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LFLY Nasdaq· Leafly Holdings Inc.
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LFLY Nasdaq· Leafly Holdings Inc.
Earnings report Q3 2023

Leafly Holdings, Inc. Reports Decrease in Revenue for Latest Quarter

Segments of Revenue

Leafly Holdings, Inc. reported revenue of $10.58 million for the latest quarter, representing a decrease from the previous year's quarter revenue of $11.78 million. For the nine months ended September 30, 2023, the company's revenue amounted to $32.51 million, compared to $35.25 million in the same period last year.

Strengths

Despite the decrease in revenue, Leafly Holdings, Inc. remains a leading online cannabis discovery marketplace and resource for cannabis consumers. The company's management highlighted that the decline in revenue was primarily due to the change in fair value of derivatives in 2022 as a result of the decline in Leafly's stock price. This indicates that the decrease in revenue may be attributed to external factors rather than a decline in the company's core business operations.

Challenges

Leafly Holdings, Inc. faced challenges in generating revenue during the latest quarter. The company's revenue decreased by approximately $1.2 million compared to the previous year's quarter. This decline may be a result of various factors, including market conditions, competition, and regulatory challenges within the cannabis industry.

Noteworthy

It is noteworthy that Leafly Holdings, Inc. experienced a significant change in fair value of derivatives in 2022, which impacted their revenue. This change was a result of the decline in Leafly's stock price. Additionally, the company implemented cost-cutting measures and reductions in force, resulting in cost savings and an increase in Adjusted EBITDA for the three and nine months ended September 30, 2023, compared to the same periods in 2022.

Summary

Leafly Holdings, Inc. reported a decrease in revenue for the latest quarter, with revenue amounting to $10.58 million. The decline in revenue can be attributed to the change in fair value of derivatives in 2022, influenced by the decline in Leafly's stock price. Despite this decrease, the company remains a leading online cannabis discovery marketplace and resource for cannabis consumers. Leafly Holdings, Inc. faced challenges in generating revenue, potentially due to market conditions, competition, and regulatory challenges within the cannabis industry. However, the company implemented cost-cutting measures and reductions in force, resulting in cost savings and an increase in Adjusted EBITDA for the latest quarter.

Source documents

Form 10-Q  filed on Nov 13, 2023
29 pages scanned

Reference data

Company financials Q3 revenue 10.6M
Analyst estimates Q3 EPS missed by -50.97%
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