The following is a summary of the Leafly Holdings, Inc. (LFLY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Leafly's Q1 revenue came in at $9 million.
The company reported a net loss of $2.4 million.
Adjusted EBITDA and cash performance surpassed company expectations, suggesting progress towards achieving profitability.
A decline was reported in the number of retail accounts, which resulted in a final tally of 3,840 for Q1.
Leafly's Q1 Average Revenue Per Account (ARPA) increased 22% year-over-year to reach $677.
Brand revenue painted a different picture, declining by 34% year-over-year to land at $1.2 million.
Business Progress:
Customer acquisition and existing customer retention are pivotal areas for Leafly.
To enhance market penetration, new market managers and acquisition managers were brought onboard.
Leafly has made platform upgrades, such as adding a live chat for retailers, SEO optimization for retailer menus and bids, and promo code functionality.
The company foresees potential benefits from possible reclassification of cannabis under the Controlled Substances Act, anticipating more research opportunities and tax savings for cannabis operators.
Following a court ruling in the company's favor, Leafly plans to extend its full range of services to newly licensed operators in New York.
The company sees potential for international expansion, especially in Germany with its recent legalization of cannabis.
With the appointment of a new President and COO, Leafly plans to cater to global consumers by providing premium content.
More details: Leafly IR
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