– Q1 2021 Revenue Increased 19% Year-Over-Year –
– Growth in Commercial Partnerships, Certifications, and Successful Initial Shipments Establish a Solid Foundation for Continued Success –
– Reaffirming Previously Stated 2021 Guidance –
NEW YORK, May 17, 2021 (GLOBE NEWSWIRE) — Clever Leaves Holdings Inc. (Nasdaq: CLVR) (“Clever Leaves” or the “Company”), a multinational operator, or MNO, and licensed producer of pharmaceutical-grade cannabinoids, today reported financial and operating results for the first quarter ended March 31, 2021. All financial information is provided in US dollars unless otherwise indicated.
First Quarter 2021 Summary vs. Same Year-Ago Quarter
- Revenue increased 19% to $3.5 million compared to $2.9 million, primarily attributed to significant growth in cannabinoids revenue.
- All-in cost per gram of dry flower improved to $0.13 compared to $0.15.
- Gross profit increased 3% to $2.2 million.
- Net loss was $13.8 million. Net loss (excluding $4.9 million loss on remeasurement of warrant liability) improved to $8.9 million compared to $10.2 million, with the improvement primarily resulting from a reduction in operating expenses.
- Adjusted EBITDA (a non-GAAP financial measure defined and reconciled herein) improved to $(5.4) million compared to $(6.7) million.
“The first quarter reflected continued progress towards our growth objectives that we believe will drive the next stage of our journey to become an industry-leading MNO,” said Kyle…