SEATTLE / Nov 07, 2024 / Business Wire / Leafly Holdings, Inc. (NASDAQ: LFLY) announced its financial results for the third quarter ending September 30, 2024, revealing two consecutive quarters of positive adjusted EBITDA.
CEO Yoko Miyashita stated, "With a retail business stabilizing, we are positioned to capitalize on growth opportunities ahead." The company reported flat retail revenue, benefiting from targeted price increases and reduced account churn.
Ending retail accounts fell 20% year over year to 3,554, with an average revenue per account increasing 8% to $695. The company maintained $13.6 million in cash while raising $1.1 million through an at-the-market offering.
Leafly is addressing convertible notes maturing in January 2025 and has requested a hearing to appeal its Nasdaq delisting status. No guidance was provided for Q4 2024 or the full year, as the company focuses on restructuring its debt.