Global medicinal cannabis company Clever Leaves Holdings Inc. (NASDAQ:CLVR) (NASDAQ:CLVRW) reported late Thursday its financial and operating results for the first quarter of 2023.

CEO Andres Fajardo highlighted the continued commercial momentum in core target markets such as Brazil, Australia and Israel, as well as the ramping up of Colombian smokable dry flower exports.

• Revenue in the first quarter of 2023 was $4.0 million, compared to $5.0 million in the same period last year.
• Cannabinoid revenue decreased from $1.8 million to $1.2 million, while non-cannabinoid revenue also decreased to $2.8 million.
• Clever Leaves achieved a 480 basis point increase in gross margin, reaching 56.2%.
• The company's cost reduction measures led to a 48% year-over-year decrease in operating expenses and a net loss reduction of nearly 75%.
• Adjusted EBITDA loss improved by 35%, highlighting the benefits of restructuring and cost reduction initiatives.
• Clever Leaves reaffirmed its 2023 outlook, projecting revenue between $19 million and $22 million, with an adjusted gross margin between 58% and 63%.
• The company expects its adjusted EBITDA to range between $(13.6) million and $(10.6) million, representing a significant improvement compared to the previous year.
• Capital expenditures are estimated to decrease by 50% compared to 2022.
• Clever signed partnerships with leading pharmaceutical and cannabis companies, further strengthening its presence in key geographies.