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MARKETS / NYSE / GLAS
NYSE · MEDICINAL CHEMICALS & BOTANICAL PRODUCTS

Glass House Brands Inc. GLAS

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$182.0M
▼ 9.4% YoY
$-29.7M
▼ 5814.6% YoY
$-15.7M
▼ 186.9% YoY
In brief

What this company does

The company is a vertically integrated cannabis company that operates exclusively in the state of California, cultivating, manufacturing, and distributing cannabis bulk flower and trim to wholesalers and consumer packaged goods to company-owned and third-party retail stores in the state. It operates multiple greenhouse cultivation facilities located in unincorporated Carpinteria and Camarillo, California, and its manufacturing facility is located in Lompoc, California. It generates revenue by selling its cannabis products in bulk at wholesale and at retail to its own and third-party dispensaries in California, such as raw cannabis, cannabis oil, and cannabis CPG. Its "Farmacy" branded retail dispensaries are located in Santa Barbara, Santa Ana, Berkeley, Isla Vista and Santa Ynez, California, while its "Natural Healing Center" or "NHC" branded retail dispensaries are located in Grover Beach, Lemoore, Morro Bay and Turlock, California. As of December 31, 2025, the company operated ten retail dispensaries across California, including one in Los Angeles. As of December 31, 2025, the company had 357 full-time employees, 69 part-time employees and 2 independent contractors.

Written from the business description in Glass House Brands Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 24 March 2026. Every sentence was checked against that document before publication.

Growth
USD 182.0M
Revenue, FY2025 · full 6-year series below
Revenue $M Net income $M
FY2025 · Revenue 182.0 · Net income -29.7
80M160M-40M-80M202020212022202320242025
Compound annual growth
+28.9%
+30.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +30.4% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−16 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -9.1% · Net -15.9%
-20%-40%-60%202020212022202320242025
ROE
FY2025 · ROE -31.2%
-20%-40%-60%202020212022202320242025

Each USD of equity lost 31 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -15.7
8M16M-50M-100M202020212022202320242025

Total assetsUSD 318.6M
EquityUSD 73.9M
CashUSD 23.4M
Gross debtUSD 68.7M
Net debtUSD 45.3M
Current ratio1.78×

Net debt stands at 61% of equity.

The 6-year record
6 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020
Revenue $B0.20.20.20.10.10.0
Operating income $B−0.00.0−0.0−0.1−0.0−0.0
EBITDA $B······
Income tax $B0.00.00.0−0.00.00.0
Net income $B−0.00.0−0.1−0.0−0.0−0.0
Free cash flow $B−0.00.00.0−0.1−0.1−0.0
EPS, diluted $−0.55−0.21−1.62−0.83−1.11−0.78
Dividend / sh $······
Payout %······
ROE %−31.20.5−76.0−18.7−41.4−63.4
Shares out B······

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 30 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 65 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityMedicinal Chemicals & Botanical Products
Listed onNYSE
Incorporated inoutside the United States — SEC code A1
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2019

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