Leafly Holdings Inc Reports Q2 2024 Earnings Revenue Decline but Improved Efficiency

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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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