Clever Leaves Q4 revenue up 5% to $4.6M; full-year cannabinoid revenue jumps 39%, closes Herbal Brands sale for $8.02M

Clever Leaves Holdings Inc.

Q4 2023 revenue $4.6M (+5% YoY); cannabinoid revenue $2.0M (+29% YoY). Full-year revenue $17.4M (+6%), cannabinoid up 39% to $6.6M.
Q4 net loss narrowed to $5.1M from $28.8M a year ago; adjusted EBITDA flat at -$4.6M. Full-year net loss $17.9M vs $66.2M in 2022.
All-in cost per gram of dry flower improved to $0.55 in Q4 from $6.76 in prior-year quarter on increased harvest (1,693 kg vs 89 kg).
Cash and equivalents $6.9M at Dec 31, 2023 vs $12.9M a year ago; sale of Cansativa stake brought $1.9M; no ATM shares sold in Q4.
Post-quarter closed sale of non-cannabinoid Herbal Brands for $8.02M ($7.02M cash) on Mar 21, 2024; also sold Portuguese farm assets for $1.5M.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Clever Leaves Holdings Inc. reported the fourth quarter ended December 31, 2023 results: revenue $4.6 million, net income $5.1 million.

Period: the fourth quarter ended December 31, 2023
Revenue: $4.6 million
Net income: $5.1 million
Result: reported results

Exact text from the filing

Revenue in the fourth quarter of 2023 increased 5% to $4.6 million compared to $4.4 million for the same period in 2022.

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Source: SEC EDGAR

accession 0001819615-24-000029

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