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Leafly Holdings, Inc. De (LFLY) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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Leafly Holdings, Inc. De

CIK: 1785592 Ticker: LFLY

Exhibit 99.1
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Leafly Holdings, Inc. Reports First Quarter 2022 Financial Results

Delivered 21% revenue growth over Q1 2021
Ending retail accounts grew 37% year over year
Reiterates full year guidance for revenue and adjusted EBITDA

SEATTLE--(BUSINESS WIRE)-- May 12, 2022 --Leafly Holdings, Inc. (“Leafly” or “the Company”) (NASDAQ: LFLY), a leading online cannabis discovery marketplace and resource for cannabis consumers, today announced financial results for its first quarter ended March 31, 2022.

“The first quarter was marked by our continued focus on creating an unmatched consumer shopping experience and a marketplace that delivers outstanding value to our retail and brand customers. Year over year, we grew revenue by 21%, increased ending retail accounts by 37%, and grew the number of brand advertisers on our platform by 135%,” said Yoko Miyashita, CEO of Leafly. “We will harness the momentum of this quarter to drive further investment in products and programs that create a meaningful impact for our customers and the industry.”

First Quarter 2022 Financial Results

Total revenue was $11.4 million in line with Company expectations and up 21% over Q1 2021 driven by growth in new subscriptions and increased monetization from advertising products
Gross margin was 87%, compared to 88% in Q1 2021
Total operating expense was $17.4 million, up 84% over $9.5 million in Q1 2021, and included investments in platform, product development and sales and marketing to position the business for growth     
Net loss was $19.4 million, and included $10.4 million of losses on derivative liabilities, compared to net loss of $1.1 million in Q1 2021
Adjusted EBITDA loss was $5.4 million, compared to adjusted EBITDA loss of $0.8 million in Q1 2021
    
Reconciliations of GAAP to non-GAAP financial measures have been provided in the tables included in this release.

“Our first quarter results were in line with expectations and set the foundation for accelerated revenue growth we expect to see throughout the year,” said Suresh Krishnaswamy, CFO of Leafly. “The industry continues to evolve, bringing long-term opportunity for growth across new and existing markets. We continue to invest in product, sales and marketing in order to create and deliver a best-in-class experience for our consumers, retailers and brands.


The following information was filed by Leafly Holdings, Inc. De (LFLY) on Thursday, May 12, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Leafly Holdings, Inc. De.

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Assess how Leafly Holdings, Inc. De's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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Leafly Holdings, Inc. De's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Leafly Holdings, Inc. De's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets - Unaudited
Consolidated Balance Sheets - Unaudited (Parentheticals)
Consolidated Statements Of Cash Flows - Unaudited
Consolidated Statements Of Changes In Stockholders??? Equity (Deficit) - Unaudited
Consolidated Statements Of Operations - Unaudited
Accounts Receivable, Net
Accounts Receivable, Net (Details)
Accounts Receivable, Net (Tables)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Details)
Basis Of Presentation And Significant Accounting Policies (Policies)
Cash, Cash Equivalents, And Restricted Cash
Cash, Cash Equivalents, And Restricted Cash (Tables)
Cash, Cash Equivalents, And Restricted Cash - Narrative (Details)
Cash, Cash Equivalents, And Restricted Cash - Schedule (Details)
Commitment And Contingencies
Convertible Promissory Notes
Convertible Promissory Notes (Details)
Defined Contribution Plan
Defined Contribution Plan (Details)
Description Of The Business And Merger Transaction
Description Of The Business And Merger Transaction (Tables)
Description Of The Business And Merger Transaction - Reconciliation Of Common Shares (Details)
Description Of The Business And Merger Transaction - Significant Sources And Uses Of Cash (Details)
Employee Stock Purchase Plan
Employee Stock Purchase Plan (Details)
Equity Incentive Plans
Equity Incentive Plans (Tables)
Equity Incentive Plans - Narrative (Details)
Equity Incentive Plans - Stock Option Activity (Details)
Equity Incentive Plans - Stock-Based Compensation Expense (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Changes In Fair Value Of Derivative Liability (Details)
Fair Value Measurements - Valuation Assumptions (Details)
Income Taxes
Income Taxes (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Antidilutive Shares (Details)
Net Loss Per Share - Computation (Details)
Net Loss Per Share - Narrative (Details)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Details)
Prepaid Expenses And Other Current Assets (Tables)
Property, Equipment And Software, Net
Property, Equipment And Software, Net (Tables)
Property, Equipment And Software, Net - Narrative (Details)
Property, Equipment And Software, Net - Schedule (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue And Contract Balances
Revenue And Contract Balances (Tables)
Revenue And Contract Balances - Deferred Revenue (Details)
Revenue And Contract Balances - Disaggregation Of Revenue (Details)
Revenue And Contract Balances - Narrative (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Stockholders' Equity
Stockholders' Equity (Details)
Subsequent Event
Subsequent Event (Details)
Warrants And Forward Purchase Share Agreements
Warrants And Forward Purchase Share Agreements - Forward Share Purchase Agreements (Details)
Warrants And Forward Purchase Share Agreements - Warrants (Details)

Material Contracts, Statements, Certifications & more

Leafly Holdings, Inc. De provided additional information to their SEC Filing as exhibits

Ticker: LFLY
CIK: 1785592
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-22-014549
Submitted to the SEC: Mon May 16 2022 5:24:08 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Prepackaged Software

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