Clever Leaves' Q1 Net Loss Drops Significantly After Operating Expenses Slashed By 48%


27% profit every 20 days?

This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.


Global medicinal cannabis company Clever Leaves Holdings Inc. (NASDAQ:CLVR) (NASDAQ:CLVRWreported 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.

Gross Margin And Net Loss Show Remarkable Improvement

By implementing cost reduction measures, Clever Leaves has improved its financial performance in the first quarter of 2023.

Despite a decrease in revenue, the company achieved a higher gross margin and significantly reduced operating expenses, resulting in a substantial decrease in net loss.

Clever Leaves Highlights 

  • 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.

Read Next: Leafly Achieves Strong Q1 2023 Results: Revenue $11.2M, Net Loss Improves, Retail Accounts Grow By 5.2%

Photo: Steve Buissinne on Pixabay


27% profit every 20 days?

This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.


ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!

Posted In: CannabisEarningsNewsPenny StocksMarketsAndres FajardoClever Leavesearnings reports