Glass House Brands Reports Preliminary Unaudited Third Quarter Financial Results and Resignation of John Nichols Jr. from Board of Directors
Key Highlights
- ➤Q3 revenue $56.8 million, up from $47.0 million in Q2 2026
- ➤Record biomass production approximately 317,000 pounds, up from 246,000
- ➤Cost of production approximately $110 per pound, down from $122
- ➤FY2026 production forecast reaffirmed at approximately 1 million pounds
- ➤ATM turned off after $46 million raised in 2026 at average $8.41 per share
Expert Statements
Kyle Kazan, Co-Founder, Chairman, and CEO of Glass House
“Our third quarter results reflect record sales and record biomass production, along with selling through a trim-heavy mix and the challenging pricing in the California cannabis market.”
Kyle Kazan, Co-Founder, Chairman, and CEO of Glass House
“While seasonally lower pricing and the trim-heavy sales mix from Q2 production pressured margin during the quarter, higher volume kept gross profit close to what we reported for the second quarter.”
Kyle Kazan, Co-Founder, Chairman, and CEO of Glass House
“We are pleased with our progress and ongoing operational improvements.”
Kyle Kazan, Co-Founder, Chairman, and CEO of Glass House
“Furthermore, we believe we are sufficiently capitalized to optimize the farms and become cash flow positive, so future improvements can be funded from cash flow.”
Kyle Kazan, Co-Founder, Chairman, and CEO of Glass House
“To that end, we turned off the ATM.”
Kyle Kazan, Co-Founder, Chairman, and CEO of Glass House
“Our long-term prospects have not changed, and we continue to expect we will produce approximately 1 million pounds of biomass this year and ultimately reach our $95 cost of production target.”
Graham Farrar, Co-Founder, President, and Chief Cannabis Officer of Glass House
“We still have work to do, but I am very proud of the operations team for the progress they made during this quarter.”
Graham Farrar, Co-Founder, President, and Chief Cannabis Officer of Glass House
“We harvested a record number of square feet, grew a record amount of flower, and improved our share of flower and smalls meaningfully from Q2.”
Graham Farrar, Co-Founder, President, and Chief Cannabis Officer of Glass House
“The team did this while continuing to reduce costs, from $175 to $110, a more than 37% reduction since Q1, and, with GACP certification, laying the groundwork to export out of California, which remains our top priority given the opportunity to transform results and improve cash generation.”
* Achieved Record Biomass Production of approximately 317,000 pounds and a further approximately 10% reduction in cost of production from the previous quarter * Reaffirms FY2026 approximately 1,000,000 lbs. Production Guidance and Long-Term Cost of Production Target of $95 per pound LONG BEACH, Calif. and TORONTO, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Glass House Brands Inc. (“Glass House” or the “Company”) (CBOE CA: GLAS.A.U) (NYSE: GLAS), one of the fastest-growing cannabis companies in the U.S., today announced preliminary and unaudited financial results for the third quarter ended September 30, 2026. Unless otherwise noted, financial results of operations presented in this release reflect continuing operations. Prior-period results of operations have been recast to exclude the historical results of Glass House Retail, LLC (“GHR”), which was deconsolidated on June 12, 2026, consistent with the Company's second quarter 2026 financial statements.
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