CLVR - Clever Leaves reports Q3 earnings miss; narrows FY22 guidance

• Clever Leaves press release ( NASDAQ: CLVR ): Q3 GAAP EPS of -$0.48 misses by $0.31 .
• Revenue of $3.3M (-18.1% Y/Y) misses by $2.2M .
• Adjusted EBITDA in the third quarter of 2022 improved to -$5.4M compared to -$6.0M for the same period in 2021.
• Outlook: Clever Leaves has revised its full year 2022 revenue outlook. The Company now expects its 2022 revenue to be within the range of $17.0 million to $17.7 million, compared to its prior forecast of between $20 million and $25 million vs. consensus of $21.60M.
• The Company is reiterating its previously stated full year adjusted gross margin outlook, which is expected to range between 50% and 55%. Clever Leaves has also narrowed its expected range for full year adjusted EBITDA to between $(23) million and $(22) million, compared with its previously stated range of between $(23) million and $(20) million.
• As Clever Leaves continues to make progress on improving capital efficiency, the Company now expects its 2022 capital expenditures to be approximately $1.5 million, compared to its previously stated range of between $2 million to $3 million.

For further details see: