Leafly(US:LFLY)2024-08-08 20:06Revenue Performance - Q2 2024 revenue was $8.7 million, down from $10.7 million in Q2 2023, representing a decrease of 18.7%[1] - Retail revenue decreased to $7.3 million from $8.8 million in Q2 2023, a decline of 17%[1] - Brand revenue fell to $1.4 million from $1.8 million in Q2 2023, a decrease of 22.2%[1] - Revenue for the three months ended June 30, 2024, was $8,722 million, a decrease of 18.3% compared to $10,675 million for the same period in 2023[16] Gross Margin and Profitability - Gross margin improved to 89%, up from 88% in Q2 2023[1] - Gross profit for the six months ended June 30, 2024, was $15,835 million, down 18.0% from $19,340 million in the same period of 2023[16] - Adjusted EBITDA was $0.5 million, an increase from $0.1 million in Q2 2023[1] - Adjusted EBITDA for the six months ended June 30, 2024, was $(384) million, compared to $(3,264) million for the same period in 2023[21] Operating Expenses - Total operating expenses were reduced by 17% to $8.4 million from $10.2 million in Q2 2023[1] - Total operating expenses for the three months ended June 30, 2024, were $8,409 million, a decrease of 17.5% from $10,188 million in the same period of 2023[16] Net Loss and Financial Health - Net loss narrowed to $1.3 million compared to a net loss of $1.4 million in Q2 2023[1] - Net loss for the six months ended June 30, 2024, was $3,662 million, an improvement from a net loss of $6,833 million in the same period of 2023[17] - The company reported a net loss per share of $(0.55) for the three months ended June 30, 2024, compared to $(0.73) for the same period in 2023[16] Cash Flow and Liquidity - Cash used in operating activities for the six months ended June 30, 2024, was $(454) million, significantly improved from $(9,818) million in the same period of 2023[17] - Cash, cash equivalents, and restricted cash at the end of the period were $13,820 million, down from $14,729 million at the end of the same period in 2023[17] Accounts and Guidance - Ending retail accounts decreased by 32% to 3,595 from 5,261 in Q2 2023[3] - Retailer ARPA increased by 23% to $684 from $558 in Q2 2023[3] - Guidance for Q3 2024 revenue is expected to be around $8.4 million with an adjusted EBITDA loss of less than $1.0 million[5] - Interest expense for the six months ended June 30, 2024, was $1,245 million, compared to $1,437 million for the same period in 2023[21] - The company experienced a decrease in accounts receivable of $7 million for the six months ended June 30, 2024, compared to a decrease of $(1,701) million in the same period of 2023[17]