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 second quarter
ended June 30, 2023. All financial information is provided in
US dollars unless otherwise indicated.
“In the second quarter, we demonstrated
continued execution on our key strategic growth objectives,
resulting in strong year-over-year revenue growth, optimized cash
management, and expansion into new global markets,” said Andres
Fajardo, CEO of Clever Leaves. “We drove 21% year-over-year growth
in our revenues, driven by 151% growth in the cannabinoid segment
as a result of sales traction for our extracts. In our
non-cannabinoid business, we maintained our margin performance of
this segment on both a sequential and year-over-year basis, despite
continued revenue headwinds within the specialty retail channel.
With the continued progress in our restructuring and cost reduction
initiatives, we drove an approximately 25% year-over-year decrease
in operating expenses and significantly improved our Adjusted
EBITDA performance with ($2.1) million in second quarter 2023
versus ($3.5) million last year. As we progress into the second
half of the year, our efforts remain focused on expanding our
commercial momentum within and beyond our international target
markets, along with maintaining a refined, efficient operational
infrastructure.
“With the restructuring initiatives implemented
over the past year, including our wind-down in Portugal, we reduced
our cash expenditure run rate and driven increased cost savings in
the first half of 2023 resulting in $5.1 million in cash as of the
end of the second quarter. Subsequent to the end of the second
quarter, we completed the sale of our Portuguese processing assets,
adding $2.7 million in cash to our balance sheet. We continue to
target selling our remaining Portuguese agricultural assets by the
end of this year.”
Second Quarter 2023 Summary vs. Same
Year-Ago Quarter1
- Revenue in the second quarter of
2023 increased 21% to approximately $5.0 million compared to $4.1
million for the same period in 2022. The improvement was driven by
an increase in cannabinoid segment revenues of 151% to $1.9 million
compared to $0.7 million for the same period in 2022, partially
offset by lower revenues in the non-cannabinoid segment. The
increase in cannabinoid segment revenues was primarily driven by
ongoing sales strength for the Company’s extract products,
particularly in Brazil, Australia, and Israel. The decrease in
non-cannabinoid revenues was due to continued demand headwinds in
the segment’s specialty channel.
- All-in cost per gram of dry flower
was $0.70. There is no comparative data from the prior year, as the
Company did not harvest crops at its Colombian operations in the
year-ago quarter.
- Gross profit, including a $0.2
million inventory provision, increased 10% to $2.7 million,
compared to a $2.5 million gross profit in the year-ago quarter,
which included a $0.2 million inventory provision. Adjusted gross
profit (a non-GAAP financial measure defined and reconciled
herein), which excluded such inventory provisions, increased 8% to
$2.9 million compared to $2.7 million. The increase was driven by
the aforementioned revenue growth during the second quarter, as
well as stabilized pricing for both raw materials and labor in the
non-cannabinoid segment.
- Gross margin was 54.7% compared to
60.5%, last year. Adjusted gross margin (a non-GAAP financial
measure defined and reconciled herein), which excluded inventory
provisions, was 58.8% compared to 66.3%. The decrease was
attributed to customer and product mix differences compared to the
year-ago period.
- Operating expenses in the second
quarter of 2023 improved to $5.9 million compared to $7.8 million
for the same period in 2022. The decrease in operating expenses was
driven by the continued benefits of the restructuring and cost
reduction initiatives the Company implemented over the past
year.
- Net loss was $3.6 million compared
to $1.0 million. Net loss in the year-ago quarter included a $6.9
million gain on investment following the Company’s sale of a
portion of its minority equity stake in Cansativa, along with a
$1.3 million gain on remeasurement of warrant liability. Excluding
the gains, net loss in the year-ago quarter would have been
approximately $9.2 million.
- Adjusted EBITDA (a non-GAAP
financial measure defined and reconciled herein) improved to $(2.1)
million compared to $(3.5) million. The improvement reflects the
aforementioned benefits of the Company’s restructuring and cost
reduction initiatives over the past year.
- Cash, cash equivalents and
restricted cash were $5.1 million at June 30, 2023, compared to
$12.9 million at December 31, 2022. The decrease was primarily
attributable to operating losses, working capital needs, and cash
expenditures related to the remaining wind-down activities for the
Company’s Portuguese operations. The Company expects to drive
additional cash savings through completing the wind-down process
and selling its remaining agricultural assets in Portugal. Further,
the evaluation of additional sources of capital remains
ongoing.
_____________________________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
fiscal period ended June 30, 2023.
Fajardo continued: “We continue to leverage
growing momentum in both our current target markets and new
markets. Within our extracts business, we maintained sales strength
in Brazil, Australia and Israel, and we have started cultivating a
limited amount of new CBD hemp crops to ensure we can continue
addressing this demand. During the second quarter, we also
completed extract shipments to SOMAÍ Pharmaceuticals in Portugal
and Astrasana Holding AG (Astrasana) in Switzerland, and we are
preparing to launch extract shipments to Astrasana’s pharmaceutical
operations in the Czech Republic. Exporting to these new markets
has expanded our global footprint along with strengthening our
strategic regional positioning in Europe.
“Following the completion of our previous
commercial flower shipments to Australia and Germany, we completed
our first commercial shipment of Colombian flower to Australian
Natural Therapeutics Group (ANTG). This shipment builds upon our
flower products’ historical traction in this market, and we aim to
launch a second flower strain in Australia in the third quarter of
this year. We have already developed three strains for our broader
Colombian flower portfolio, and we anticipate completing
development of at least two additional strains by year-end 2023. As
we further refine our flower cultivation and adapt to our target
markets’ regulatory requirements, we continue to track towards
launching our dry smokable flower products in Germany this
year.
“As we work to build upon our progress in the
second half of 2023, we remain focused on our key strategic areas
of growth, comprising our focused commercial strategy; low-cost,
high-quality Colombian production operations; and optimized cash
management. I am proud of the strategic strides we’ve made on each
of these fronts, and we look forward to further strengthening
Clever Leaves’ position within the global medical cannabis supply
chain.”
Sale of Processing Assets in
Portugal
Subsequent to the second quarter of 2023, the
Company completed the sale of its Portuguese processing assets to
Terra Verde, Lda., an affiliate of Curaleaf Holdings, Inc. (CSE:
CURA) (OTCQX: CURLF). Proceeds from the sale amounted to $2.7
million which Clever Leaves plans to use for working capital and
general corporate purposes.
Reiterated 2023 Outlook
With the Company’s current commercial traction
and visibility—along with its ongoing work to drive cost savings
and improve capital efficiency—Clever Leaves is reaffirming its
full year 2023 financial outlook. The Company continues to expect
its full-year revenue to range between $19 million and $22 million,
with an adjusted gross margin of between 58% and 63%. The Company
also continues to expect its 2023 adjusted EBITDA to range between
$(13.6) million and $(10.6) million. Additionally, Clever Leaves
anticipates approximately $0.5 million to $0.7 million of annual
capital expenditures in 2023, representing an estimated 50%
reduction compared to 2022.
Conference Call
Clever Leaves will conduct a conference call
today at 5:00 p.m. Eastern time to discuss its results for the
second quarter ended June 30, 2023.
Clever Leaves management will host the conference call, followed
by a question-and-answer session.
Conference Call Date: Monday, August 14, 2023Time: 5:00 p.m.
Eastern timeToll-free dial-in number: 1-855-238-2333International
dial-in number: 1-412-317-5222Conference ID: 10180940
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
August 21, 2023.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Replay ID: 10180940
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. Clever Leaves announces material information to the
public through a variety of means, including filings with the U.S.
Securities and Exchange Commission (the “SEC”), press releases,
public conference calls, and its website
(https://cleverleaves.com). Clever Leaves uses these channels, as
well as social media, including its Twitter account
(@clever_leaves), and its LinkedIn page
(https://www.linkedin.com/company/clever-leaves), to communicate
with investors and the public about Clever Leaves, its products,
and other matters. Therefore, Clever Leaves encourages investors,
the media, and others interested in Clever Leaves to review the
information it makes public in these locations, as such information
could be deemed to be material information. Information on or that
can be accessed through Clever Leaves’ websites or these social
media channels is not part of this release, and references to
Clever Leaves’ 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’ ability to remediate a material weakness in its internal
control cover financial reporting and to develop and maintain
effective internal and disclosure controls; (xxiii) potential
litigation; (xxiv) access to additional financing; and (xxv)
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@Gateway-grp.com
Clever Leaves Press Contact:
Maria PetsanasKCSA Strategic
Communications+1-917-692-6673cleverleaves@kcsa.com
Clever Leaves Commercial
Inquiries:Andrew MillerHead of Global Business
Development+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) |
|
|
|
|
|
|
|
|
|
June 30,
2023 |
|
December 31,
2022 |
|
|
Assets |
|
|
|
|
|
Current: |
|
|
|
|
|
Cash and cash equivalents |
$ |
5,077 |
|
|
$ |
12,449 |
|
|
|
Restricted cash |
|
64 |
|
|
|
439 |
|
|
|
Accounts receivable, net |
|
2,590 |
|
|
|
2,252 |
|
|
|
Prepaids, deposits and other receivables |
|
3,207 |
|
|
|
2,708 |
|
|
|
Inventories, net |
|
7,470 |
|
|
|
8,399 |
|
|
|
Total
current assets |
|
18,408 |
|
|
|
26,247 |
|
|
|
|
|
|
|
|
|
Investment –
Cansativa |
|
5,777 |
|
|
|
5,679 |
|
|
|
Property,
plant and equipment, net |
|
13,094 |
|
|
|
13,963 |
|
|
|
Asset held
for sale - Land |
|
1,500 |
|
|
|
1,500 |
|
|
|
Intangible
assets, net |
|
2,987 |
|
|
|
3,354 |
|
|
|
Operating
lease right-of-use assets, net |
|
981 |
|
|
|
1,303 |
|
|
|
Other
non-current assets |
|
84 |
|
|
|
52 |
|
|
|
Total Assets |
$ |
42,831 |
|
|
$ |
52,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Current: |
|
|
|
|
|
Accounts payable |
|
2,300 |
|
|
|
2,299 |
|
|
|
Accrued expenses and other current liabilities |
|
3,115 |
|
|
|
4,238 |
|
|
|
Loans and borrowings, current portion |
|
471 |
|
|
|
465 |
|
|
|
Warrant liability |
|
168 |
|
|
|
113 |
|
|
|
Operating lease liabilities, current portion |
|
663 |
|
|
|
1,239 |
|
|
|
Deferred revenue |
|
845 |
|
|
|
1,072 |
|
|
|
Total current liabilities |
$ |
7,562 |
|
|
$ |
9,426 |
|
|
|
Loans and borrowings |
|
908 |
|
|
|
1,065 |
|
|
|
Operating lease liabilities - Long-term |
|
389 |
|
|
|
1,087 |
|
|
|
Other long-term liabilities |
|
24 |
|
|
|
112 |
|
|
|
Total Liabilities |
$ |
8,883 |
|
|
$ |
11,690 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
Additional
paid-in capital |
|
222,530 |
|
|
|
221,313 |
|
|
|
Accumulated deficit |
|
(188,582 |
) |
|
|
(180,905 |
) |
|
|
Total shareholders' equity |
|
33,948 |
|
|
|
40,408 |
|
|
|
Total liabilities and shareholders' equity |
$ |
42,831 |
|
|
$ |
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) |
|
(Unaudited) |
|
|
For the three months ended June 30, |
|
For the six months ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Revenue, net |
$ |
4,981 |
|
|
$ |
4,100 |
|
|
$ |
8,959 |
|
|
$ |
9,141 |
|
|
Cost of
sales |
|
(2,255 |
) |
|
|
(1,619 |
) |
|
|
(3,999 |
) |
|
|
(4,067 |
) |
|
Gross Profit |
|
2,726 |
|
|
|
2,481 |
|
|
|
4,960 |
|
|
|
5,074 |
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
General and
administrative |
|
4,805 |
|
|
|
6,424 |
|
|
|
10,172 |
|
|
|
13,422 |
|
|
Sales and
marketing |
|
469 |
|
|
|
728 |
|
|
|
1,018 |
|
|
|
1,461 |
|
|
Research and
development |
|
403 |
|
|
|
359 |
|
|
|
615 |
|
|
|
771 |
|
|
Restructuring expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,842 |
|
|
Depreciation
and amortization |
|
224 |
|
|
|
318 |
|
|
|
460 |
|
|
|
644 |
|
|
Total expenses |
|
5,901 |
|
|
|
7,829 |
|
|
|
12,265 |
|
|
|
20,140 |
|
|
|
|
|
|
|
|
|
|
|
Loss
from operations |
|
(3,175 |
) |
|
|
(5,348 |
) |
|
|
(7,305 |
) |
|
|
(15,066 |
) |
|
|
|
|
|
|
|
|
|
|
Other Expense (Income), Net |
|
|
|
|
|
|
|
|
Interest
(income)/expense and amortization of debt issuance cost |
|
35 |
|
|
|
645 |
|
|
|
18 |
|
|
|
2,754 |
|
|
Debt
Issuance Cost & Debt Discount |
|
|
|
|
|
- |
|
|
|
- |
|
|
Loss (gain)
on remeasurement of warrant liability |
|
11 |
|
|
|
(1,323 |
) |
|
|
55 |
|
|
|
(1,813 |
) |
|
Gain on
investment |
|
- |
|
|
|
(6,851 |
) |
|
|
- |
|
|
|
(6,851 |
) |
|
Loss on debt
extinguishment, net |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,263 |
|
|
Foreign
exchange (gain) loss |
|
67 |
|
|
|
264 |
|
|
|
22 |
|
|
|
475 |
|
|
Other
expense ( income), net |
|
(27 |
) |
|
|
61 |
|
|
|
12 |
|
|
|
9 |
|
|
Total other expenses, net |
|
86 |
|
|
|
(7,204 |
) |
|
|
107 |
|
|
|
(3,163 |
) |
|
|
|
|
|
|
|
|
|
|
Loss
before income taxes and equity investment loss |
|
(3,261 |
) |
|
|
1,856 |
|
|
|
(7,412 |
) |
|
|
(11,904 |
) |
|
Equity
investment share of loss |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
64 |
|
|
Loss
(income) from continuing operations |
|
(3,261 |
) |
|
|
1,856 |
|
|
|
(7,412 |
) |
|
|
(11,968 |
) |
|
Loss from
discontinued operations |
|
(334 |
) |
|
|
(2,902 |
) |
|
|
(264 |
) |
|
|
(5,218 |
) |
|
Net
loss |
$ |
(3,595 |
) |
|
$ |
(1,046 |
) |
|
|
(7,676 |
) |
|
$ |
(17,186 |
) |
|
Net
loss per share: |
|
|
|
|
|
|
|
|
Basic and
diluted from continuing operations |
$ |
(0.07 |
) |
|
$ |
0.05 |
|
|
$ |
(0.17 |
) |
|
$ |
(0.35 |
) |
|
Basic and
diluted from discontinued operations |
$ |
(0.01 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.16 |
) |
|
Net
loss per share - basic and diluted |
$ |
(0.08 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.51 |
) |
|
Weighted-average common shares outstanding - basic and
diluted |
|
44,866,179 |
|
|
|
39,559,793 |
|
|
|
44,387,392 |
|
|
|
33,792,261 |
|
|
|
|
|
|
|
|
|
|
|
CLEVER
LEAVES HOLDINGS INC. |
Consolidated
Statements of Cash Flows |
(Amounts in
thousands of U.S. Dollars) |
(Unaudited) |
|
|
|
|
|
For the Six months ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Cash
Flow from Operating Activities: |
|
|
|
Loss from
continuing operations |
$ |
(7,412 |
) |
|
$ |
(11,968 |
) |
Loss from
discontinued operations |
|
(264 |
) |
|
|
(5,218 |
) |
Net
loss |
$ |
(7,676 |
) |
|
$ |
(17,186 |
) |
Adjustments
to reconcile to net cash used in operating activities: |
|
|
|
Depreciation
and amortization |
|
1,242 |
|
|
|
1,984 |
|
Amortization
of debt discount and debt issuance cost |
|
- |
|
|
|
1,949 |
|
Loss on
disposal of fixed assets |
|
72 |
|
|
|
- |
|
Inventory
provision |
|
326 |
|
|
|
2,126 |
|
Restructuring and related costs |
|
- |
|
|
|
3,430 |
|
Loss (gain)
on remeasurement of warrant liability |
|
55 |
|
|
|
(1,813 |
) |
Non-cash
lease expense |
|
322 |
|
|
|
155 |
|
Foreign
exchange (gain) loss |
|
22 |
|
|
|
652 |
|
Share-based
compensation expense |
|
901 |
|
|
|
1,648 |
|
Loss on
equity method investment, net |
|
- |
|
|
|
64 |
|
Gain on
investment |
|
|
|
(6,851 |
) |
Loss on debt
extinguishment, net |
|
- |
|
|
|
2,263 |
|
Other
non-cash expense, net |
|
- |
|
|
|
600 |
|
Changes in
operating assets and liabilities: |
|
|
|
(Increase)
in accounts receivable |
|
(338 |
) |
|
|
(1,169 |
) |
(Increase)
in prepaid expenses |
|
(499 |
) |
|
|
(1,014 |
) |
(Increase)
decrease in other receivables and other non-current assets |
|
(34 |
) |
|
|
178 |
|
(Decrease)
in lease liability |
|
(614 |
) |
|
|
Decrease
(increase) in inventory |
|
602 |
|
|
|
(3,458 |
) |
(Decrease)
in accounts payable and other current liabilities |
|
(2,059 |
) |
|
|
(1,957 |
) |
(Decrease)
in accrued and other non-current liabilities |
|
(86 |
) |
|
|
(185 |
) |
Net
cash used in operating activities |
|
(7,764 |
) |
|
|
(18,584 |
) |
Cash
Flow from Investing Activities: |
|
|
|
Purchase of
property, plant and equipment |
|
(79 |
) |
|
|
(1,601 |
) |
Proceeds
from partial sale of equity method of investment |
|
- |
|
|
|
2,498 |
|
Net
cash (used in) provided by investing activities |
|
(79 |
) |
|
|
897 |
|
Cash
Flow From Financing Activities: |
|
|
|
Repayment of
debt |
|
(257 |
) |
|
|
(22,665 |
) |
Other
borrowings |
|
- |
|
|
|
73 |
|
Proceeds
from issuance of shares |
|
438 |
|
|
|
23,400 |
|
Equity
issuance costs |
|
(123 |
) |
|
|
(1,177 |
) |
Stock option
exercise |
|
- |
|
|
|
22 |
|
Net
cash (used in) provided by financing activities |
$ |
58 |
|
|
$ |
(347 |
) |
Effect of
exchange rate changes on cash, cash equivalents & restricted
cash |
|
38 |
|
|
|
(202 |
) |
Net
(decrease) in cash, cash equivalents & restricted cash |
$ |
(7,747 |
) |
|
$ |
(18,236 |
) |
Cash, cash
equivalents & restricted cash, beginning of period |
|
12,888 |
|
|
|
37,699 |
|
Cash, cash equivalents & restricted cash, end of
period |
$ |
5,141 |
|
|
$ |
19,463 |
|
|
|
|
|
CLEVER
LEAVES HOLDINGS INC. |
Adjusted
EBITDA Reconciliation (Non-GAAP Measure) |
(Amounts in
thousands of U.S. Dollars) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Net
Loss |
|
$ |
(3,595 |
) |
|
$ |
(1,046 |
) |
|
$ |
(7,676 |
) |
|
$ |
(17,186 |
) |
|
Loss from
discontinued operations |
|
|
334 |
|
|
|
2,902 |
|
|
|
264 |
|
|
|
5,218 |
|
|
Loss (gain)
on remeasurement of warrant liability |
|
|
11 |
|
|
|
(1,323 |
) |
|
|
55 |
|
|
|
(1,813 |
) |
|
Share-based
compensation |
|
|
434 |
|
|
|
1,148 |
|
|
|
901 |
|
|
|
1,648 |
|
|
Restructuring expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,842 |
|
|
Depreciation
and amortization |
|
|
619 |
|
|
|
706 |
|
|
|
1,242 |
|
|
|
1,984 |
|
|
Interest
expense and amortization of debt issuance costs |
|
|
35 |
|
|
|
645 |
|
|
|
18 |
|
|
|
2,754 |
|
|
Foreign
exchange loss |
|
|
67 |
|
|
|
264 |
|
|
|
22 |
|
|
|
475 |
|
|
Gain on
investment |
|
|
- |
|
|
|
(6,851 |
) |
|
|
- |
|
|
|
(6,851 |
) |
|
Loss on debt
extinguishment, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,263 |
|
|
Equity
investment share of loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
64 |
|
|
Other income
(expense), net |
|
|
(27 |
) |
|
|
61 |
|
|
|
12 |
|
|
|
9 |
|
|
Adjusted EBITDA (Non-GAAP Measure) |
|
$ |
(2,122 |
) |
|
$ |
(3,494 |
) |
|
$ |
(5,162 |
) |
|
$ |
(7,594 |
) |
|
|
|
|
|
|
|
|
|
|
|
CLEVER
LEAVES HOLDINGS INC. |
Adjusted
Gross Profit Reconciliation (Non-GAAP Measure) |
(Amounts in
thousands of U.S. Dollars) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Revenue |
|
$ |
4,981 |
|
|
$ |
4,100 |
|
|
$ |
8,959 |
|
|
$ |
9,141 |
|
|
Cost of
sales, before inventory provision |
|
|
(2,050 |
) |
|
|
(1,383 |
) |
|
|
(3,673 |
) |
|
|
(3,519 |
) |
|
Inventory
provision |
|
|
(205 |
) |
|
|
(236 |
) |
|
|
(326 |
) |
|
|
(548 |
) |
|
Gross Profit |
|
$ |
2,726 |
|
|
$ |
2,481 |
|
|
$ |
4,960 |
|
|
$ |
5,074 |
|
|
Inventory
provision |
|
|
(205 |
) |
|
|
(236 |
) |
|
|
(326 |
) |
|
|
(548 |
) |
|
Adjusted
Gross Profit (Non-GAAP Measure) |
|
$ |
2,931 |
|
|
$ |
2,717 |
|
|
$ |
5,286 |
|
|
$ |
5,622 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
Margin (%) |
|
|
54.7 |
% |
|
|
60.5 |
% |
|
|
55.4 |
% |
|
|
55.5 |
% |
|
Adjusted
Gross Profit Margin (Non-GAAP Measure) (%) |
|
|
58.8 |
% |
|
|
66.3 |
% |
|
|
59.0 |
% |
|
|
61.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Clever Leaves (NASDAQ:CLVRW)
Historical Stock Chart
From Apr 2024 to May 2024
Clever Leaves (NASDAQ:CLVRW)
Historical Stock Chart
From May 2023 to May 2024