Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW) (“Clever Leaves”
or the “Company”), a leading multinational operator and licensed
producer of pharmaceutical-grade cannabinoids, is reporting
financial and operating results for the first quarter ended
March 31, 2022. All financial information is provided in US
dollars unless otherwise indicated.
First Quarter 2022 Summary vs. Same
Year-Ago Quarter
- Revenue
increased 50% to $5.2 million compared to $3.5 million. Cannabinoid
revenue increased 195% to $2.0 million compared to $0.7 million,
and non-cannabinoid revenue increased 15% to $3.2 million compared
to $2.8 million.
- All-in cost per
gram of dry flower increased to $0.35 compared to $0.16. The change
in cost was attributed to the ramping of pre-commercial operating
expenses ahead of expected revenue at the Company’s recently
completed greenhouse expansion and post-harvest facility in
Portugal.
- Gross profit was
$2.0 million, which includes a $0.8 million inventory write-down,
compared to $2.1 million, which includes a $0.2 million inventory
write-down. Adjusted gross profit (a non-GAAP financial measure
defined and reconciled herein), which excludes such inventory
write-down, increased 25% to $2.9 million compared to $2.3
million.
- Gross margin,
which includes such inventory write-down of $0.8 million, was 39.0%
compared to 61.5%. Adjusted gross margin (a non-GAAP financial
measure defined and reconciled herein), which excludes such
inventory write-down, was 55.2% compared to 66.4%.
- Net loss in the
first quarter of 2022 increased to $16.1 million compared to $13.8
million for the same period in 2021, driven primarily by a $4.0
million restructuring expense, offset by increase in loss due to
$1.7 million of debt discount write off and loss on debt
extinguishment of $2.3 million due to extinguishment of debt as
offset by gain on remeasurement of warrant liability.
- Adjusted EBITDA (a non-GAAP
financial measure defined and reconciled herein) was $(6.7) million
compared to $(5.5) million predominantly due to increased cost of
sales including an inventory write-down and nominally higher
R&D expense related to positioning for Colombian dried flower
export as well as sales and marketing expenses.
“Our first quarter performance reflects our
strong execution on our redefined growth strategy,” said Andres
Fajardo, CEO of Clever Leaves. “Our revenue increased 50%
year-over-year to $5.2 million, reflecting robust growth in our
cannabinoid revenues across our target markets, as well as
continued performance strength in our nutraceuticals business.
While our bottom line reflects the impacts of certain one-time
restructuring charges, the ramp-up of our Portuguese operation, and
margin pressure in our non-cannabinoid business, we believe our
work to align our cost structure with our strategic priorities has
improved our positioning for longer-term profitability. As we
progress further into 2022, we remain committed to strengthening
our operational efficiencies and enhancing the value we create for
our stakeholders.
“After narrowing our 2022 commercial focus to a
core group of key markets—comprising Australia, Germany, Brazil,
Israel, and the U.S.—we have already made solid progress activating
and expanding our existing agreements, as well as adding new
partnerships and growth initiatives, in those markets. We generated
particular momentum in Australia and Germany through strengthening
our relationships with our current prominent pharmaceutical
partners in each region. This positions us to continue leveraging
regulatory tailwinds and growing our B2B client base within both
markets. In addition, our experience with navigating complex
quality and regulatory frameworks has allowed us to strengthen our
market presence in Brazil and Israel, where we are working
diligently to ramp our early-stage partnerships. Our deep
understanding of our core markets and end consumers also helped
fuel the first quarter launch of our Portugal-grown IQANNA flower
products in Germany. Over the coming quarters, we will continue
working to enhance our active partnerships and products, as well as
to seek additional opportunities for growth.
“Subsequent to quarter’s end, we announced
several strategic developments that enhance our market
opportunities, positioning, and cost efficiency. In early April,
the Colombian government announced the issuance of Joint Resolution
539, which completed the country’s required regulatory framework
for dried flower exports. Following this resolution, as well as our
months of preparation, we are on track to begin high-THC medical
flower exports at the end of this year, with milled medical flower
exports slated to begin as early as the third quarter. We also
expanded our distribution pathways in the U.S. and Germany by
forming a research-oriented partnership with Biom Therapeutics in
the U.S. and becoming a fully-licensed medical cannabis distributor
in Germany. Further, we took aggressive actions to improve our
balance sheet and our underlying cost structure, which we expect
will yield cash savings in excess of $4.0 million per year. These
initiatives allow us to operate from a leaner foundation as we
strengthen our distribution network and capabilities.
“Across our organization, we will continue
working to drive enhanced operational efficiencies and identify
additional commercial opportunities within our key markets. With
our streamlined growth strategy in place, we are well-positioned to
continue building upon our foundation as an emerging supplier of
choice within the international cannabis industry.”
First Quarter 2022 Financial Results
Revenue in the first quarter of 2022 increased
50% to $5.2 million compared to $3.5 million for the same period in
2021. This was driven by accelerating growth within the cannabinoid
segment of 195%, primarily in Brazil, Israel and Australia, and
continued solid growth within our non-cannabinoid segment of
15%.
All-in cost per gram of dry flower in the first
quarter of 2022 was $0.35 compared to $0.16 per gram for the same
period in 2021. The increase was primarily attributed to higher
production costs related to ramping operations in Portugal,
partially offset by sustained cost efficiencies in the Company’s
Colombian production operations.
Gross profit, including a $0.8 million inventory
write-down, was $2.0 million compared to $2.1 million, including a
$0.2 million inventory write-down, for the same period of 2021,
with a gross margin of 39.0% compared to 61.5% for the same period
of 2021. Adjusted gross profit, which excludes such inventory
write-down, increased 25% to $2.9 million compared to $2.3 million
for the same period of 2021, with an adjusted gross margin of 55.2%
compared to 66.4% for the same period of 2021. The increase in
adjusted gross profit was primarily driven by the aforementioned
revenue growth across both business segments, partially offset by
continued labor and supply chain-related cost impacts within the
non-cannabinoid segment.
Operating expenses in the first quarter of 2022
were $13.9 million compared to $9.9 million in the year-ago period,
with the main driver being a one-time $4.0 million restructuring
expense related to write-offs of certain excess extraction
equipment for the Company’s Colombian operations, as well as
employee severance costs.
Net loss in the first quarter of 2022 increased
to $16.1 million compared to $13.8 million for the same period in
2021, driven primarily by a $4.0 million restructuring expense.
This was offset by increased loss due to $1.7 million of debt
discount write-off and loss on debt extinguishment of $2.3 million
due to extinguishment of debt as offset by gain on remeasurement of
warrant liability.
Adjusted EBITDA in the first quarter of 2022 was
$(6.7) million compared to $(5.5) million for the same period in
2021. The decrease was mainly due to increased cost of sales,
including an inventory write-down, R&D expenses for Colombian
dried flower, and additional sales and marketing activities.
Cash, cash equivalents and restricted cash increased to $44.8
million at March 31, 2022 compared to $37.7 million at
December 31, 2021. The increase was attributable to net
proceeds raised from the Company’s at-the-market stock offering
during the quarter.
Reiterated 2022 Outlook and Strategic
Growth Objectives
Based on current commercial momentum across its
target markets, Clever Leaves reaffirms full year 2022 revenue to
be within the range of $20 million and $25 million, with adjusted
gross margin expected to range between 50% and 55%. The Company
also expects adjusted EBITDA to range between $(23) million and
$(20) million. In addition, Clever Leaves expects approximately $2
million to $3 million of annual capital expenditures.
Significant Actions to Improve the
Balance Sheet and Cost Structure
While the Company remains committed to
accelerating revenue growth and leveraging its low-cost unit
economics, it is simultaneously focused on improving its balance
sheet while driving down operating expenses and capital intensity.
Subsequent to the quarter end, the Company used the cash proceeds
derived from its at-the-market-offering of common stock to fully
settle its secured convertible note, as well as the Herbal Brands
debt. As a result, the Company’s debt has been reduced from $22.6
million to $2.1 million, thereby yielding annual cash interest
expense savings of $0.8 million through the end of 2022.
Subsequent to the quarter end, Clever Leaves
also completed a global work-force reduction. This reduction is
expected to generate cash savings of $2.0 million in 2022 and $4.0
million in subsequent years.
“Although measures like this are never desirable
and we profoundly value each one of our dedicated team members,
they were necessary to closely align our expense base with our
current revenue profile. As a result, we fully expect to achieve
the operating leverage previously anticipated in our business
strategy over time,” said Andres Fajardo.
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, 2022.
The Company’s management will host the call,
followed by a question-and-answer session, and the dial-in details
are as follows:
Conference Call Date: May 12, 2022Time: 5:00
p.m. Eastern timeToll-free dial-in number:
1-877-407-9208International dial-in number:
1-201-493-6784Conference ID: 13729300
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 19, 2022.
Toll-free replay number:
1-844-512-2921International replay number: 1-412-317-6671Replay ID:
13729300
About Clever Leaves Holdings
Inc.
Clever Leaves is a leading multinational
operator and licensed producer of pharmaceutical-grade
cannabinoids. Its operations in Colombia and Portugal produce
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, amortization,
share-based compensation expense, gains/losses on foreign currency
fluctuations, gains/losses on the early extinguishment of debt,
gain/loss on remeasurement of warrant liability, and miscellaneous
expenses. Adjusted Gross Profit (and the related Adjusted Gross
Margin measure) is defined as gross profit excluding inventory
write-down. 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 2022 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) expectations with respect to
future operating and financial performance and growth, including if
or when Clever Leaves will become profitable; (ii) Clever Leaves’
ability to execute its business plans and strategy and to receive
regulatory approvals (including its goals in its five key markets);
(iii) Clever Leaves’ ability to capitalize on expected market
opportunities, including the timing and extent to which cannabis is
legalized in various jurisdictions; (iv) global economic and
business conditions, including recent economic sanctions against
Russia and their effects on the global economy; (v) 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 such as the global supply chain crisis, travel
restrictions, delays or disruptions to physical shipments
(including outright bans on imported products), delays in issuing
licenses and permits, delays in hiring necessary personnel to carry
out sales, cultivation and other tasks, and financial pressures
upon Clever Leaves and its customers; (vi) 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; (vii) uncertainty with
respect to the requirements applicable to certain cannabis products
as well as the permissibility of sample shipments, and other risks
and uncertainties; (viii) consumer, legislative, and regulatory
sentiment or perception regarding Clever Leaves’ products; (ix)
lack of regulatory approval and market acceptance of Clever Leaves’
new products which may impede its ability to successfully
commercialize its CBD brand in the United States; (x) the extent to
which Clever Leaves’ is able to monetize its existing THC market
quota within Colombia; (xi) 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 2022
strategic growth objectives; (xii) developing product enhancements
and formulations with commercial value and appeal; (xiii) product
liability claims exposure; (xiv) lack of a history and experience
operating a business on a large scale and across multiple
jurisdictions; (xv) limited experience operating as a public
company; (xvi) changes in currency exchange rates and interest
rates; (xvii) weather and agricultural conditions and their impact
on the Company’s cultivation and construction plans, (xviii) Clever
Leaves’ ability to hire and retain skilled personnel in the
jurisdictions where it operates; (xix) Clever Leaves’ rapid growth,
including growth in personnel; (xx) 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; (xxi) potential litigation; (xxiii) access
to additional financing; and (xxiv) 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+1-856-889-7351rdigregorio@kcsa.com
Diana SigüenzaStrategic Communications
Director+57-310-236-8830diana.siguenza@cleverleaves.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. |
Condensed
Consolidated Statements of Financial Position |
(Amounts in
thousands of U.S. Dollars, except share and per share data) |
(Unaudited) |
|
|
|
|
March 31,
2022 |
December 31,
2021 |
Assets |
|
|
Current: |
|
|
Cash and cash equivalents |
$ |
44,315 |
|
$ |
37,226 |
|
Restricted cash |
|
467 |
|
|
473 |
|
Accounts receivable, net |
|
2,581 |
|
|
2,222 |
|
Prepaids, advances and other |
|
2,760 |
|
|
2,668 |
|
Other receivables |
|
2,803 |
|
|
2,396 |
|
Inventories, net |
|
16,230 |
|
|
15,408 |
|
Total current assets |
|
69,156 |
|
|
60,393 |
|
|
|
|
Investment –
Cansativa |
|
1,394 |
|
|
1,458 |
|
Property,
plant and equipment, net |
|
30,056 |
|
|
30,932 |
|
Intangible
assets, net |
|
22,926 |
|
|
23,117 |
|
Operating
lease right-of-use assets, net |
|
3,682 |
|
|
- |
|
Other
non-current assets |
|
3 |
|
|
260 |
|
Total Assets |
$ |
127,217 |
|
$ |
116,160 |
|
|
|
|
Liabilities |
|
|
Current: |
|
|
Accounts payable |
|
4,374 |
|
|
3,981 |
|
Accrued expenses and other current liabilities |
|
3,112 |
|
|
2,898 |
|
Convertible note due 2024, current portion |
|
15,170 |
|
|
16,559 |
|
Loans and borrowings, current portion |
|
1,306 |
|
|
949 |
|
Warrant liability |
|
1,715 |
|
|
2,205 |
|
Operating lease liability, current portion |
|
1,552 |
|
|
- |
|
Deferred revenue |
|
265 |
|
|
653 |
|
Total current liabilities |
|
27,494 |
|
|
27,245 |
|
Convertible note due 2024 |
|
- |
|
|
1,140 |
|
Loans and borrowings |
|
6,149 |
|
|
6,447 |
|
Deferred revenue |
|
1,290 |
|
|
1,548 |
|
Operating lease liabilities — long-term |
|
2,267 |
|
|
- |
|
Deferred tax liabilities |
|
6,650 |
|
|
6,650 |
|
Other long-term liabilities |
|
919 |
|
|
360 |
|
Total Liabilities |
$ |
44,769 |
|
$ |
43,390 |
|
|
|
|
Shareholders’ equity |
|
|
Additional
paid-in capital |
|
213,328 |
|
|
187,510 |
|
Accumulated deficit |
|
(130,880 |
) |
|
(114,740 |
) |
Total shareholders' equity |
|
82,448 |
|
|
72,770 |
|
Total liabilities and shareholders' equity |
$ |
127,217 |
|
$ |
116,160 |
|
|
|
|
CLEVER
LEAVES HOLDINGS INC. |
Condensed
Consolidated Statements of Operations |
(Amounts in
thousands of U.S. Dollars, except share and per share data) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
2022 |
|
2021 |
Revenue |
|
$ |
5,224 |
|
|
$ |
3,477 |
|
Cost of
sales |
|
|
(3,186 |
) |
|
|
(1,337 |
) |
Gross Profit |
|
|
2,038 |
|
|
|
2,140 |
|
|
|
|
|
|
Expenses |
|
|
|
|
General and
administrative |
|
|
8,261 |
|
|
|
8,464 |
|
Sales and
marketing |
|
|
733 |
|
|
|
587 |
|
Research and
development |
|
|
412 |
|
|
|
278 |
|
Restructuring expenses |
|
|
4,008 |
|
|
|
- |
|
Depreciation
and amortization |
|
|
517 |
|
|
|
579 |
|
Total expenses |
|
|
13,931 |
|
|
|
9,908 |
|
|
|
|
|
|
Loss
from operations |
|
|
(11,893 |
) |
|
|
(7,768 |
) |
|
|
|
|
|
Other Expense (Income), Net |
|
|
|
|
Interest and
amortization of debt issuance cost |
|
|
2,118 |
|
|
|
978 |
|
(Gain) loss
on remeasurement of warrant liability |
|
|
(490 |
) |
|
|
4,851 |
|
Loss on debt
extinguishment, net |
|
|
2,263 |
|
|
|
- |
|
Foreign
exchange loss |
|
|
345 |
|
|
|
759 |
|
Other
income, net |
|
|
(53 |
) |
|
|
(602 |
) |
Total other
income, net |
|
|
4,183 |
|
|
|
5,986 |
|
|
|
|
|
|
Loss
before income taxes and equity investment loss |
|
$ |
(16,076 |
) |
|
$ |
(13,754 |
) |
Deferred
income tax expense |
|
|
|
|
Equity
investment share of loss |
|
|
64 |
|
|
|
11 |
|
Net
loss |
|
$ |
(16,140 |
) |
|
$ |
(13,765 |
) |
Net loss per
share attributable to Clever Leaves Holdings Inc. - basic and
diluted |
|
$ |
(0.58 |
) |
|
$ |
(0.55 |
) |
Weighted-average common shares outstanding - basic and
diluted |
|
|
27,960,584 |
|
|
|
25,030,080 |
|
CLEVER
LEAVES HOLDINGS INC. |
Condensed
Consolidated Statements of Cash Flows |
(Amounts in
thousands of U.S. Dollars) |
(Unaudited) |
|
Three Months Ended March 31, |
|
2022 |
|
2021 |
Cash
Flow from Operating Activities: |
|
|
|
Net loss |
$ |
(16,140 |
) |
|
$ |
(13,765 |
) |
Adjustments
to reconcile to net cash used in operating activities: |
|
|
|
Depreciation
and amortization |
|
896 |
|
|
|
795 |
|
Amortization
of debt discount and debt issuance cost |
|
1,681 |
|
|
|
161 |
|
Inventory
write-down |
|
845 |
|
|
|
168 |
|
Restructuring and related costs |
|
3,919 |
|
|
|
- |
|
(Gain) loss
on remeasurement of warrant liability |
|
(490 |
) |
|
|
4,851 |
|
Non-cash
lease expenses |
|
137 |
|
|
|
- |
|
Foreign
exchange loss |
|
345 |
|
|
|
759 |
|
Share-based
compensation expense |
|
500 |
|
|
|
1,550 |
|
Loss on
equity method investment, net |
|
64 |
|
|
|
11 |
|
Loss on debt
extinguishment |
|
2,263 |
|
|
|
- |
|
Other
non-cash expense, net |
|
281 |
|
|
|
269 |
|
Changes in
operating assets and liabilities: |
|
|
|
(Increase)
in accounts receivable |
|
(359 |
) |
|
|
(61 |
) |
(Increase)
in prepaid expenses |
|
(1,578 |
) |
|
|
(160 |
) |
(Increase)
in other receivables and other non-current assets |
|
(150 |
) |
|
|
(253 |
) |
(Increase)
in inventory |
|
(1,667 |
) |
|
|
(1,533 |
) |
(Decrease)
increase in accounts payable and other current liabilities |
|
(830 |
) |
|
|
(2,417 |
) |
(Decrease)
increase in accrued and other non-current liabilities |
|
(88 |
) |
|
|
(1,002 |
) |
Net cash
used in operating activities |
$ |
(10,371 |
) |
|
$ |
(10,627 |
) |
|
|
|
|
Cash
Flow from Investing Activities: |
|
|
|
Purchase of
property, plant and equipment |
|
(1,215 |
) |
|
|
(2,216 |
) |
Net cash
used in investing activities |
$ |
(1,215 |
) |
|
$ |
(2,216 |
) |
|
|
|
|
Cash
Flow From Financing Activities: |
|
|
|
Repayment of
debt |
|
(3,554 |
) |
|
|
- |
|
Other
borrowings |
|
- |
|
|
|
1,223 |
|
Proceeds
from issuance of shares |
|
23,400 |
|
|
|
- |
|
Equity
issuance costs |
|
(1,177 |
) |
|
|
- |
|
Proceeds
from exercise of warrants |
|
- |
|
|
|
1,410 |
|
Stock option
exercise |
|
22 |
|
|
|
- |
|
Net cash
provided by financing activities |
$ |
18,691 |
|
|
$ |
2,633 |
|
Effect of
exchange rate changes on cash, cash equivalents & restricted
cash |
|
(22 |
) |
|
|
(75 |
) |
(Decrease)
in cash, cash equivalents & restricted cash |
$ |
7,083 |
|
|
$ |
(10,285 |
) |
Cash, cash
equivalents & restricted cash, beginning of period |
|
37,699 |
|
|
|
79,460 |
|
Cash, cash
equivalents & restricted cash, end of period |
$ |
44,782 |
|
|
$ |
69,175 |
|
|
|
|
|
CLEVER
LEAVES HOLDINGS INC. |
Adjusted
EBITDA Reconciliation (Non-GAAP Measure) |
(Amounts in
thousands of U.S. Dollars) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
2022 |
|
2021 |
Net Loss |
|
$ |
(16,140 |
) |
|
$ |
(13,765 |
) |
(Gain) loss
on remeasurement of warrant liability |
|
|
(490 |
) |
|
|
4,851 |
|
Net
Loss (Excl. Gain on remeasurement of warrant
liability) |
|
$ |
(16,630 |
) |
|
$ |
(8,914 |
) |
Share-based
compensation |
|
|
500 |
|
|
|
1,550 |
|
Restructuring expense |
|
|
4,008 |
|
|
|
- |
|
Depreciation
& amortization |
|
|
686 |
|
|
|
750 |
|
Interest
expense, net |
|
|
2,118 |
|
|
|
978 |
|
Foreign
exchange loss |
|
|
345 |
|
|
|
759 |
|
Loss on debt
extinguishment, net |
|
|
2,263 |
|
|
|
- |
|
Equity
investment share of loss |
|
|
64 |
|
|
|
11 |
|
Other
income, net |
|
|
(53 |
) |
|
|
(602 |
) |
Adjusted EBITDA (Non-GAAP Measure) |
|
$ |
(6,699 |
) |
|
$ |
(5,468 |
) |
|
|
|
|
|
CLEVER
LEAVES HOLDINGS INC. |
Adjusted
Gross Profit Reconciliation (Non-GAAP Measure) |
(Amounts in
thousands of U.S. Dollars) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
2021 |
Revenue |
|
$ |
5,224 |
|
|
$ |
3,477 |
|
Cost of
sales |
|
|
(2,341 |
) |
|
|
(1,169 |
) |
Inventory
write-down |
|
|
(845 |
) |
|
|
(168 |
) |
Gross Profit |
|
$ |
2,038 |
|
|
$ |
2,140 |
|
Inventory
write-down |
|
|
(845 |
) |
|
|
(168 |
) |
Adjusted Gross Profit (Non-GAAP Measure) |
$ |
2,883 |
|
|
$ |
2,308 |
|
|
|
|
|
|
Gross Profit
Margin (%) |
|
|
39.0 |
% |
|
|
61.5 |
% |
Adjusted
Gross Profit Margin (%) |
|
|
55.2 |
% |
|
|
66.4 |
% |
|
|
|
|
|
Clever Leaves (NASDAQ:CLVR)
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