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GLAS on NYSE

Glass House Brands Inc.

Glass House Brands Inc. is a Canadian medicinal chemicals and botanical products company.1 It is headquartered in Long Beach, California.1

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Last updated Oct 21, 2026.

Overview

$182.0MRevenue, fiscal 20252
-$29.7MNet income, fiscal 20252

Compare with biote Corp., MARIMED INC. or Cronos Group Inc, or pick any stock.

  • TickerGLAS on NYSE1
  • IndustryMedicinal Chemicals & Botanical Products1
  • HeadquartersLong Beach, California1
  • Incorporated inBritish Columbia, Canada3
  • Business address3645 Long Beach Blvd, Long Beach, Ca 908073
  • Filer category, Emerging growth company3

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

42.3%Gross margin2
-9.1%Operating margin2
-16.3%Net margin2
-9.4%Revenue growth, 20252
-40.1%Return on equity2
0.93×Debt to equity2
-$15.7MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Wholesale Biomass brought in 63% of the revenue Glass House Brands Inc. broke down this way in fiscal 2025.

  1. Wholesale Biomass$114.2M263%down 18% from 2024
  2. Retail$48.2M227%up 10% from 2024
  3. Consumer Package Goods$19.5M211%up 8% from 2024
Business segments by year
Business segments20242025
Wholesale Biomass$139.1M$114.2M
Retail$43.8M$48.2M
Consumer Package Goods$18.0M$19.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue58¢$105.0M
  • Other costs36¢$65.0M
  • Income tax7¢$11.9M

Out of $182.0M in revenue.2 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$27.2M

Out of $11.4M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2

Financial statements

Revenue4562$182.0M in 2025+277% since 2020
0$100.0M$200.0M$300.0M2020: $48.3M$48.3M20202021: $63.2M$63.2M2021+31%2022: $84.9M$84.9M2022+34%2023: $160.8M$160.8M2023+89%2024: $200.9M$200.9M2024+25%2025: $182.0M$182.0M2025−9%
Gross profit4562$77.0M in 2025+311% since 2020
0$25.0M$50.0M$75.0M$100.0M2020: $18.7M$18.7M20202021: $15.8M$15.8M2021−16%2022: $20.7M$20.7M2022+31%2023: $81.0M$81.0M2023+291%2024: $97.4M$97.4M2024+20%2025: $77.0M$77.0M2025−21%
Operating income4562-$16.5M in 2025+175% since 2020
-$60.0M-$40.0M-$20.0M0$20.0M2020: -$6.0M-$6.0M20202021: -$36.2M-$36.2M2021+503%2022: -$56.4M-$56.4M2022+56%2023: -$49.5M-$49.5M2023−12%2024: $5.7M$5.7M20242025: -$16.5M-$16.5M2025
Net income4562-$29.7M in 2025+78% since 2020
-$100.0M-$75.0M-$50.0M-$25.0M0$25.0M2020: -$16.7M-$16.7M20202021: -$43.1M-$43.1M2021+159%2022: -$32.9M-$32.9M2022−24%2023: -$98.3M-$98.3M2023+199%2024: $519.0K$519.0K20242025: -$29.7M-$29.7M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2025-12-312024-12-31
Revenues, Net$182.0M$200.9M
Cost of Goods Sold (Exclusive of Depreciation and Amortization Shown Separately Below)$105.0M$103.5M
Gross Profit$77.0M$97.4M
General and Administrative$64.1M$60.1M
Sales and Marketing$2.7M$2.4M
Professional Fees$9.1M$7.8M
Depreciation and Amortization$15.8M$15.0M
Impairment Expense for Intangible Assets$1.9M$6.3M
Total Operating Expenses$93.5M$91.7M
Income (Loss) from Operations-$16.5M$5.7M
Interest Expense$7.1M$9.2M
Interest Income-$288.0K$0
Gain on Equity Method Investments-$84.0K-$14.0K
(Gain) Loss on Change in Fair Value of Derivative Asset and Liability$2.1M-$690.0K
Gain on Change in Fair Value of Contingent Liabilities and Shares Payable$0-$13.7M
Loss on Extinguishment of Debt$292.0K$0
Other (Income) Expense, Net-$8.6M-$238.0K
Total Other (Income) Expense, Net$485.0K-$5.5M
Income (Loss) from Operations Before Provision for Income Taxes-$17.0M$11.2M
Provision for Income Taxes$11.9M$10.5M
Net Income (Loss)-$29.0M$721.0K
Net Income Attributable to Non-Controlling Interest$707.0K$202.0K
Net Income (Loss) Attributable to the Company-$29.7M$519.0K
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 (in shares)81.9M shares75.2M shares
Weighted-Average Shares Outstanding - Diluted (in shares)81.9M shares75.2M shares

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Corporate structure

Glass House Brands Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Glass House Brands Inc.

  • Glass House Brands Inc. Long Beach, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Glass House Brands Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$287.6M2 Dec 31, 2025$259.5M2 Dec 31, 2024+10.8%
Accumulated depreciation$58.8M2 Dec 31, 2025$47.3M2 Dec 31, 2024+24.5%
Property and equipment, net$228.8M2 Dec 31, 2025$212.3M2 Dec 31, 2024+7.8%
Finance-lease assets$2.0M2 Dec 31, 2025$2.6M2 Dec 31, 2024−20.7%
Operating-lease assets (leased space)$3.9M2 Dec 31, 2025$8.2M2 Dec 31, 2024−52.6%

Investments

ItemLatestA year beforeChange
Stakes in other companies (equity method)$02 Dec 31, 2025$2.3M2 Dec 31, 2024−100.0%
Long-term investments$02 Dec 31, 2025$2.3M2 Dec 31, 2024−100.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$06 Dec 31, 2024$06 Dec 31, 2023
Intangible assets, net (excluding goodwill)$11.6M2 Dec 31, 2025$14.2M2 Dec 31, 2024−18.5%
Indefinite-lived intangibles (excluding goodwill)$10.0M2 Dec 31, 2025$11.9M2 Dec 31, 2024−16.0%
Finite-lived intangibles, gross$5.4M2 Dec 31, 2025$5.4M2 Dec 31, 20240%
Accumulated amortization$3.8M2 Dec 31, 2025$3.0M2 Dec 31, 2024+23.8%
Finite-lived intangibles, net$1.6M2 Dec 31, 2025$2.3M6 Dec 31, 2024−31.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$26.2M2 Dec 31, 2025$14.3M2 Dec 31, 2024+84.0%
Raw materials$7.0M2 Dec 31, 2025$2.9M2 Dec 31, 2024+140.3%
Work in process$13.9M2 Dec 31, 2025$4.6M2 Dec 31, 2024+203.1%
Finished goods$5.4M2 Dec 31, 2025$6.8M2 Dec 31, 2024−20.7%

Leadership

Who has led Glass House Brands Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (1)
  • SVP, Corporate ControllerWilliam Tu Mar 18, 2026 to now7

Former names

  • Mercer Park Brand Acquisition Corp.Mar 19, 2021 to Mar 30, 20213

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/20268

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

188 filings to the SEC since October 2021: 10 annual reports, 7 insider forms, 1 large holders, 2 private raises, 168 other. The latest 20:

  1. Oct 9, 20266-K EDGAR
  2. Sep 29, 20266-K EDGAR
  3. Sep 18, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Sep 11, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Sep 11, 20266-K EDGAR
  6. Aug 28, 2026144 EDGAR
  7. Aug 14, 20266-K EDGAR
  8. Aug 14, 2026SCHEDULE 13G EDGAR
  9. Aug 13, 20266-K EDGAR
  10. Jul 15, 20266-K EDGAR
  11. Jul 15, 2026SUPPL EDGAR
  12. Jul 15, 2026F-X EDGAR
  13. Jul 15, 2026F-10EF FORM F-10 EDGAR
  14. Jun 26, 20268-A12B EDGAR
  15. Jun 26, 2026CERT NYSE CERTIFICATION EDGAR
  16. Jun 18, 20266-K EDGAR
  17. Jun 17, 20266-K EDGAR
  18. Jun 4, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jun 4, 2026144 EDGAR
  20. May 26, 20264 OWNERSHIP DOCUMENT EDGAR

The 188 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

4 open-market trades by officers, directors and large owners since October 2021: 0 buys and 4 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026Tu WilliamSVP, Corporate ControllerSale3,818$8.03$30.7KForm 4
May 26, 2026Tu WilliamSVP, Corporate ControllerSale5,423$10.48$56.8KForm 4
May 22, 2026Tu WilliamSVP, Corporate ControllerSale10,414$10.19$106.1KForm 4
May 19, 2026Tu WilliamSVP, Corporate ControllerSale15,888$10.08$160.2KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 52. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Park West Asset Management LLC5,182,030$67.4M4.6%New
Western Standard LLC2,728,768$35.0M11.9%New
Cantor Fitzgerald, L. P.2,700,000$33.3M0.3%New
Nomura Holdings Inc2,283,439$29.7M0.1%New
Wellington Management Group Llp1,145,088$14.9M0.0%New
AdvisorShares Investments LLC850,000$11.1M1.3%New
Clear Street Group Inc.825,000$10.2M0.0%New
Hudson Bay Capital Management LP750,000$9.8M0.1%New
Marex Group Ltd750,000$9.8M0.1%New
Grizzlyrock Capital, LLC611,000$7.9M5.6%New
Millennium Management LLC362,893$4.5M0.0%New
K.J. Harrison & Partners Inc286,154$3.5M0.5%New
Jane Street Group, LLC207,024$2.6M0.0%New
Concurrent Investment Advisors, LLC147,253$1.9M0.0%New
HighTower Advisors, LLC106,299$1.4M0.0%New
Scoggin Management LP101,182$1.3M0.3%New
Anson Funds Management LP87,191$1.1M0.1%New
Zazove Associates LLC79,844$1.0M1.1%New
Cedar Wealth Management, LLC56,211$730.7K0.2%New
Villere St Denis J & Co LLC55,000$715.0K0.1%New
Salem Investment Counselors Inc51,133$664.7K0.0%New
Pekin Hardy Strauss, Inc.47,675$619.8K0.1%New
Pathstone Holdings, LLC40,000$520.0K0.0%New
Dba Trading, LLC60,000$489.6K0.2%New
Accretive Wealth Partners, LLC36,700$477.1K0.1%New

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

5 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Oct 15, 2025Max L. MillerRepublican, HouseBuy$1,001 - $15,000Report
Oct 15, 2025Max L. MillerRepublican, HouseBuy$459Report
Jun 30, 2025Max L. MillerRepublican, HouseBuy$1,001 - $15,000Report
Jun 12, 2025Max L. MillerRepublican, HouseBuy$1,001 - $15,000Report
Nov 26, 2024Max L. MillerRepublican, HouseBuy$1,001 - $15,000Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Glass House Brands Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGlass House Brands Inc.1
  • CIK0001848731
  • Employer ID (EIN)87-402833510
  • Filer status<br>emerging growth company an emerging growth company1
  • Incorporated inCanada10
  • Fiscal year endsDecember 311
  • Industry code (SIC)2833 Medicinal Chemicals & Botanical Products1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address3645 Long Beach Blvd, Long Beach, CA 908071
  • Phone562-264-50781
  • Shares outstanding75,282,908 Subordinate Restricted And Limited Voting Shares shares; 4,754,979 Multiple Voting Shares shares as of Dec 31, 202510
  • On EDGAR sinceMar 19, 20211
  • Filings192 in all: 6-K (146), 144 (11), 4 (6), 40-F (5), 40-F/A (4), 6-K/A (2), D (2), F-X (2)1
    All 22 form types

    20-F (1), 20FR12G (1), 3 (1), 40FR12G (1), 40FR12G/A (1), 8-A12B (1), 8-A12G (1), CERT (1), F-10EF (1), RW (1), S-8 (1), SCHEDULE 13G (1), SEC STAFF ACTION (1), SUPPL (1)

  • Latest filingsAnnual report (40-F) Mar 24, 2026

Sources

The numbers on this page point here. Each one links to the record it came from.

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