The following is a summary of the Leafly Holdings Inc (LFLY) Q4 2023 Earnings Call Transcript:
Financial Performance:
Leafly reported Q4 revenue of $9.75 million and an adjusted EBITDA of positive $1.16 million, improving from negative in Q3.
Cash total at the year's end was $15.3 million, a 5.7% increase quarter-over-quarter.
Retail revenue for Q4 stood at $8.3 million while brand revenue was at $1.4 million.
The Retail ARPA in Q4 saw a 21% year-over-year increase, touching $672.
Business Progress:
Leafly implemented key feature improvements like enhanced delivery offerings, deals functionality and search capabilities.
A strategic focus was placed on building high-value partnerships, collections, and on eliminating underperforming, non-paying retailers.
The company expanded its sales team by 8 for increased focus on key markets and new potential markets.
A reduction of 30% year-over-year, or 8.8% quarter-over-quarter, in retail accounts was reported.
The company rolled out its order API, new deal types, and deal engine improvements, while also refining their AI Budtender.
Anticipation of positive industry implications is in place with the DEA expected to reschedule cannabis.
Doubling of revenue was seen in Missouri, with a 27% increase in monthly revenue in Maryland post recreational cannabis legalization.
Expansion efforts are targeting overseas and new state markets, for instance, Germany and Ohio.
Cash burn is managed to sit around $1.5 million for Q1 of 2024.
More details: Leafly IR
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