Clever Leaves Holdings Inc Down 3.07% To $0.26 After Earnings Beat

Clever Leaves Holdings Inc (CLVR) reported better than expected earnings this afternoon for Q1 2023.

Clever Leaves Holdings Inc's earnings came in at an EPS loss of $0.09 per share, 40.00% higher than estimates for an EPS loss of $0.15 per share. The firm's loss per share narrowed by 75% since reporting a loss of $0.36 per share a year ago.

Consensus estimates for Clever Leaves Holdings Inc revenue averaged out to $3.6 million, with the business managing to beat those expectations with reported first-quarter revenue of $4 million. The $378 thousand (11%) positive revenue surprise led to negative 21% growth year-over-year as the firm reported revenue of $5 million in its year-ago quarter. The higher earnings growth compared to revenue points to Clever Leaves Holdings Inc improving its profit margin.

The stock is down 3.07% to $0.26 after the report.

Clever Leaves Holdings Inc's profit margins took a hit as earnings fell at a faster pace than revenues.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 41. Meanwhile, the average Wall Street analyst rated the stock a Hold.

Clever Leaves Holdings Inc is a producer of pharmaceutical and consumer cannabis brands. The company operates and has investments in Canada, Colombia, Germany, Portugal, and the United States.