Glass House Brands Inc. Subordinate Voting Shares (GLAS) — RQD Stock Rating Cockpit

The Roarable RQD Score is 18 out of 100, graded E, with the verdict "Roarable Strong Sell — Forensic Risk / Avoid." Per the Roarable RQD rating, the five pillars score as follows:

• Fundamental Cash Engine: 2 / 20. The pillar reflects ROIC of -9.2% and FCF yield of -7.84%. Both are negative, meaning the business is not currently generating returns on invested capital or free cash flow relative to its valuation.
• Whale 13F Flow: 3 / 20. This pillar covers institutional accumulation and options positioning. It scores low, indicating limited institutional support in the rating's view.
• Insider Conviction: 3 / 20. This pillar covers SEC Form 4 and Congressional PTR cluster flow. It scores low, indicating limited evidence of insider conviction in the rating's view.
• Macro Regime Fit: 4 / 20. The pillar reflects a beta of 1.0 and sector sensitivity. It scores low, indicating the rating does not see a favorable macro alignment.
• Forensic Balance Sheet: 6 / 20. The pillar reflects an Altman Z-Score of 0.38, a Piotroski F-Score of 5/9, and Debt/Equity of 0.93. The Altman Z-Score is low, which per the rating's framing signals financial distress risk; the Piotroski score is moderate.

For a prospective investor evaluating the stock today, the rating's pillars point in one direction: weak cash generation, limited institutional and insider support, and a stressed balance sheet. The primary upside argument rests on the share price being low relative to its 52-week range of $1.67 - $13.93, but the source data provides no valuation multiples (P/E, EV/EBITDA, EPS) against which to judge whether that price is attractive. Investors should treat the RQD verdict as the primary signal in the source data and weigh the forensic risk indicators heavily before any decision.

Glass House Brands Inc. Subordinate Voting Shares (GLAS) is a NYSE-listed issuer in the Health Care sector, within the Medicinal Chemicals and Botanical Products industry, per the company profile. The source data does not describe its products, customers, or revenue model. Per the market data, the company reports a gross margin of 42.3%, an operating margin of -9.1%, and a net margin of -16.3%. Not available in source data for further business detail.

Per the SEC financials, revenue declined from $200.9M in FY 2024 to $182.0M in FY 2025, and operating income moved from $5.7M to $-16.5M. Net income was $-29.7M in FY 2025 after $0.5M in FY 2024. Per the Roarable RQD rating and market data, ROIC is -9.2% and the net margin is -16.3%. The Altman Z-Score is 0.38 and the Piotroski F-Score is 5/9, with Debt/Equity at 0.93 per the forensic balance sheet pillar. Cash balances are not available in source data.

• What are the company's products, customers, and revenue mix, given the source data only identifies its sector and industry?
• What is the current cash balance, and how does it compare to the $68.6M of debt reported for FY 2025?
• What drove the swing from positive FY 2024 operating income ($5.7M) to negative FY 2025 operating income ($-16.5M)?
• What are the P/E, EPS, and EV/EBITDA multiples, which would allow valuation against the $2.28 price?
• Are there any analyst estimates, insider transactions, or institutional holdings data that would confirm or challenge the low pillar scores?