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Clever Leaves Holdings Inc. (NASDAQ:CLVR) (NASDAQ:CLVRW) reported its financial results late Monday for the fourth quarter and full year concluded on December 31, 2023.
The company reported a 6% increase in revenue compared to the previous year, driven by a notable 39% rise in full-year cannabinoid revenue.
CEO Andres Fajardo highlighted in a press release the execution of strategic initiatives, emphasizing the enhancement of commercial and production operations alongside capital efficiency and cost structure optimization.
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Fourth Quarter 2023 Performance
In the fourth quarter of 2023, revenue surged by 5% to $4.6 million compared to the same period in 2022.
This growth was primarily attributed to a robust performance in the cannabinoid segment, which saw revenues escalate by 29%, reaching $2.0 million.
The quarter saw operational improvements, notably a substantial increase in harvest to 1,693 kilograms of dry flower compared to 89 kilograms in the same period last year.
For the full year 2023, Clever Leaves recorded a 6% increase in revenue, amounting to $17.4 million compared to $16.4 million in 2022.
Cannabinoid revenue witnessed a significant surge, rising by 39% to $6.6 million.
Notably, the company focused on optimizing its cost structure, leading to improved operational efficiencies and a reduction in general and administrative expenses by 24%.
Despite positive growth trends, Clever Leaves faced challenges such as variability in Brazilian quotas issuance and order stoppages in Israel due to geopolitical conflicts.
However, the company continued its expansion efforts, including partnerships with Dutch seed bank Paradise Seeds.
A significant milestone for Clever Leaves was the completion of the sale of its Non-Cannabinoid Herbal Brands Business on March 21, 2024, amounting to $8.02 million.
The transaction included $7.02 million in cash paid at closing, marking a notable move in the company's strategic alignment and focus on its core operations.
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Photo by Jhon David on Unsplash.
