LFLY - Difficult Environment For Cannabis Retail And Brand Customers Reflected In Leafly's Q3 Results | Benzinga
Cannabis e-commerce platform Leafly Holdings, Inc. (NASDAQ: LFLY) announced its financial results on Thursday for the third quarter ended Sept. 30, 2023, revealing a 10% year-over-year decrease in revenue to $10.6 million.
"Cannabis markets continue to experience pain points of various types, but the industry continues to evolve,” Leafly's CEO Yoko Miyashita said. "The Leafly platform plays an important role, providing the technology retailers need to drive consumer sales and e-commerce shopping experiences. With a strategic focus on profitability, we are carefully managing expenses which we believe will set us up for growth as the cannabis market matures and recovers."
Q3 Financial Highlights
- Gross profit totaled $9.42 million, down from $10.2 million in the prior year’s period.
- Gross margin was 89%, a year-over-year improvement from the gross margin of 87% in the prior year’s period.
- Total operating expense was $10.9 million, a 33% reduction from $16.3 million in the prior year’s period.
- Net loss was $2.2 million, compared to net income of $15.5 million in the corresponding quarter of ...