Clever Leaves Plummets On Q4 Earnings, Looks To Expand Globally; Greenlane Posts Record Core Business Revenue
Clever Leaves Q4 And Full Year 2020 Revenue Increases 28% and 55%, Looks To Expand Globally
Full-year 2020 revenue amounted to $12.1 million, up by 55% compared to the prior year.
The New York-based company also revealed that the all-in cost per gram of dry flower improved to $0.15 per gram in the last three months of 2020, compared to $0.22 per gram in the corresponding period of 2019.
Gross profit went up by 52% year-over-year to $2.3 million in the fourth quarter. For the full year, gross profit was $7.4 million, up by 135% compared to the prior year.
Net loss was $11.6 million in the fourth quarter.
The company also posted negative adjusted EBITDA (a non-GAAP financial measure defined and reconciled below) of $6.3 million in the same period, versus a $15.9 loss in the fourth quarter of 2019.
"During the fourth quarter, we meaningfully expanded sales contributions from our cannabinoid segment, allowing us to generate strong revenue growth," Kyle Detwiler, the company's CEO, said.
Shares traded down by double-digits on Wednesday morning.
Cleaver Leaves recently agreed to supply European pharmaceutical products manufacturer and distributor Ethypharm with medical cannabis extracts made in its EU-GMP certified facilities in Colombia.
One of the 'Big 4' Colombian cannabis producers, alongside Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF), PharmaCielo (TSXV:PCLO) (OTCQX:PCLOF) and Khiron (OTCQX:KHRNF), Cleaver Leaves has been expanding in the Old Continent after obtaining INFARMED I.P's permit in August, to cultivate, commercialize and export Good Agricultural and Collecting Practice quality dried cannabis flower, manufactured at its facility in Portugal.
"By increasing our global cultivation capacity, we believe we can both improve our ability to serve our current markets and capitalize on the long-term opportunity to supply flower to the international markets that are operating under cultivation constraints," Detwiler added.
In addition, the company anticipates achieving between $17 million to $20 million in revenue in 2021, with a gross margin of roughly 61%.
Greenlane Posts Record Core Business Revenue
Its full-year 2020 core revenue (defined as non-nicotine revenue) amounted to $125.2 million, up by 12.6% from $111.1 million in the prior year.
The company’s net sales grew to around 19.7% of total net sales for the full year 2020, from 10.1% in the previous year.
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