Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) (“Clever Leaves”
or the “Company”), a global medicinal cannabis company, is
reporting financial and operating results for the first quarter
ended March 31, 2023. All financial information is provided in
US dollars unless otherwise indicated.
“Our first quarter performance reflects the
progress we are making on our key growth objectives, including our
focused commercial strategy, Colombian production, and leaner cost
structure,” said Andres Fajardo, CEO of Clever Leaves. “We
continued to build upon our commercial momentum within our core
target markets—notably Brazil, Australia, and Israel—and ramp our
Colombian smokable dry flower exports. Within our non-cannabinoid
segment, we also generated sequential and year-over-year margin
improvements. In addition, we drove an approximately 48%
year-over-year decrease in our operating expenses, demonstrating
the significant and sustained benefit of our restructuring and cost
reduction initiatives. As a result, net loss was reduced by nearly
75% and adjusted EBITDA loss was reduced by 35% as we continued to
progress on our path to cash flow positivity. As we move further
into 2023, we aim to continue executing on these fronts to drive
greater operational efficiency and enhance our positioning within
the global cannabinoid supply chain.”
First Quarter 2023 Summary vs. Same
Year-Ago Quarter1
- Revenue was $4.0
million compared to $5.0 million. Cannabinoid revenue was $1.2
million compared to $1.8 million, and non-cannabinoid revenue was
$2.8 million compared to $3.2 million. The decrease in cannabinoid
revenues is the result of a one-time order from Brazilian customers
to fill the distribution pipeline in Q1 2022, as well as the
discontinuation of Portuguese flower while Colombian flower
production is being ramped up. The decrease in non-cannabinoid
revenue was due to some marketplace adjustments with the onboarding
of a new online marketplace partner and implementing new sales
terms in its specialty channels.
- All-in cost per
gram of dry flower was $1.29 compared to $0.12, attributed to the
Company’s significantly reduced agricultural output, along with
ongoing extraction and processing costs at its Colombian
operations.
- Gross profit,
including a $0.1 million inventory provision, was $2.2 million,
compared to a $2.6 million gross profit in the year-ago quarter,
which included a $0.3 million inventory provision. Adjusted gross
profit (a non-GAAP financial measure defined and reconciled
herein), which excluded such inventory provisions, was $2.4 million
compared to $2.9 million. The reduction in gross profit was a
result of the lower revenue levels during the quarter.
- Gross margin,
which included such inventory provision of $0.1 million, increased
480 basis points to 56.2% compared to 51.4%, which included such
inventory provision of $0.3 million. Adjusted gross margin (a
non-GAAP financial measure defined and reconciled herein), which
excluded such inventory provisions, increased 160 basis points to
59.2% compared to 57.6%.
- Net loss
improved substantially to $4.1 million compared to $16.1 million,
driven primarily by the Company’s continued restructuring and cost
reduction measures, as well as significantly reduced interest
expense and amortization of debt issuance cost compared to the
year-ago period. Net loss in the year-ago quarter included a $3.8
million restructuring charge related to charging off certain excess
extraction equipment for the Company’s Colombian operations and
employee exit costs, as well as $2.3 million in loss on debt
extinguishment.
- Adjusted EBITDA
(a non-GAAP financial measure defined and reconciled herein)
improved to $(3.0) million compared to $(4.7) million.
Fajardo continued: “With Colombia now serving as
our sole cannabinoid cultivation and production geography, we are
focused on our core competency and working to leverage our existing
cost advantages as we ramp our first commercial flower sales in
Germany and Australia in the second quarter. We have already
completed commercial flower shipments to both countries, and we
will refine our products based on market feedback. Within our
flower cultivation strategy, we continue to focus on growing the
most premium and commercially viable strains. Accordingly, we have
remained diligent with right-sizing and optimizing our harvests
towards the cultivation of THC flower, which we expect to drive
greater demand and cost efficiencies as the business continues to
scale.
“We have also successfully continued with
winding down our operations in Portugal. We have now sold most of
our remaining Portuguese flower inventory into Australia2,
leveraging our core competencies that we previously developed in
the Australian market. As of the end of the first quarter, our
Portuguese flower cultivation, post-harvest processes, and
manufacturing activities have all ceased in full, and we have
completed the bulk of our workforce reductions. Additionally, we
are optimistic about our ability to sell these non-core assets
before the end of the year based on expected demand and thanks to
the tireless and dedicated efforts of our team.
“While restructuring cash expenditures will
continue through the first half of 2023, we will reach a lower cash
expenditure run rate later in the second quarter. Taken in
conjunction with the significant opex reductions we have driven—and
the minimal capex required by our Colombian production
operations—we believe we are positioned to operate from a much
leaner foundation and drive towards becoming a positive cash flow
generative business. To further support our growth and enhance our
liquidity position, we continue to evaluate potential sources of
additional capital. We expect to report on progress on selling our
non-core Portuguese assets this year, while also identifying other
opportunities to generate cash from non-core asset
sales.
“Across our core markets, we have continued to
develop commercial progress and sign new partnerships. We recently
complemented our existing Brazilian product sales under RDC 327
with the announcement of our five-year partnership with a leading
pharmaceutical company, Hypera Pharma. Under the agreement, we will
continue supplying CBD-dominant oral solutions for prescription to
Brazilian patients. We also announced a new partnership with
Praetorian Global Inc., a US-based cannabis and hemp brand owner,
including Binske, and intellectual property provider, to cultivate
and produce premium flower and branded products for distribution to
medical cannabis patients across the European Union, United
Kingdom, and Australia by Q2 2024. These agreements highlight the
pipeline we are steadily developing throughout our key
geographies.
“Looking ahead, we believe we are positioned to
further optimize our capital efficiency and cost structure, as well
as to expand our dry flower and extracts sales. We look forward to
providing further updates on our strategic progress going
forward.”
First Quarter 2023 Financial
Results1
Revenue in the first quarter of 2023 was $4.0
million compared to $5.0 million for the same period in 2022. The
decrease in cannabinoid revenues reflect a one-time influx of
pipeline shipments to Brazil in the year-ago period that did not
repeat during the first quarter of 2023. The decrease in
non-cannabinoid segment revenues was due to some marketplace
adjustments with the onboarding of a new on-line marketplace
partner and implementing new sales terms in our specialty channels
as well as current economic challenges amongst select
customers.
All-in cost per gram of dry flower in the first
quarter of 2023 was $1.29 per gram compared to $0.12 per gram for
the same period in 2022. The increase was primarily attributable to
the Company’s significantly reduced agricultural output in
Colombia, along with continued extraction and processing costs on
existing inventory.
Gross profit, including a $0.1 million inventory
provision, was $2.2 million in the first quarter of 2023 compared
to $2.6 million for the same period of 2022, which included a $0.3
million inventory provision. Gross margin, which included such
provisions, increased 480 basis points to 56.2% in the first
quarter of 2023 compared to 51.4% for the same period of 2022. The
increase reflects a lower inventory provision relative to the
year-ago quarter, as well as improved gross margin performance
within the Company’s non-cannabinoid segment. Adjusted gross
profit, which excluded the above provisions, was $2.4 million
compared to $2.9 million for the same period of 2022. Adjusted
gross margin, which excluded such provisions, increased 160 basis
points to 59.2% compared to 57.6% for the same period of 2022.
Operating expenses in the first quarter of 2023
improved significantly to $6.4 million compared to $12.3 million
for the same period in 2022. The decrease in operating expenses was
driven by the Company’s continued restructuring and cost reduction
initiatives. Operating expenses in the year-ago quarter included a
$3.8 million restructuring charge related to charging off certain
excess extraction equipment for our Colombian operations, as well
as employee exit costs.
Net loss in the first quarter of 2023 improved
to $4.1 million compared to a net loss of $16.1 million for the
same period in 2022. This was driven primarily by the Company’s
ongoing restructuring and cost reduction measures, as well as a
significantly lower interest expense and amortization of debt
issuance cost compared to the year-ago period. Net loss in the
year-ago quarter included the aforementioned $3.8 million
restructuring charge, as well as a $2.3 million loss on debt
extinguishment.
Adjusted EBITDA in the first quarter of 2023
improved to $(3.0) million compared to $(4.7) million for the same
period in 2022. The improvement was mainly attributable to realized
cost reductions and implemented restructuring initiatives.
Cash, cash equivalents and restricted cash were
$6.7 million at March 31, 2023, compared to $12.9 million at
December 31, 2022. The decrease was primarily attributable to
operating losses, working capital needs, and upfront cash
expenditures related to the wind-down of the Company’s Portuguese
operations. As the Company completes the sale of non-core assets
from our Portugal operations, it currently expects that a material
portion of those upfront cash expenditures will be offset. In
addition, while it expects restructuring cash expenditures to
persist through the first half of 2023, the Company is already
seeing a significantly reduced cash burn rate in the second
quarter, which is expected to continue to improve going
forward.
Reiterated 2023 Outlook
Based on current commercial traction within our
core markets, along with the benefit of its sustained cost
improvement initiatives, Clever Leaves is reaffirming its full year
2023 revenue outlook to a range of between $19 million and $22
million, with an adjusted gross margin between 58% and 63%. The
Company also continues to expect its 2023 adjusted EBITDA to range
between $(13.6) million and $(10.6) million, which represents a
substantial improvement compared with last year’s AEBITDA loss of
$(23.4) million. Additionally, Clever Leaves expects approximately
$0.5 million to $0.7 million of annual capital expenditures in
2023, representing an estimated 50% reduction compared to 2022.
_____________________________1 Due to the
cessation of the Company’s production operations in Portugal, as
well as the ongoing wind-down process for these operations, Clever
Leaves has determined that these operations meet the "discontinued
operations" criteria as of March 31, 2023, in accordance with
Accounting Standards Codification (ASC) 205, Presentation of
Financial Statements. As a result, the Company’s Consolidated
Balance Sheets and Consolidated Statements of Operations, and the
notes to the Consolidated Financial Statements, have been restated
for all periods presented to reflect the discontinuation of these
operations in accordance with ASC 205. For additional detail on
this presentation, please refer to the Company’s Form 10-Q for the
three months ended March 31, 2023.2 The Company’s sales of its
Portuguese flower to Australia amounted to approximately $300,000
during the first quarter of 2023, recognized as part of its
discontinued operation. See Note 19 in the Company’s Form 10-Q for
the three months ended March 31, 2023 for further information.
Conference Call
Clever Leaves will conduct a conference call
today at 5:00 p.m. Eastern time to discuss its results for the
first quarter ended March 31, 2023.
Clever Leaves management will host the
conference call, followed by a question-and-answer session.
Conference Call Date: Thursday, May 11, 2023Time: 5:00 p.m.
Eastern timeToll-free dial-in number: 1-855-238-2333International
dial-in number: 1-412-317-5222Conference ID: 10177405
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Gateway Group at (949)
574-3860.
The conference call will be broadcast live and available for
replay here.
A telephonic replay of the conference call will also be
available after 8:00 p.m. Eastern time on the same day through May
18, 2023.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Replay ID: 10177405
About Clever Leaves Holdings
Inc.
Clever Leaves is a global medical cannabis
company. Its operations in Colombia produce EU GMP cannabinoid
active pharmaceutical ingredients (API) and finished products in
flower and extract form to a growing base of B2B customers around
the globe. Clever Leaves aims to disrupt the traditional cannabis
production industry by leveraging environmentally sustainable,
ESG-friendly, industrial-scale and low-cost production methods,
with the world’s most stringent pharmaceutical quality
certifications. We announce material information to the public
through a variety of means, including filings with the SEC, press
releases, public conference calls, and our website
(https://cleverleaves.com). We use these channels, as well as
social media, including our Twitter account (@clever_leaves), and
our LinkedIn page (https://www.linkedin.com/company/clever-leaves),
to communicate with investors and the public about our Company, our
products, and other matters. Therefore, we encourage investors, the
media, and others interested in our Company to review the
information we make public in these locations, as such information
could be deemed to be material information. Information on or that
can be accessed through our websites or these social media channels
is not part of this release, and references to our website
addresses and social media channels are inactive textual references
only.
Non-GAAP Financial Measures
In this press release, Clever Leaves refers to
certain non-GAAP financial measures including Adjusted EBITDA,
Adjusted Gross Profit and Adjusted Gross Margin. Adjusted EBITDA,
Adjusted Gross Profit and Adjusted Gross Margin do not have
standardized meanings prescribed by GAAP and are therefore unlikely
to be comparable to similar measures presented by other companies.
Adjusted EBITDA is defined as income/loss from continuing
operations before interest, taxes, depreciation and amortization,
share-based compensation expense, restructuring expenses, foreign
exchange gain/loss, gains/losses on the early extinguishment of
debt, gain/loss on remeasurement of warrant liability, equity
investment share of gain/loss, other expense/income and income/loss
from discontinued operations. Adjusted Gross Profit (and the
related Adjusted Gross Margin measure) is defined as gross profit
excluding inventory provision. Adjusted EBITDA, Adjusted Gross
Profit and Adjusted Gross Margin also exclude the impact of certain
non-recurring items that are not directly attributable to the
underlying operating performance. Clever Leaves considers Adjusted
EBITDA, Adjusted Gross Profit and Adjusted Gross Margin to be
meaningful indicators of the performance of its core business.
Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Margin
should neither be considered in isolation nor as a substitute for
the financial measures prepared in accordance with U.S. GAAP. For
reconciliations of Adjusted EBITDA, Adjusted Gross Profit and
Adjusted Gross Margin to the most directly comparable U.S. GAAP
measures, see the relevant schedules provided with this press
release. We have not provided or reconciled the non-GAAP
forward-looking information to their corresponding GAAP measures
because the exact amounts for these items are not currently
determinable without unreasonable efforts but may be
significant.
Forward-Looking Statements This
press release includes certain statements that are not historical
facts but are forward-looking statements for purposes of the safe
harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as “aim,” “anticipate,” “believe,”
“can,” “continue,” “could,” “estimate,” “evolve,” “expect,”
“forecast,” “future,” “guidance,” “intend,” “may,” “opportunity,”
“outlook,” “pipeline,” “plan,” “predict,” “potential,” “projected,”
“seek,” “seem,” “should,” “will,” “would” and similar expressions
(or the negative versions of such words or expressions) that
predict or indicate future events or trends or that are not
statements of historical matters. Such forward-looking statements
as well as our outlook for 2023 are subject to risks and
uncertainties, which could cause actual results to differ from the
forward-looking statements. Important factors that may affect
actual results or the achievability of the Company’s expectations
include, but are not limited to: (i) our ability to continue as a
going concern; (ii) our ability to maintain the listing of our
securities on Nasdaq; (iii) our ability to implement our
restructuring initiatives; (iv) expectations with respect to future
operating and financial performance and growth, including if or
when Clever Leaves will become profitable; (v) Clever Leaves’
ability to execute its business plans and strategy and to receive
regulatory approvals (including its goals in its five key markets);
(vi) Clever Leaves’ ability to capitalize on expected market
opportunities, including the timing and extent to which cannabis is
legalized in various jurisdictions; (vii) global economic and
business conditions, including recent economic sanctions against
Russia and their effects on the global economy; (viii) geopolitical
events (including the ongoing military conflict between Russia and
Ukraine), natural disasters, acts of God and pandemics, including
the economic and operational disruptions and other effects of
COVID-19; (ix) regulatory developments in key markets for the
Company's products, including international regulatory agency
coordination and increased quality standards imposed by certain
health regulatory agencies, and failure to otherwise comply with
laws and regulations; (x) uncertainty with respect to the
requirements applicable to certain cannabis products as well as the
permissibility of sample shipments, and other risks and
uncertainties; (xi) consumer, legislative, and regulatory sentiment
or perception regarding Clever Leaves’ products; (xii) lack of
regulatory approval and market acceptance of Clever Leaves’ new
products which may impede its ability to successfully commercialize
its products; (xiii) the extent to which Clever Leaves’ is able to
monetize its existing THC market quota within Colombia; (xiv)
demand for Clever Leaves’ products and Clever Leaves’ ability to
meet demand for its products and negotiate agreements with existing
and new customers, including the sales agreements identified as a
part of the Company’s 2023 strategic growth objectives; (xv)
developing product enhancements and formulations with commercial
value and appeal; (xvi) product liability claims exposure; (xvii)
lack of a history and experience operating a business on a large
scale and across multiple jurisdictions; (xviii) limited experience
operating as a public company; (xix) changes in currency exchange
rates and interest rates; (xx) weather and agricultural conditions
and their impact on the Company’s cultivation and construction
plans, (xxi) Clever Leaves’ ability to hire and retain skilled
personnel in the jurisdictions where it operates; (xxii) Clever
Leaves’ rapid growth, including growth in personnel; (xxiii) Clever
Leaves’ ability to remediate a material weakness in its internal
control cover financial reporting and to develop and maintain
effective internal and disclosure controls; (xxiv) potential
litigation; (xxv) access to additional financing; and (xxvi)
completion of our construction initiatives on time and on budget.
The foregoing list of factors is not exclusive. Additional
information concerning certain of these and other risk factors is
contained in Clever Leaves’ most recent filings with the SEC. All
subsequent written and oral forward-looking statements concerning
Clever Leaves and attributable to Clever Leaves or any person
acting on its behalf are expressly qualified in their entirety by
the cautionary statements above. Readers are cautioned not to place
undue reliance upon any forward-looking statements, which speak
only as of the date made. Clever Leaves expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in its expectations with respect thereto or any
change in events, conditions or circumstances on which any
statement is based.
Clever Leaves Investor
Inquiries:Cody Slach or Jackie KeshnerGateway Group,
Inc.+1-949-574-3860CLVR@gatewayir.com
Clever Leaves Press Contacts:Rich
DiGregorioKCSA Strategic
Communications+1-856-889-7351cleverleaves@kcsa.com
Clever Leaves Commercial
Inquiries:Andrew MillerVice President Sales - EMEA, North
America, and
Asia-Pacific+1-416-817-1336andrew.miller@cleverleaves.com
|
CLEVER
LEAVES HOLDINGS INC. |
Consolidated
Statements of Financial Position |
(Amounts in
thousands of U.S. Dollars, except share and per share data) |
(Unaudited) |
|
|
|
|
|
March 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current: |
|
|
|
Cash and cash equivalents |
$ |
6,362 |
|
|
$ |
12,449 |
|
Restricted cash |
|
327 |
|
|
|
439 |
|
Accounts receivable, net |
|
2,648 |
|
|
|
2,252 |
|
Prepaids, deposits and other receivables |
|
3,778 |
|
|
|
2,708 |
|
Inventories, net |
|
8,015 |
|
|
|
8,399 |
|
Total
current assets |
|
21,130 |
|
|
|
26,247 |
|
|
|
|
|
Investment –
Cansativa |
|
5,753 |
|
|
|
5,679 |
|
Property,
plant and equipment, net |
|
13,491 |
|
|
|
13,963 |
|
Asset held
for sale - Land |
|
1,500 |
|
|
|
1,500 |
|
Intangible
assets, net |
|
3,164 |
|
|
|
3,354 |
|
Operating
lease right-of-use assets, net |
|
1,144 |
|
|
|
1,303 |
|
Other
non-current assets |
|
54 |
|
|
|
52 |
|
Total Assets |
$ |
46,236 |
|
|
$ |
52,098 |
|
|
|
|
|
Liabilities |
|
|
|
Current: |
|
|
|
Accounts payable |
|
1,776 |
|
|
|
2,299 |
|
Accrued expenses and other current liabilities |
|
3,826 |
|
|
|
4,238 |
|
Loans and borrowings, current portion |
|
457 |
|
|
|
465 |
|
Warrant liability |
|
157 |
|
|
|
113 |
|
Operating lease liabilities, current portion |
|
599 |
|
|
|
1,239 |
|
Deferred revenue |
|
988 |
|
|
|
1,072 |
|
Total current liabilities |
$ |
7,803 |
|
|
$ |
9,426 |
|
Loans and borrowings |
|
1,020 |
|
|
|
1,065 |
|
Operating lease liabilities - Long-term |
|
619 |
|
|
|
1,087 |
|
Other long-term liabilities |
|
24 |
|
|
|
112 |
|
Total Liabilities |
$ |
9,466 |
|
|
$ |
11,690 |
|
|
|
|
|
Shareholders’ equity |
|
|
|
Additional
paid-in capital |
|
221,756 |
|
|
|
221,313 |
|
Accumulated deficit |
|
(184,986 |
) |
|
|
(180,905 |
) |
Total shareholders' equity |
|
36,770 |
|
|
|
40,408 |
|
Total liabilities and shareholders' equity |
$ |
46,236 |
|
|
$ |
52,098 |
|
|
|
|
|
|
CLEVER
LEAVES HOLDINGS INC. |
Consolidated
Statements of Operations and Comprehensive Loss |
(Amounts in
thousands of U.S. Dollars, except share and per share data) |
|
|
|
(Unaudited) |
|
|
For the three months ended March 31, |
|
|
2023 |
|
2022 |
Revenue, net |
|
$ |
3,978 |
|
|
$ |
5,041 |
|
Cost of
sales |
|
|
(1,744 |
) |
|
|
(2,448 |
) |
Gross Profit |
|
|
2,234 |
|
|
|
2,593 |
|
|
|
|
|
|
Expenses |
|
|
|
|
General and
administrative |
|
|
5,367 |
|
|
|
6,998 |
|
Sales and
marketing |
|
|
549 |
|
|
|
732 |
|
Research and
development |
|
|
212 |
|
|
|
412 |
|
Restructuring expenses |
|
|
- |
|
|
|
3,843 |
|
Depreciation
and amortization |
|
|
236 |
|
|
|
327 |
|
Total expenses |
|
|
6,364 |
|
|
|
12,312 |
|
|
|
|
|
|
Loss
from operations |
|
|
(4,130 |
) |
|
|
(9,719 |
) |
|
|
|
|
|
Other Expense (Income), Net |
|
|
|
|
Interest
(income)/expense and amortization of debt issuance cost |
|
|
(17 |
) |
|
|
2,109 |
|
Loss (gain)
on remeasurement of warrant liability |
|
|
44 |
|
|
|
(490 |
) |
Loss on debt
extinguishment, net |
|
|
- |
|
|
|
2,263 |
|
Foreign
exchange (gain) loss |
|
|
(45 |
) |
|
|
211 |
|
Other
expense ( income), net |
|
|
39 |
|
|
|
(51 |
) |
Total other expenses, net |
|
|
21 |
|
|
|
4,042 |
|
|
|
|
|
|
Loss
before income taxes and equity investment loss |
|
|
(4,151 |
) |
|
|
(13,761 |
) |
Equity
investment share of loss |
|
|
- |
|
|
|
64 |
|
Loss from
continuing operations |
|
|
(4,151 |
) |
|
|
(13,825 |
) |
Income
(loss) from discontinued operations |
|
|
70 |
|
|
|
(2,315 |
) |
Net
loss |
|
$ |
(4,081 |
) |
|
$ |
(16,140 |
) |
Net
loss per share: |
|
|
|
|
Basic and
diluted from continuing operations |
|
$ |
(0.09 |
) |
|
$ |
(0.50 |
) |
Basic and
diluted from discontinued operations |
|
$ |
- |
|
|
$ |
(0.08 |
) |
Net
loss per share - basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.58 |
) |
Weighted-average common shares outstanding - basic and
diluted |
|
|
43,903,285 |
|
|
|
27,960,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLEVER
LEAVES HOLDINGS INC. |
Condensed
Consolidated Statements of Cash Flows |
(Amounts in
thousands of U.S. Dollars) |
(Unaudited) |
|
|
|
|
|
|
|
For the three months ended March 31, |
|
2023 |
|
2022 |
|
|
|
|
|
|
Cash
Flow from Operating Activities: |
|
|
|
|
|
Loss from continuing operations |
$ |
(4,151 |
) |
|
$ |
(13,825 |
) |
Income
(loss) from discontinued operations |
70 |
|
|
(2,315 |
) |
Net
loss |
$ |
(4,081 |
) |
|
$ |
(16,140 |
) |
Adjustments
to reconcile to net cash used in operating activities: |
|
|
|
|
|
Depreciation
and amortization |
623 |
|
|
896 |
|
Amortization
of debt discount and debt issuance cost |
- |
|
|
1,681 |
|
Loss on
disposal of fixed assets |
74 |
|
|
- |
|
Inventory
provision |
121 |
|
|
845 |
|
Non-cash
lease expense |
(289 |
) |
|
137 |
|
Restructuring and related costs |
- |
|
|
3,919 |
|
Loss (gain)
on remeasurement of warrant liability |
44 |
|
|
(490 |
) |
Foreign
exchange (gain) loss |
(45 |
) |
|
345 |
|
Share-based
compensation expense |
468 |
|
|
500 |
|
Loss on
equity method investment, net |
- |
|
|
64 |
|
Loss on debt
extinguishment, net |
- |
|
|
2,263 |
|
Other
non-cash expense, net |
- |
|
|
281 |
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
(Increase)
in accounts receivable |
(396 |
) |
|
(359 |
) |
(Increase)
in prepaid expenses |
(1,070 |
) |
|
(1,578 |
) |
(Increase)
in other receivables and other non-current assets |
(2 |
) |
|
(150 |
) |
Decrease
(increase) in inventory |
263 |
|
|
(1,667 |
) |
(Decrease)
in accounts payable and other current liabilities |
(1,611 |
) |
|
(830 |
) |
(Decrease)
in accrued and other non-current liabilities |
(176 |
) |
|
(88 |
) |
Net cash
used in operating activities |
$ |
(6,077 |
) |
|
$ |
(10,371 |
) |
|
|
|
|
|
|
Cash
Flow from Investing Activities: |
|
|
|
|
|
Purchase of
property, plant and equipment |
(35 |
) |
|
(1,215 |
) |
Net cash
used in investing activities |
$ |
(35 |
) |
|
$ |
(1,215 |
) |
|
|
|
|
|
|
Cash
Flow From Financing Activities: |
|
|
|
|
|
Repayment of
debt |
(82 |
) |
|
(3,554 |
) |
Proceeds
from issuance of shares |
- |
|
|
23,400 |
|
Equity
issuance costs |
(25 |
) |
|
(1,177 |
) |
Stock option
exercise |
- |
|
|
22 |
|
Net cash
(used in) provided by financing activities |
$ |
(107 |
) |
|
$ |
18,691 |
|
Effect of
exchange rate changes on cash, cash equivalents & restricted
cash |
20 |
|
|
(22 |
) |
Net
(decrease) in cash, cash equivalents & restricted cash |
$ |
(6,199 |
) |
|
$ |
7,083 |
|
Cash, cash
equivalents & restricted cash, beginning of period |
12,888 |
|
|
37,699 |
|
Cash, cash
equivalents & restricted cash, end of period |
$ |
6,689 |
|
|
$ |
44,782 |
|
|
|
|
|
|
|
|
CLEVER
LEAVES HOLDINGS INC. |
Adjusted
EBITDA Reconciliation (Non-GAAP Measure) |
(Amounts in
thousands of U.S. Dollars) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
Net Loss |
|
$ |
(4,081 |
) |
|
$ |
(16,140 |
) |
Loss (gain)
on remeasurement of warrant liability |
|
|
44 |
|
|
|
(490 |
) |
Share-based
compensation |
|
|
468 |
|
|
|
500 |
|
Restructuring expenses |
|
|
- |
|
|
|
3,843 |
|
Depreciation
and amortization |
|
|
623 |
|
|
|
706 |
|
Interest
(income)/expense and amortization of debt issuance costs |
|
|
(17 |
) |
|
|
2,109 |
|
Foreign
exchange (gain) loss |
|
|
(45 |
) |
|
|
211 |
|
Loss on debt
extinguishment, net |
|
|
- |
|
|
|
2,263 |
|
Equity
investment share of loss |
|
|
- |
|
|
|
64 |
|
Other
expense (income), net |
|
|
39 |
|
|
|
(51 |
) |
(Income)
loss from discontinued operations |
|
|
(70 |
) |
|
|
2,315 |
|
Adjusted EBITDA (Non-GAAP Measure) |
|
$ |
(3,039 |
) |
|
$ |
(4,670 |
) |
|
|
|
|
|
|
|
|
CLEVER
LEAVES HOLDINGS INC. |
Adjusted
Gross Profit Reconciliation (Non-GAAP Measure) |
(Amounts in
thousands of U.S. Dollars) |
(Unaudited) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
Revenue |
|
$ |
3,978 |
|
|
$ |
5,041 |
|
Cost of
sales, before inventory provision |
|
(1,623 |
) |
|
(2,136 |
) |
Inventory
provision |
|
(121 |
) |
|
(312 |
) |
Gross Profit |
|
$ |
2,234 |
|
|
$ |
2,593 |
|
Inventory
provision |
|
(121 |
) |
|
(312 |
) |
Adjusted
Gross Profit (Non-GAAP Measure) |
|
$ |
2,355 |
|
|
$ |
2,905 |
|
|
|
|
|
|
|
|
Gross Profit
Margin (%) |
|
56.2 |
% |
|
51.4 |
% |
Adjusted
Gross Profit Margin (Non-GAAP Measure) (%) |
|
59.2 |
% |
|
57.6 |
% |
|
|
|
|
|
|
|
Clever Leaves (NASDAQ:CLVRW)
과거 데이터 주식 차트
부터 8월(8) 2024 으로 9월(9) 2024
Clever Leaves (NASDAQ:CLVRW)
과거 데이터 주식 차트
부터 9월(9) 2023 으로 9월(9) 2024