Leafly jumps on upbeat outlook, retail account additions

Leafly Holdings

11/11/2022 16:42

** Cannabis-focused website Leafly Holdings Inc  LFLY.O 
surges as much as 18.3% to 95 cents
    ** Expects higher FY revenue and smaller adj. EBITDA loss
than Refinitiv consensus
    ** Q3 revenue was in-line with estimates; adj. EBITDA loss
was $5.2 mln vs expectations of a loss of $6.8 mln
    ** LFLY added 386 new accounts to its platform in Q3, driven
by California, Oregon, and New Mexico; brokerage Cowen says this
beats the 50 net cancellations it had expected
    ** Cowen says LFLY is an "increasingly formidable
competitor" in California, a market co has underpenetrated
compared to rival WM Technology Inc  MAPS.O 
    ** Adds LFLY's delivery partnerships, including one with
Uber Technologies Inc  UBER.N , are yielding results while
cost-cutting steps should reduce cash burn
    ** Maintains "outperform" rating while cutting PT to $2.50
from $4
 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))