04:27 PM EDT, 03/26/2024 (MT Newswires) -- Greenlane Renewables Inc. ( GRNWF ) Tuesday announced its financial results for the fourth quarter and fiscal year ended Dec. 31, 2023, reporting a net loss and comprehensive loss of $17.7 million, including an impairment of intangible assets and goodwill charge of $14.4 million.

The company reported a Q4 revenue of $1.3 million.

"Focusing on the fourth quarter of 2023, gross margins were lower, largely associated with three of the company's active projects that experienced additional commissioning and other costs," said Monty Balderston, CFO of Greenlane, in a statement. "Furthermore, the company commenced work on its $35.3 million sales order announced in October which was secured at a lower margin than the company's historical run-rate."

For 2023, Greenlane reported annual revenue of $57.8 million; gross profit of $12.4 million, a Gross Margin before amortization of $14.4 million (25% of revenue); and an Operating loss of $13.2 million.

"In 2023, our focus was on preparing the business for further growth, scaling and positive Adjusted EBITDA in 2024," said Ian Kane, President and CEO of Greenlane, in a statement.