Accrued Liabilities	35,970	31,128
Income Taxes Payable	0	2,408
Contingent Shares Payable and Earnout Liabilities	0	20,265
Shares Payable	0	2,579
Current Portion of Operating Lease Liabilities	1,116	1,565
Current Portion of Finance Lease Liabilities	836	889
Current Portion of Notes Payable	37	7,644
Total Current Liabilities	37,959	66,478
Operating Lease Liabilities, Net of Current Portion	2,868	6,860
Finance Lease Liabilities, Net of Current Portion	1,086	1,688
Other Non-Current Liabilities	33,413	20,869
Notes Payable, Net of Current Portion	68,629	50,552
TOTAL LIABILITIES	143,955	146,447
SHAREHOLDERS’ EQUITY:
Additional Paid-In Capital	294,011	306,652
Accumulated Deficit	(220,075)	(190,416)
Total Shareholders’ Equity Attributable to the Company	73,936	116,236
Non-Controlling Interest	8,166	(38,544)
TOTAL MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY	174,602	164,055
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY	318,557	310,502
Preferred Series B Shares
MEZZANINE EQUITY:
Preferred shares, value	0	65,084
Preferred Series C Shares
MEZZANINE EQUITY:
Preferred shares, value	0	6,279
Preferred Series D Shares
MEZZANINE EQUITY:
Preferred shares, value	15,000	15,000
Series E Convertible Preferred Shares
MEZZANINE EQUITY:
Preferred shares, value	77,500	0
Multiple Voting Shares
SHAREHOLDERS’ EQUITY:
Common shares, value	0	0
Subordinate Voting Shares
SHAREHOLDERS’ EQUITY:
Common shares, value	0	0
Exchangeable Shares
SHAREHOLDERS’ EQUITY:
Common shares, value	$ 0	$ 0