Leafly Cuts Down 21% Of Its Workforce For Expected Annual Savings Of $16M

Leafly Cuts Down 21% Of Its Workforce For Expected Annual Savings Of $16M

Leafly LFLY, announced a headcount reduction of 56 positions – or 21 percent of the company’s workforce through a combination of layoffs and attrition – to ensure its long-term health. The company expects a one-time cash restructuring charge for the layoffs of approximately $500,000 in Q4 of 2022.

In addition, the company has otherwise realigned its cost structure in response to changing market conditions, resulting in additional expected cost savings, for total expected annual cash savings of approximately $16 million beginning in 2023, primarily in headcount-related costs.

“These reductions will help preserve our ability to respond to opportunities as this industry continues to mature and expand, and allow us to more effectively manage our capital,” stated Yoko Miyashita, CEO of Leafly. “In addition to cutting costs, we have taken a close look at our structure to ensure we are prioritizing the most meaningful parts of the business. I have a great amount of gratitude for each and every one of our team members who have helped build Leafly into the world-class brand and platform it is today.”

Management Changes

Sam Martin, COO, is leaving the company effective December 31, 2022, to pursue the next chapter in his life and to spend more time with his family.

Preliminary Q3 2022 Financial Results and Guidance

  • Revenue is expected to be approximately $11.8 million, or approximately 8% year over year growth.

  • Adjusted EBITDA loss is expected to be in the range of approximately $(6.0) million to $(5.0) million.

Full third quarter 2022 financial results will be released after market close on November 10, 2022.

Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels

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