Clever Leaves Reports Second Quarter 2022 Results
Clever Leaves Holdings reported a 27% increase in revenue to $4.7 million for Q2 2022, primarily driven by a 124% rise in cannabinoid revenue to $1.3 million. Adjusted gross profit grew 8% to $2.6 million, despite a gross margin decline to 28%. The company reduced its harvest by 90%, raising all-in costs per gram to $2.26. Notably, net loss decreased to $1.0 million, largely due to a $6.9 million gain from a Cansativa stake sale. Clever Leaves reiterated its 2022 revenue guidance of $20-$25 million and expects to begin dry flower exports in Q4.
- Revenue increased 27% year-over-year to $4.7 million.
- Cannabinoid revenue surged 124% to $1.3 million.
- Net loss reduced significantly to $1.0 million from $9.0 million, aided by a $6.9 million gain on investments.
- All-in cost per gram rose to $2.26, a significant increase from $0.22.
- Gross margin declined to 28% from 48.1%, indicating potential efficiency issues.
Revenue Increased
Significant Debt Reduction and Restructuring Initiatives Create Enhanced Capital Efficiency
Reiterating 2022 Financial Guidance
BOCA RATON, Fla., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW) (“Clever Leaves” or the “Company”), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids, is reporting financial and operating results for the second quarter ended June 30, 2022. All financial information is provided in US dollars unless otherwise indicated.
Second Quarter 2022 Summary vs. Comparable Year-Ago Quarter
- Revenue increased
27% to$4.7 million compared to$3.7 million . Cannabinoid revenue increased124% to$1.3 million compared to$0.6 million , and non-cannabinoid revenue increased9% to$3.4 million compared to$3.1 million . - Gross profit was
$1.3 million , which included a$1.3 million inventory provision, compared to$1.8 million , which included a$0.6 million inventory provision. Adjusted gross profit (a non-GAAP financial measure defined and reconciled herein), which excludes such inventory provision, increased8% to$2.6 million compared to$2.4 million . - Gross margin, which included such inventory provision of
$1.3 million , was28.0% compared to48.1% , which included such inventory provision of$0.6 million . Adjusted gross margin (a non-GAAP financial measure defined and reconciled herein), which excludes such inventory provision, was55.5% compared to65.4% . - All-in cost per gram of dry flower was
$2.26 compared to$0.22 . The increase was driven by significantly reduced harvest levels and costs to process existing inventory in Colombia; 1,200 kilograms of dry flower were harvested in total across our production operations during Q2, which is a90% reduction compared to 11,464 kilograms harvested in the prior year period. The increase was also driven by expenses associated with the Company’s ramping cultivation operations and post-harvest facility in Portugal. - Net loss reduced to
$1.0 million compared to$9.0 million , driven primarily by a$6.9 million gain on investments following the Company’s sale of a portion of its minority equity stake in Cansativa, as well as a$2.2 million decrease in stock-based compensation expense. - Adjusted EBITDA (a non-GAAP financial measure defined and reconciled herein) was
$(6.3) million compared to$(5.7) million , primarily due to increased cost of sales, including increased inventory provision and additional sales and marketing expenses.
Management Commentary
“We continued to make strong commercial progress during the second quarter, supported by our ongoing execution on our focused strategic priorities,” said Andres Fajardo, CEO of Clever Leaves. “We generated solid year-over-year revenue growth and increased cannabinoid revenues by
“Across our core markets, we welcomed several key developments that strengthened our overall footprint and positioning. In April, the Colombian government issued Joint Resolution 539, the final regulatory piece needed to complete the country’s framework for dry flower exports. Our preparations for this expanded market opportunity are well underway, and we remain on track to begin dry flower exports in the fourth quarter of this year. We also enhanced our market pathways in Germany, where we became a fully licensed medical cannabis distributor and now have access to an expansive network of wholesalers and pharmacies across the country.
“On the commercial front, we have continued to expand in each of our target markets. We completed our first shipment of high-THC flower under our partnership with InterCure, a key Israel partnership we announced just earlier this year. Similarly, in Australia, we launched and shipped a high-THC flower strain from Portugal to a large take-or-pay partner in July. In Brazil, we have continued to expand our shipments of products registered under the regulatory authority’s cannabis manufacturing and import standards, RDC 327, and our partners have already started their product launch programs in the country. Subsequent to the quarter, we announced the expansion of our partnership with Cantourage in Germany to launch our IQANNA #10 flower product. IQANNA #10 represents our second IQANNA product launch and is expected to carry one of the highest THC levels available in the German market. We look forward to further expanding our flower offerings and working to deepen our partnerships on an international scale. Throughout our target markets, we remain committed to maximizing patients’ access to our high-quality, pharmaceutical-grade products.
“To further support our growth, we took significant steps to improve our balance sheet and align our expenses with our current revenue profile. During the second quarter, we fully repaid our two largest debt obligations, which represents a near elimination of our total debt and gives us greater balance sheet flexibility for the coming quarters. In addition, we completed a global workforce reduction that is expected to yield approximately
“As we look to the remainder of the year, we expect to drive our business forward on all fronts by further enhancing our operations and cost structure, as well as optimizing our positioning for new commercial opportunities within our target markets. We remain committed to further executing on our refined growth strategy, with the goal of becoming a leader in the international cannabis industry and enhancing the value we create for our shareholders.”
Second Quarter 2022 Financial Results
Revenue in the second quarter of 2022 increased
All-in cost per gram of dry flower in the second quarter of 2022 was
Gross profit in the second quarter of 2022, including a
Operating expenses in the second quarter of 2022 decreased to
Net loss in the second quarter of 2022 decreased to
Adjusted EBITDA in the second quarter of 2022 was
Cash, cash equivalents and restricted cash were
Debt Paydown and Cost Restructuring Initiatives
During the second quarter of 2022, Clever Leaves used the cash proceeds derived from its at-the-market-offering of common stock to fully settle its secured convertible note with Catalina L.P., as well as its remaining debt obligations related to its acquisition of Herbal Brands in 2019. The Company’s debt has thereby been reduced from
To further align its cost structure more closely with its full year strategic objectives, the Company also completed a global work-force reduction during the second quarter of 2022. This reduction is expected to generate cash savings of
Reiterated 2022 Outlook
Based on sustained commercial momentum across its target markets, the Company continues to expect its full year 2022 revenue to be within the range of
Conference Call
Clever Leaves will conduct a conference call today at 5:00 p.m. Eastern time to discuss its results for the second quarter ended June 30, 2022.
The Company’s management will host the call, followed by a question-and-answer session, and the dial-in details are as follows:
Conference Call Date: August 11, 2022
Time: 5:00 p.m. Eastern time
Toll-free dial-in number: 1-855-238-2333
International dial-in number: 1-412-317-5222
Conference ID: 10169279
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.
The conference call will be broadcast live and available for replay here.
A telephonic replay of the conference call will also be available after 8:00 p.m. Eastern time on the same day through August 18, 2022.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 10169279
About Clever Leaves Holdings Inc.
Clever Leaves is a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids. Its operations in Colombia and Portugal produce cannabinoid active pharmaceutical ingredients (API) and finished products in flower and extract form to a growing base of B2B customers around the globe. Clever Leaves aims to disrupt the traditional cannabis production industry by leveraging environmentally sustainable, ESG-friendly, industrial-scale and low-cost production methods, with the world’s most stringent pharmaceutical quality certifications. We announce material information to the public through a variety of means, including filings with the SEC, press releases, public conference calls, and our website (https://cleverleaves.com). We use these channels, as well as social media, including our Twitter account (@clever_leaves), and our LinkedIn page (https://www.linkedin.com/company/clever-leaves), to communicate with investors and the public about our Company, our products, and other matters. Therefore, we encourage investors, the media, and others interested in our Company to review the information we make public in these locations, as such information could be deemed to be material information. Information on or that can be accessed through our websites or these social media channels is not part of this release, and references to our website addresses and social media channels are inactive textual references only.
Non-GAAP Financial Measures
In this press release, Clever Leaves refers to certain non-GAAP financial measures including Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Margin. Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Margin do not have standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Adjusted EBITDA is defined as income/loss from continuing operations before interest, taxes, depreciation, amortization, share-based compensation expense, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt, gain/loss on remeasurement of warrant liability, and miscellaneous expenses. Adjusted Gross Profit (and the related Adjusted Gross Margin measure) is defined as gross profit excluding inventory provision. Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Margin also exclude the impact of certain non-recurring items that are not directly attributable to the underlying operating performance. Clever Leaves considers Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Margin to be meaningful indicators of the performance of its core business. Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Margin should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For reconciliations of Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable U.S. GAAP measures, see the relevant schedules provided with this press release. We have not provided or reconciled the non-GAAP forward-looking information to their corresponding GAAP measures because the exact amounts for these items are not currently determinable without unreasonable efforts but may be significant.
Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “evolve,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “opportunity,” “outlook,” “pipeline,” “plan,” “predict,” “potential,” “projected,” “seek,” “seem,” “should,” “will,” “would” and similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements as well as our outlook for 2022 are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Important factors that may affect actual results or the achievability of the Company’s expectations include, but are not limited to: (i) expectations with respect to future operating and financial performance and growth, including if or when Clever Leaves will become profitable; (ii) Clever Leaves’ ability to execute its business plans and strategy and to receive regulatory approvals (including its goals in its five key markets); (iii) Clever Leaves’ ability to capitalize on expected market opportunities, including the timing and extent to which cannabis is legalized in various jurisdictions; (iv) global economic and business conditions, including recent economic sanctions against Russia and their effects on the global economy; (v) geopolitical events (including the ongoing military conflict between Russia and Ukraine), natural disasters, acts of God and pandemics, including the economic and operational disruptions and other effects of COVID-19 such as the global supply chain crisis, travel restrictions, delays or disruptions to physical shipments (including outright bans on imported products), delays in issuing licenses and permits, delays in hiring necessary personnel to carry out sales, cultivation and other tasks, and financial pressures upon Clever Leaves and its customers; (vi) regulatory developments in key markets for the Company's products, including international regulatory agency coordination and increased quality standards imposed by certain health regulatory agencies, and failure to otherwise comply with laws and regulations; (vii) uncertainty with respect to the requirements applicable to certain cannabis products as well as the permissibility of sample shipments, and other risks and uncertainties; (viii) consumer, legislative, and regulatory sentiment or perception regarding Clever Leaves’ products; (ix) lack of regulatory approval and market acceptance of Clever Leaves’ new products which may impede its ability to successfully commercialize its CBD brand in the United States; (x) the extent to which Clever Leaves’ is able to monetize its existing THC market quota within Colombia; (xi) demand for Clever Leaves’ products and Clever Leaves’ ability to meet demand for its products and negotiate agreements with existing and new customers, including the sales agreements identified as a part of the Company’s 2022 strategic growth objectives; (xii) developing product enhancements and formulations with commercial value and appeal; (xiii) product liability claims exposure; (xiv) lack of a history and experience operating a business on a large scale and across multiple jurisdictions; (xv) limited experience operating as a public company; (xvi) changes in currency exchange rates and interest rates; (xvii) weather and agricultural conditions and their impact on the Company’s cultivation and construction plans, (xviii) Clever Leaves’ ability to hire and retain skilled personnel in the jurisdictions where it operates; (xix) Clever Leaves’ rapid growth, including growth in personnel; (xx) Clever Leaves’ ability to remediate a material weakness in its internal control cover financial reporting and to develop and maintain effective internal and disclosure controls; (xxi) potential litigation; (xxiii) access to additional financing; and (xxiv) completion of our construction initiatives on time and on budget. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in Clever Leaves’ most recent filings with the SEC. All subsequent written and oral forward-looking statements concerning Clever Leaves and attributable to Clever Leaves or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Clever Leaves expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Clever Leaves Investor Inquiries:
Cody Slach or Jackie Keshner
Gateway Group, Inc.
+1-949-574-3860
CLVR@gatewayir.com
Clever Leaves Press Contacts:
Rich DiGregorio
KCSA Strategic Communications
+1-856-889-7351
Diana Sigüenza
Strategic Communications Director
+57-310-236-8830
diana.siguenza@cleverleaves.com
Clever Leaves Commercial Inquiries:
Andrew Miller
Vice President Sales - EMEA, North America, and Asia-Pacific
+1-416-817-1336
andrew.miller@cleverleaves.com
CLEVER LEAVES HOLDINGS INC.
Condensed Consolidated Statements of Financial Position
(Amounts in thousands of U.S. Dollars, except share and per share data)
June 30, 2022 | December 31, 2021 | ||||||
Assets | |||||||
Current: | |||||||
Cash and cash equivalents | $ | 19,025 | $ | 37,226 | |||
Restricted cash | 438 | 473 | |||||
Accounts receivable, net | 3,391 | 2,222 | |||||
Prepaids, deposits and other receivables | 4,671 | 5,064 | |||||
Inventories, net | 16,740 | 15,408 | |||||
Total current assets | 44,265 | 60,393 | |||||
Investment – Cansativa | 5,747 | 1,458 | |||||
Property, plant and equipment, net | 29,502 | 30,932 | |||||
Intangible assets, net | 22,735 | 23,117 | |||||
Operating lease right-of-use assets, net | 3,210 | — | |||||
Other non-current assets | 3 | 260 | |||||
Total Assets | $ | 105,462 | $ | 116,160 | |||
Liabilities | |||||||
Current: | |||||||
Accounts payable | $ | 3,225 | $ | 3,981 | |||
Accrued expenses and other current liabilities | 2,730 | 2,898 | |||||
Convertible note due 2024, current portion | — | 16,559 | |||||
Loans and borrowings, current portion | 526 | 949 | |||||
Warrant liability | 392 | 2,205 | |||||
Operating lease liabilities, current portion | 1,506 | — | |||||
Deferred revenue, current portion | 265 | 653 | |||||
Total current liabilities | 8,644 | 27,245 | |||||
Convertible note due 2024 — long-term | — | 1,140 | |||||
Loans and borrowing — long-term | 1,609 | 6,447 | |||||
Deferred revenue | 1,271 | 1,548 | |||||
Operating lease liabilities — long-term | 1,859 | — | |||||
Deferred tax liabilities | 6,650 | 6,650 | |||||
Other long-term liabilities | 840 | 360 | |||||
Total Liabilities | $ | 20,873 | $ | 43,390 | |||
Shareholders’ equity | |||||||
Additional paid-in capital | 216,515 | 187,510 | |||||
Accumulated deficit | (131,926 | ) | (114,740 | ) | |||
Total shareholders' equity | 84,589 | 72,770 | |||||
Total liabilities and shareholders' equity | $ | 105,462 | $ | 116,160 | |||
CLEVER LEAVES HOLDINGS INC.
Condensed Consolidated Statements of Operations
(Amounts in thousands of U.S. Dollars, except share and per share data)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Revenue | $ | 4,657 | $ | 3,672 | $ | 9,881 | $ | 7,149 | |||||||
Cost of sales | (3,353 | ) | (1,904 | ) | (6,539 | ) | (3,241 | ) | |||||||
Gross profit | 1,304 | 1,768 | 3,342 | 3,908 | |||||||||||
Expenses | |||||||||||||||
General and administrative | 8,013 | 10,301 | 16,274 | 18,765 | |||||||||||
Sales and marketing | 728 | 241 | 1,461 | 828 | |||||||||||
Research and development | 359 | 305 | 771 | 583 | |||||||||||
Restructuring expenses | (135 | ) | — | 3,873 | — | ||||||||||
Depreciation and amortization | 537 | 524 | 1,054 | 1,103 | |||||||||||
Total expenses | 9,502 | 11,371 | 23,433 | 21,279 | |||||||||||
Loss from operations | (8,198 | ) | (9,603 | ) | (20,091 | ) | (17,371 | ) | |||||||
Other Expense (Income), net | |||||||||||||||
Interest and amortization of debt issuance cost | 652 | 920 | 2,770 | 1,898 | |||||||||||
(Gain) loss on remeasurement of warrant liability | (1,323 | ) | (1,176 | ) | (1,813 | ) | 3,675 | ||||||||
Gain on investment | (6,851 | ) | — | (6,851 | ) | — | |||||||||
Loss on debt extinguishment, net | — | — | 2,263 | — | |||||||||||
Foreign exchange loss | 307 | 80 | 652 | 839 | |||||||||||
Other expense (income), net | 63 | (485 | ) | 10 | (1,087 | ) | |||||||||
Total other (income) expenses, net | (7,152 | ) | (661 | ) | (2,969 | ) | 5,325 | ||||||||
Loss before income taxes and equity investment loss | $ | (1,046 | ) | $ | (8,942 | ) | $ | (17,122 | ) | $ | (22,696 | ) | |||
Equity investment share of loss | — | 14 | 64 | 25 | |||||||||||
Net loss | $ | (1,046 | ) | $ | (8,956 | ) | $ | (17,186 | ) | $ | (22,721 | ) | |||
Net loss per share - basic and diluted | $ | (0.03 | ) | $ | (0.35 | ) | $ | (0.51 | ) | $ | (0.90 | ) | |||
Weighted-average common shares outstanding - basic and diluted | 39,559,793 | 25,588,987 | 33,792,261 | 25,311,077 | |||||||||||
CLEVER LEAVES HOLDINGS INC.
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands of U.S. Dollars)
(Unaudited)
Six Months Ended June 30, | |||||||
2022 | 2021 | ||||||
Cash Flow from Operating Activities: | |||||||
Net loss | $ | (17,186 | ) | $ | (22,721 | ) | |
Adjustments to reconcile to net cash used in operating activities: | |||||||
Depreciation and amortization | 1,984 | 1,377 | |||||
Amortization of debt discount and debt issuance cost | 1,949 | — | |||||
Inventory provisions | 2,126 | 803 | |||||
Restructuring and related costs | 3,430 | — | |||||
(Gain) loss on remeasurement of warrant liability | (1,813 | ) | 3,675 | ||||
Non-cash lease expense | 155 | — | |||||
Foreign exchange loss | 652 | 839 | |||||
Stock-based compensation expense | 1,648 | 4,873 | |||||
Equity investment share of loss | 64 | 25 | |||||
Gain on investment | (6,851 | ) | — | ||||
Loss on debt extinguishment | 2,263 | — | |||||
Other non-cash expense, net | 600 | (538 | ) | ||||
Changes in operating assets and liabilities: | |||||||
(Increase) decrease in accounts receivable | (1,169 | ) | 56 | ||||
(Increase) in prepaid expenses | (1,014 | ) | (616 | ) | |||
Decrease (increase) in other receivables and other non-current assets | 178 | (543 | ) | ||||
(Increase) in inventory | (3,458 | ) | (3,761 | ) | |||
(Decrease) in accounts payable and other current liabilities | (1,957 | ) | (2,990 | ) | |||
(Decrease) increase in accrued and other non-current liabilities | (185 | ) | 25 | ||||
Net cash used in operating activities | $ | (18,584 | ) | $ | (19,496 | ) | |
Cash Flow from Investing Activities: | |||||||
Purchase of property, plant and equipment | (1,601 | ) | (4,319 | ) | |||
Proceeds from partial sale of equity method of investment | 2,498 | — | |||||
Net cash provided by (used in) investing activities | $ | 897 | $ | (4,319 | ) | ||
Cash Flow from Financing Activities: | |||||||
Repayment of debt | (22,665 | ) | (1,107 | ) | |||
Other borrowings | 73 | 1,223 | |||||
Proceeds from issuance of shares | 23,400 | — | |||||
Equity issuance costs | (1,177 | ) | — | ||||
Proceeds from exercise of warrants | — | 1,410 | |||||
Stock option exercise | 22 | 10 | |||||
Net cash (used in) provided by financing activities | $ | (347 | ) | $ | 1,536 | ||
Effect of exchange rate changes on cash, cash equivalents & restricted cash | (202 | ) | (106 | ) | |||
Decrease in cash, cash equivalents & restricted cash | $ | (18,236 | ) | $ | (22,385 | ) | |
Cash, cash equivalents & restricted cash, beginning of period | 37,699 | 79,460 | |||||
Cash, cash equivalents & restricted cash, end of period | $ | 19,463 | $ | 57,075 | |||
CLEVER LEAVES HOLDINGS INC.
Adjusted EBITDA Reconciliation (Non-GAAP Measure)
(Amounts in thousands of U.S. Dollars)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Net Loss | $ | (1,046 | ) | $ | (8,956 | ) | $ | (17,186 | ) | $ | (22,721 | ) | |||
(Gain) loss on remeasurement of warrant liability | (1,323 | ) | (1,176 | ) | (1,813 | ) | 3,675 | ||||||||
Net Loss (Excl. Gain on remeasurement of warrant liability) | $ | (2,369 | ) | $ | (10,132 | ) | $ | (18,999 | ) | $ | (19,046 | ) | |||
Share-based compensation | 1,148 | 3,323 | 1,648 | 4,873 | |||||||||||
Restructuring expenses | (135 | ) | — | 3,873 | — | ||||||||||
Depreciation and amortization | 912 | 630 | 1,984 | 1,380 | |||||||||||
Interest and amortization of debt issuance cost | 652 | 920 | 2,770 | 1,898 | |||||||||||
Foreign exchange loss | 307 | 80 | 652 | 839 | |||||||||||
Gain on investment | (6,851 | ) | — | (6,851 | ) | — | |||||||||
Loss on debt extinguishment, net | — | — | 2,263 | — | |||||||||||
Equity investment share of loss | — | 14 | 64 | 25 | |||||||||||
Other expense (income), net | 63 | (485 | ) | 10 | (1,087 | ) | |||||||||
Adjusted EBITDA (Non-GAAP Measure) | $ | (6,273 | ) | $ | (5,650 | ) | $ | (12,586 | ) | $ | (11,118 | ) | |||
CLEVER LEAVES HOLDINGS INC.
Adjusted Gross Profit Reconciliation (Non-GAAP Measure)
(Amounts in thousands of U.S. Dollars)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Revenue | $ | 4,657 | $ | 3,672 | $ | 9,881 | $ | 7,149 | |||||||
Cost of sales | (2,072 | ) | (1,269 | ) | (4,413 | ) | (2,438 | ) | |||||||
Inventory provisions | (1,281 | ) | (635 | ) | (2,126 | ) | (803 | ) | |||||||
Gross Profit | $ | 1,304 | $ | 1,768 | $ | 3,342 | $ | 3,908 | |||||||
Inventory provisions | (1,281 | ) | (635 | ) | (2,126 | ) | (803 | ) | |||||||
Adjusted Gross Profit (Non-GAAP Measure) | $ | 2,585 | $ | 2,403 | $ | 5,468 | $ | 4,711 | |||||||
Gross Profit Margin (%) | 28.0 | % | 48.1 | % | 33.8 | % | 54.7 | % | |||||||
Adjusted Gross Profit Margin (%) | 55.5 | % | 65.4 | % | 55.3 | % | 65.9 | % |
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