04:37 PM EDT, 05/15/2025 (MT Newswires) -- Greenlane Renewables ( GRNWF ) on Thursday said its first-quarter loss widened on a 61% drop in revenue

The company said it lost $0.98 million, or $0.01 per share in the period, compared to a year-prior loss of $0.8 million, or $0.01.

Revenue fell to $7.01 million from $18.13 million.

"In the first quarter we delivered $7 million in revenue with a solid gross margin of 40%, versus 27% in the same period last year, reflecting our focus on profitable revenue streams," said chief financial officer Stephanie Mason."

Still, the company said it is on track to meet it annual goals.

"We are on track with the execution of our 2025 strategic plan," said chief executive Brad Douville. "Our aim is making renewable natural gas projects more accessible and scalable by solving the industry's most challenging problems.

Greenlane shares closed unchanged at $0.09 on the Toronto Stock Exchange.