Leafly Holdings’ net loss for the year 2021 increases 20% year-on-year to $12 million

Leafly Holdings, Inc. LFLY released financial results for its fourth quarter and fiscal year ended December 31, 2021, with quarterly revenue of $12.1 million, up 30% from the fourth quarter of 2020.

Fourth Quarter Financial Highlights

  • The gross margin was 88%, vs. 85% in Q4 2020

  • Total operating expenses were $15.1 million, up 71% over $8.9 million in the fourth quarter of 2020, primarily reflecting increased costs associated with increased headcount and increased advertising and marketing expenses

  • Net loss was $5.1 million, compared to a net loss of $1.0 million in the fourth quarter of 2020

  • Adjusted EBITDA was a loss of $4.1 million, compared to Adjusted EBITDA loss of $0.7 million in the fourth quarter of 2020

2021 annual financial results

  • Revenue was $43.0 million, up 18% from fiscal 2020

  • Gross margin was 88%, compared to 86% in fiscal 2020

  • Total operating expenses were $48.7 million, up 20% from $40.7 million in fiscal 2020, primarily reflecting higher selling and marketing, up $6.5 million or 49% from fiscal 2020

  • Net loss was $12.0 million compared to a net loss of $10.0 million in fiscal 2020

  • Adjusted EBITDA loss was $9.4 million, compared to an adjusted EBITDA loss of $7.9 million for fiscal 2020

Company Highlights

  • On February 4, 2022, Leafly and Merida Merger Corp. I finalized their business combination. The ticker symbols for the combined company’s common stock and warrants changed to LFLY and LFLYW, respectively, on Nasdaq on February 7, 2022.

  • Thanks to its financing by convertible notes in 2021, Leafly raised $31.5 million and ended 2021 with cash and cash equivalents on the balance sheet of $28.6 million.

“2021 has been a banner year for Leafly, and our success lays the foundation for long-term growth and expanded opportunities in this large and growing market. The investments we have made to date have delivered top-notch results and allowed us to increase penetration in targeted markets,” said Yoko Miyashita, CEO of Leafly. “Leafly is a marketplace that connects consumers to information, as well as trusted brands and retailers. With our recent influx of capital, we plan to increase the number of retailers and brands on Leafly, invest in industry-leading tools that drive strong value for retailers and brands, and strengthen our shopping experience. consumers with the best of our editorial and educational cannabis. contents.”

As Leafly nears the end of the first quarter of 2022, it expects revenue of approximately $11.3 million for the quarter.

Ann J. Cox