Glass House Brands Inc 6-K, filed Mar 24, 2026

Glass House Brands Inc. (GLAS)

6-K 2026-03-24 For: 2026-03-24

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Added on April 07, 2026

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Glass House Brands Inc filed this 6-K on March 24, 2026.

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			Glass House Brands Inc.

Date: March 24, 2026			/s/ Kyle Kazan
			By: Kyle Kazan
			Title: Chief Executive Officer


Exhibit Number						Description

99.1						News Release, dated March 2 4 , 202 6


Net Income / Loss
(in thousands)	FY23			FY24			FY25
Revenues, Net	$	160,836		$	200,898		$	181,984
Cost of Goods Sold	79,867			103,505			105,024
Gross Profit	80,969			97,393			76,960
% of Net Revenue	50		%	48		%	42		%

Operating Expenses:
General and Administrative	52,914			60,126			64,098
Sales and Marketing	2,838			2,418			2,669
Professional Fees	7,304			7,768			9,062
Depreciation and Amortization	14,627			15,044			15,764
Impairment	52,815			6,300			1,900
Total Operating Expenses	130,498			91,656			93,493
Income (Loss) from Operations	(49,529)			5,737			(16,533)
Interest Expense	9,819			9,184			7,058
(Gain) Loss on Change in Fair Value of Contingent Liabilities and Shares Payable	24,399			(13,724)			—
Other (Income) Expense, Net	4,371			(942)			(6,573)
Total Other (Income) Expense, Net	38,589			(5,482)			485
Income Taxes	9,943			10,498			11,934
Net Income (Loss)	$	(98,061)		$	721		$	(28,952)


Adjusted EBITDA
(in thousands)	FY23		FY24		FY25
Net Income (Loss) (GAAP)	$	(98,061)	$	721	$	(28,952)
Depreciation and Amortization	14,627		15,044		15,764
Interest, Net	9,819		9,184		6,770
Income Tax Expense	9,943		10,498		11,934
EBITDA (Non-GAAP)	(63,672)		35,447		5,516
Adjustments:
Share-Based Compensation	7,637		13,098		13,402
Stock Appreciation Rights Expense	219		262		28
(Gain) Loss on Equity Method Investments	2,102		(14)		(84)
Change in Fair Value of Derivative Asset and Liability	28		(690)		2,070
Impairment Expense for Goodwill	37,912		—		—
Impairment Expense for Intangible Assets	14,903		6,300		1,900
Change in Fair Value of Contingent Liabilities and Shares Payable	24,399		(13,724)		—
Loss on Extinguishment of Debt	—		—		292
Employee Retention Tax Credit	—		(423)		(9,643)
Non-Recurring Asset Casualty Loss	—		—		939
Non-Recurring Legal and Professional Fees	—		—		2,547
Loan Amendment Fee	1,000		—		—
Adjusted EBITDA (Non-GAAP)	$	24,528	$	40,256	$	16,967


Select Cash Flow Information
(in thousands)	FY23		FY24		FY25
Net Income (Loss)	$	(98,061)	$	721	$	(28,952)
Depreciation and Amortization	14,627		15,044		15,764
Share-Based Compensation	7,637		13,098		13,402
Impairment Expense for Goodwill and Intangibles	52,815		6,300		1,900
(Gain) Loss on Change in Fair Value of Contingent Liabilities and Shares Payable	24,399		(13,724)		—
Other	7,948		2,908		6,836
Cash From Net Income (Loss)	9,365		24,347		8,950
Accounts Receivable	(172)		(1,481)		(547)
Income Taxes Receivable	—		(1,929)		1,138
Prepaid Expenses and Other Current Assets	3,883		(3,902)		(2,262)
Inventory	2,361		(5,412)		(11,975)
Other Assets	191		215		3,442
Accounts Payable and Accrued Liabilities	5,985		8,413		5,817
Income Taxes Payable	278		(5,471)		(2,408)
Other	1,333		13,612		9,292
Working Capital Impact	13,859		4,045		2,497
Operating Activities Cash Flow	23,224		28,392		11,447

Purchases of Property and Equipment	(12,309)		(10,294)		(27,179)
Other	(405)		—		(563)
Investing Activities Cash Flow	(12,714)		(10,294)		(27,742)

Proceeds from the Issuance of At-the-Money Shares	—		—		2,182
Proceeds from the Issuance of Notes Payable and Preferred Shares, Net of Redemption of Preferred Shares	15,363		—		52,093
Payments on Notes Payable, Third Parties and Related Parties	(696)		(7,557)		(42,893)
Distributions to Preferred Shareholders	(6,331)		(7,749)		(8,305)
Other	(466)		1,607		(355)
Financing Activities Cash Flow	7,870		(13,699)		2,722

Net Increase (Decrease) in Cash, Restricted Cash and Cash Equivalents	18,380		4,399		(13,573)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period	14,144		32,524		36,923
Cash, Restricted Cash and Cash Equivalents, End of Period	$	32,524	$	36,923	$	23,350


Select Balance Sheet Information
(in thousands)	FY23		FY24		FY25
Cash and Restricted Cash	$	32,524	$	36,923	$	19,850
Accounts Receivable, Net	3,979		5,221		4,417
Income Taxes Receivable	—		1,929		791
Prepaid Expenses and Other Current Assets	3,873		7,775		15,664
Inventory	8,840		14,252		26,227
Notes Receivable	—		—		800
Total Current Assets	49,216		66,100		67,749
Operating and Finance Lease Right-of-Use Assets, Net	10,860		10,736		5,911
Long Term Investments	2,327		2,341		—
Property, Plant and Equipment, Net	215,686		212,252		228,760
Intangible Assets, Net	21,213		14,200		11,577


Restricted Cash, Net of Current Portion	—		—		3,500
Other Assets	4,473		4,873		1,060
TOTAL ASSETS	$	303,775	$	310,502	$	318,557

Accounts Payable and Accrued Liabilities	$	26,932	$	31,128	$	35,970
Income Taxes Payable	7,879		2,408		—
Contingent Shares and Earnout Liabilities	34,589		20,265		—
Shares Payable	8,570		2,579		—

Current Portion of Operating and Finance Lease Liabilities	1,839		2,454		1,952
Current Portion of Notes Payable	7,550		7,644		37

Total Current Liabilities	87,359		66,478		37,959
Operating and Finance Lease Liabilities, Net of Current Portion	9,224		8,548		3,954
Other Non-Current Liabilities	5,443		20,869		33,413

Notes Payable, Net of Current Portion	56,513		50,552		68,629

TOTAL LIABILITIES	158,539		146,447		143,955
Preferred Equity Series B, C, D and E	78,153		86,363		92,500
Additional Paid-In Capital, Accumulated Deficit and Non-Controlling Interest	67,083		77,692		82,102
TOTAL MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY	145,236		164,055		174,602
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY	$	303,775	$	310,502	$	318,557


Net Income / Loss
(in thousands)	Q4 2024			Q3 2025			Q4 2025
Revenues, Net	$	53,039		$	38,444		$	38,855
Cost of Goods Sold	30,288			26,686			25,649
Gross Profit	22,751			11,758			13,206
% of Net Revenue	43		%	31		%	34		%

Operating Expenses:
General and Administrative	14,808			15,923			18,474
Sales and Marketing	639			703			476
Professional Fees	1,354			2,517			2,912
Depreciation and Amortization	3,874			3,994			4,028

Total Operating Expenses	20,675			23,137			25,890
Income (Loss) from Operations	2,076			(11,379)			(12,684)
Interest Expense	2,130			1,819			1,044
(Gain) Loss on Change in Fair Value of Contingent Liabilities and Shares Payable	(12,296)			—			—
Other Income, Net	(443)			(2,081)			(1,194)
Total Other Income, Net	(10,609)			(262)			(150)
Income Taxes	526			1,071			2,966
Net Income (Loss)	$	12,159		$	(12,188)		$	(15,500)


Notes Payable and Preferred Equity
(in thousands)	Q2 2025		Q3 2025		Q4 2025		Comments
Notes Payable
Secured Credit Facility	$	50,000	$	50,000	$	50,000	Maturity is 2/28/30

2025 Lompoc Term Loan	—		2,997		2,990		Maturity is 8/4/35

Series A	11,895		11,895		11,895		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		4,111		4,111		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		16,006		16,006

Other	(161)		(153)		(330)		Mostly original issue discount
Notes Payable Total	$	65,845	$	68,850	$	68,666

Preferred Equity
Series B	$	70,042	$	—	$	—
Series C	6,748		—		—
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		12% dividend with 12% cash payment
Preferred Equity Total	$	91,790	$	92,500	$	92,500

Cash Payments
Debt Amortization	$	1	$	597	$	239
Cash Interest	1,203		1,222		1,226		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	1,204		1,819		1,465

Series B	1,249		—		—
Series C	125		—		—
Series D	563		563		563		15% annual rate until 8/24/28 when it increases to 20%
Series E	—		1,898		2,358		12% annual rate
Preferred Equity Dividends	1,937		2,461		2,921

Total Debt Service and Dividends	$	3,141	$	4,280	$	4,386


Equity Table
(in thousands, except share price)	Q4 2025		Q3 2025		Change		Comments
Total Equity and Exchangeable Shares	81,729		79,886		1,843		Shares issued in connection with At-the-Market program, exercise of RSUs, ISOs, and warrants and interest on convertible debentures
Warrants
Series D	2,770		2,980		(210)		Exercise price of $6.00 with an expiration date of August 2028
Series C	1,000		1,000		—		Exercise price of $5.00 with an expiration date of August 2027
Series B	8,787		9,719		(932)		Exercise price of $5.00 with an expiration date of August 2027
SPAC	30,665		30,665		—		Exercise price of $11.50 with an expiration date of June 2026
Total Warrants	43,222		44,364		(1,142)

Stock Options	179		333		(154)		Weighted average exercise price of $3.10 with expiration dates from January 2026 to June 2026
RSUs	5,327		5,876		(549)		Up to 3-year vesting through 2028
Total	5,506		6,209		(703)

Share Price at Quarter End	$	8.75	$	7.54	$	1.21

Convertible Debentures
Series A	$	11,895	$	11,895	$	—	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		4,111		—		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	$	16,006	$	16,006	$	—
Number of Shares if Converted Assuming Share Price at Quarter End	1,829		2,123		(294)


Revenue
(in thousands)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			FY 2023			FY 2024			FY 2025
Retail (B2C)	$	9,921		$	10,885		$	11,214		$	11,796		$	11,788		$	12,262		$	12,255		$	11,938		$	39,078		$	43,816		$	48,243
Wholesale CPG (B2B)	4,253			3,979			4,777			4,987			4,747			5,483			4,958			4,320			16,062			17,996			19,508
Wholesale Biomass (B2B)	15,926			39,074			47,830			36,256			28,283			42,122			21,231			22,597			105,696			139,086			114,233
Total	$	30,100		$	53,938		$	63,821		$	53,039		$	44,818		$	59,867		$	38,444		$	38,855		$	160,836		$	200,898		$	181,984

Sequential % Change
Retail (B2C)	4		%	10		%	3		%	5		%	—		%	4		%	—		%	(3)		%
Wholesale CPG (B2B)	4		%	(6)		%	20		%	4		%	(5)		%	16		%	(10)		%	(13)		%
Wholesale Biomass (B2B)	(40)		%	145		%	22		%	(24)		%	(22)		%	49		%	(50)		%	6		%
Total	(26)		%	79		%	18		%	(17)		%	(15)		%	34		%	(36)		%	1		%

% Change to Prior Year
Retail (B2C)	6		%	8		%	11		%	23		%	19		%	13		%	9		%	1		%	46		%	12		%	10		%
Wholesale CPG (B2B)	14		%	1		%	11		%	22		%	12		%	38		%	4		%	(13)		%	(4)		%	12		%	8		%
Wholesale Biomass (B2B)	10		%	28		%	41		%	36		%	78		%	8		%	(56)		%	(38)		%	155		%	32		%	(18)		%
Total	9		%	21		%	32		%	31		%	49		%	11		%	(40)		%	(27)		%	89		%	25		%	(9)		%


Wholesale Biomass Production and Cost per Pound
	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			FY 2023			FY 2024			FY 2025
Equivalent Dry Pounds of Production	61,392			149,717			232,295			165,074			152,568			230,748			123,986			159,131			356,722			608,478			666,433
% Change to Prior Year	28		%	45		%	128		%	60		%	149		%	54		%	(47)		%	(4)		%	84		%	71		%	10		%

Cost per Equivalent Dry Pounds of Production	$	182		$	148		$	103		$	110		$	108		$	91		$	128		$	129		$	136		$	123		$	111
% Change to Prior Year	(7)		%	6		%	(13)		%	(9)		%	(41)		%	(39)		%	24		%	17		%	(6)		%	(10)		%	(10)		%

Ending Operational Canopy (000 sq. ft)	959			1,525			1,525			1,525			1,525			1,525			1,525			1,708			959			1,525			1,708


Wholesale Biomass Sold and Average Selling Price per Pound
	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			FY 2023			FY 2024			FY 2025
Equivalent Dry Pounds Sold	56,432			137,866			209,175			164,660			146,555			204,015			137,026			154,972			338,957			568,133			642,568
% Change to Prior Year	13		%	53		%	108		%	68		%	160		%	48		%	(34)		%	(6)		%	97		%	68		%	13		%
Equivalent Dry Pounds Sold Average Selling Price	$	282		$	283		$	229		$	220		$	193		$	206		$	155		$	146		$	312		$	245		$	177
% Change to Prior Year	(3)		%	(17)		%	(32)		%	(19)		%	(32)		%	(27)		%	(32)		%	(34)		%	43		%	(21)		%	(28)		%


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