Leafly Holdings Inc Reports Q2 2024 Earnings Revenue Decline but Improved Efficiency
Intellectia.AI1970-01-01
Leafly Holdings, Inc. Reports Q2 2024 Earnings: Revenue Decline but Improved Efficiency
Leafly Holdings, Inc. ("Leafly") (NASDAQ:LFLY), a leading online cannabis marketplace, announced its Q2 2024 financial results, ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Revenue | $8.7 million | $10.7 million | -18.69% |
| Net Loss | $1.3 million | $1.4 million | Improvement |
| Adjusted EBITDA | $0.5 million | $0.1 million | +$0.4 million |
Interpretation : Leafly reported a decline in revenue to $8.7 million, an 18.69% year-over-year decrease. However, an improvement in net loss and a significant increase in adjusted EBITDA highlight the company's focus on operational efficiency and cost discipline.
Segment Revenue Performance
| Segment | Q2 2024 | Q2 2023 |
|---|---|---|
| Retail Revenue | $7.3 million | $8.8 million |
| Brand Revenue | $1.4 million | $1.8 million |
Interpretation : Both Retail and Brand revenue segments experienced declines, reflecting broader challenges in market conditions. Retail revenue fell to $7.3 million (down from $8.8 million) and Brand revenue dropped to $1.4 million (down from $1.8 million).
Key Operational Data
| Metric | Q2 2024 | Q1 2024 |
|---|---|---|
| Cash and Liquidity | $13.6 million | $14.1 million |
Interpretation : Leafly ended Q2 with $13.6 million in cash, down $0.5 million from Q1 2024, reflecting ongoing efforts to manage liquidity while possibly preparing for strategic opportunities.
Executive Commentary
CEO Yoko Miyashita emphasized the company's focus on operational efficiency and demand for Leafly's services amid liberalized cannabis access. CFO Suresh Krishnaswamy mentioned ongoing projects aimed at revenue stabilization, noting emerging "green shoots."
Dividends and Share Buyback
No information provided on dividends or share repurchase programs.
Forward Guidance
Leafly projects Q3 2024 revenue around $8.4 million and an adjusted EBITDA loss of less than $1.0 million.
Stock Price Movement
Following the earnings release, Leafly's stock price saw a positive change of approximately 4.85%.
Summary
Despite a significant year-over-year revenue decline, Leafly demonstrated improved cost management and operational efficiency, reflected in reduced net loss and increased adjusted EBITDA. Forward guidance suggests cautious optimism amid challenging market conditions.
The report has been organized into a more readable format, and unnecessary columns have been removed.
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