The following is a summary of the Leafly Holdings, Inc. (LFLY) Q2 2024 Earnings Call Transcript:
Financial Performance:
Q2 revenue was reported at $8.7 million, aligning with guidance and down 18.3% year-over-year.
Adjusted EBITDA was positive at $483,000, significantly ahead of guidance.
Gross margin improved to 89%, compared to 88% in the same quarter last year.
Net loss for the quarter was $1.3 million, a slight improvement from the previous year.
Business Progress:
Focused on enhancing operational efficiencies and maintaining a path towards profitability.
Introduced tiered brand subscription offerings to drive greater monetization of platform services.
Expanded partnership with Uber Eats into Alberta, Canada, for cannabis delivery and launched online ordering features in Ohio following new regulations.
Opportunities:
The brand is leveraging the changing landscape of cannabis regulations, such as the early start of Ohio's recreational program and expansion in Washington, D.C.
Potential growth through the hemp-derived cannabinoids market and ongoing engagement with hemp brands.
Risks:
Payment delinquencies and ongoing financial pressure from the industry's capital constraints remain significant challenges.
Anticipates continued pressure until macroeconomic conditions improve.
More details: Leafly IR
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