Fri, Nov 8, 10:01 PM (253 days ago)
In its quarterly report for the period ending September 30, 2024, Leafly Holdings, Inc. (LFLY) reported a revenue decline of 21% year-over-year, totaling $8,353,000, primarily due to a 20% decrease in retail accounts and reduced advertising spend from brand customers. The company's net loss improved to $1,139,000 from $2,210,000 in the same quarter last year, driven by significant cost-cutting measures, including a workforce reduction. Operating expenses fell by 27% to $7,996,000, with notable decreases in general and administrative costs. Cash and cash equivalents decreased to $13,815,000, raising concerns about liquidity, particularly with $29,425,000 in convertible notes maturing in January 2025. The company faces substantial doubt regarding its ability to continue as a going concern without additional capital. Leafly's stock is currently at risk of delisting from Nasdaq, pending a hearing scheduled for December 5, 2024, due to non-compliance with listing standards. The report highlights ongoing strategic efforts to stabilize operations and improve revenue, but uncertainties remain regarding future capital needs and market conditions.