Clever Leaves Holdings Inc Financials

CLVR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2023 Currency USD FYE December

This page shows Clever Leaves Holdings Inc (CLVR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 44/100

Based on FY2023 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Clever Leaves Holdings Inc has an operating margin of -89.5%, meaning the company retains $-90 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -285.9% the prior year.

Growth

Clever Leaves Holdings Inc's revenue grew 6.1% year-over-year to $17.4M, a solid pace of expansion. This earns a growth score of 46/100.

Leverage

100

Clever Leaves Holdings Inc carries a low D/E ratio of 0.05, meaning only $0.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.40, Clever Leaves Holdings Inc holds $2.40 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 76/100.

Cash Flow

While Clever Leaves Holdings Inc generated -$11.5M in operating cash flow, capex of $31K consumed most of it, leaving -$11.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

Clever Leaves Holdings Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.64x

For every $1 of reported earnings, Clever Leaves Holdings Inc generates $0.64 in operating cash flow (-$11.5M OCF vs -$17.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$17.4M

YoY+6.1%

Clever Leaves Holdings Inc generated $17.4M in revenue in fiscal year 2023. This represents an increase of 6.1% from the prior year.

EBITDA

-$14.6M

YoY+68.0%

Clever Leaves Holdings Inc's EBITDA was -$14.6M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 68.0% from the prior year.

Free Cash Flow

-$11.5M

YoY+62.0%

Clever Leaves Holdings Inc generated -$11.5M in free cash flow in fiscal year 2023, representing cash available after capex. This represents an increase of 62.0% from the prior year.

Net Income

-$17.9M

YoY+72.9%

Clever Leaves Holdings Inc reported -$17.9M in net income in fiscal year 2023. This represents an increase of 72.9% from the prior year.

EPS (Diluted)

$-11.42

YoY+77.9%

Clever Leaves Holdings Inc earned $-11.42 per diluted share (EPS) in fiscal year 2023. This represents an increase of 77.9% from the prior year.

Cash & Debt

$6.8M

YoY-45.1%

Clever Leaves Holdings Inc held $6.8M in cash against $1.2M in long-term debt as of fiscal year 2023.

Dividends Per Share

N/A

Shares Outstanding

YoY+18.8%

Clever Leaves Holdings Inc had 2M shares outstanding in fiscal year 2023. This represents an increase of 18.8% from the prior year.

Gross Margin

37.6%

YoY-6.3pp

Clever Leaves Holdings Inc's gross margin was 37.6% in fiscal year 2023, indicating the percentage of revenue retained after direct costs. This is down 6.3 percentage points from the prior year.

Operating Margin

-89.5%

YoY+196.4pp

Clever Leaves Holdings Inc's operating margin was -89.5% in fiscal year 2023, reflecting core business profitability. This is up 196.4 percentage points from the prior year.

Net Margin

-102.8%

YoY+300.4pp

Clever Leaves Holdings Inc's net profit margin was -102.8% in fiscal year 2023, showing the share of revenue converted to profit. This is up 300.4 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$1.1M

YoY-33.7%

Clever Leaves Holdings Inc invested $1.1M in research and development in fiscal year 2023. This represents a decrease of 33.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$31K

YoY-97.6%

Clever Leaves Holdings Inc invested $31K in capex in fiscal year 2023, funding long-term assets and infrastructure. This represents a decrease of 97.6% from the prior year.

CLVR Income Statement

Metric	FY23	FY22	FY21	FY20	FY19
Revenue	$17.4M+6.1%	$16.4M+6.7%	$15.4M+26.9%	$12.1M+54.7%	$7.8M
Cost of Revenue	$10.9M+18.1%	$9.2M+7.3%	$8.6M+82.1%	$4.7M-0.6%	$4.7M
Gross Profit	$6.6M-9.2%	$7.2M+6.0%	$6.8M-8.1%	$7.4M+139.0%	$3.1M
R&D Expenses	$1.1M-33.7%	$1.7M+11.2%	$1.5M+53.2%	$1.0M	N/A
SG&A Expenses	$18.0M-24.5%	$23.8M-39.3%	$39.3M+36.3%	$28.8M-17.6%	$35.0M
Operating Income	-$15.6M+66.8%	-$46.9M+18.0%	-$57.2M-100.5%	-$28.5M+21.9%	-$36.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	$68K+101.1%	-$6.4M-768.8%	$950K	$0	$0
Net Income	-$17.9M+72.9%	-$66.2M-44.7%	-$45.7M-76.6%	-$25.9M+34.5%	-$39.5M
EPS (Diluted)	$-11.42+77.9%	$-51.70	$-1.78+46.7%	$-3.34	N/A

Metric	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	$4.6M+21.4%	$3.8M-23.3%	$5.0M+25.2%	$4.0M-9.6%	$4.4M+53.5%	$2.9M-30.1%	$4.1M-18.7%	$5.0M
Cost of Revenue	$5.0M+165.4%	$1.9M-16.7%	$2.3M+29.3%	$1.7M-51.0%	$3.6M+126.9%	$1.6M-3.2%	$1.6M-33.9%	$2.4M
Gross Profit	-$346K-117.8%	$1.9M-28.8%	$2.7M+22.0%	$2.2M+164.7%	$844K-35.0%	$1.3M-47.6%	$2.5M-4.3%	$2.6M
R&D Expenses	$233K-20.2%	$292K-27.5%	$403K+90.1%	$212K-65.0%	$605K+76.4%	$343K-4.5%	$359K-12.9%	$412K
SG&A Expenses	$3.7M-11.8%	$4.2M-13.5%	$4.8M-10.5%	$5.4M+8.1%	$5.0M-8.7%	$5.4M-15.3%	$6.4M-8.2%	$7.0M
Operating Income	-$4.9M-45.5%	-$3.4M-6.4%	-$3.2M+23.1%	-$4.1M+45.1%	-$7.5M+69.1%	-$24.3M-354.8%	-$5.3M+45.0%	-$9.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$5.1M+1.0%	-$5.1M-42.9%	-$3.6M+11.9%	-$4.1M+85.8%	-$28.8M-42.9%	-$20.2M-1827.6%	-$1.0M+93.5%	-$16.1M
EPS (Diluted)	$-8.00-146.2%	$-3.25	$-0.08+11.1%	$-0.09	$-36.76	$-14.33-47666.7%	$-0.03+94.8%	$-0.58

CLVR Balance Sheet

Metric	FY23	FY22	FY21	FY20	FY19
Total Assets	$31.2M-40.0%	$52.1M-55.1%	$116.2M-30.0%	$165.9M+73.3%	$95.7M
Current Assets	$13.9M-46.9%	$26.2M-56.5%	$60.4M-37.0%	$95.8M+307.7%	$23.5M
Cash & Equivalents	$6.8M-45.1%	$12.4M-66.6%	$37.2M-52.9%	$79.1M+556.8%	$12.0M
Inventory	$4.5M-46.6%	$8.4M-45.5%	$15.4M+51.2%	$10.2M+88.1%	$5.4M
Accounts Receivable	$907K-59.7%	$2.3M+1.4%	$2.2M+32.6%	$1.7M+218.6%	$526K
Goodwill	N/A	$0	$0-100.0%	$18.5M-8.3%	$20.2M
Total Liabilities	$7.0M-39.9%	$11.7M-73.1%	$43.4M-38.6%	$70.6M+55.1%	$45.5M
Current Liabilities	$5.8M-38.4%	$9.4M-65.4%	$27.2M-9.5%	$30.1M+393.8%	$6.1M
Long-Term Debt	$1.2M+14.4%	$1.1M-86.0%	$7.6M-77.0%	$33.0M-2.3%	$33.7M
Total Equity	$24.2M-40.1%	$40.4M-44.5%	$72.8M-23.6%	$95.3M+89.8%	$50.2M
Retained Earnings	-$198.8M-9.9%	-$180.9M-57.7%	-$114.7M-66.3%	-$69.0M-116.1%	-$31.9M

Metric	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Total Assets	$31.2M-17.3%	$37.8M-11.8%	$42.8M-7.4%	$46.2M-11.3%	$52.1M-36.0%	$81.4M-22.8%	$105.5M-17.1%	$127.2M
Current Assets	$13.9M-22.3%	$17.9M-2.6%	$18.4M-12.9%	$21.1M-19.5%	$26.2M-35.3%	$40.5M-8.4%	$44.3M-36.0%	$69.2M
Cash & Equivalents	$6.8M+5.5%	$6.5M+27.5%	$5.1M-20.2%	$6.4M-48.9%	$12.4M-27.6%	$17.2M-9.7%	$19.0M-57.1%	$44.3M
Inventory	$4.5M-41.8%	$7.7M+3.2%	$7.5M-6.8%	$8.0M-4.6%	$8.4M-49.6%	$16.7M-0.5%	$16.7M+3.1%	$16.2M
Accounts Receivable	$907K-48.1%	$1.7M-32.6%	$2.6M-2.2%	$2.6M+17.6%	$2.3M-13.1%	$2.6M-23.6%	$3.4M+31.4%	$2.6M
Goodwill	N/A	N/A	N/A	N/A	$0	N/A	N/A	N/A
Total Liabilities	$7.0M-13.1%	$8.1M-8.9%	$8.9M-6.2%	$9.5M-19.0%	$11.7M-1.9%	$11.9M-42.9%	$20.9M-53.4%	$44.8M
Current Liabilities	$5.8M-15.1%	$6.8M-9.5%	$7.6M-3.1%	$7.8M-17.2%	$9.4M+14.7%	$8.2M-4.9%	$8.6M-68.6%	$27.5M
Long-Term Debt	$1.2M-8.8%	$1.3M-3.1%	$1.4M-6.6%	$1.5M+38.7%	$1.1M-23.0%	$1.4M-14.0%	$1.6M-73.8%	$6.1M
Total Equity	$24.2M-18.4%	$29.7M-12.5%	$33.9M-7.7%	$36.8M-9.0%	$40.4M-41.9%	$69.5M-17.8%	$84.6M+2.6%	$82.4M
Retained Earnings	-$198.8M-2.6%	-$193.7M-2.7%	-$188.6M-1.9%	-$185.0M-2.3%	-$180.9M-18.9%	-$152.1M-15.3%	-$131.9M-0.8%	-$130.9M

CLVR Cash Flow Statement

Metric	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$11.5M+60.4%	-$29.1M+19.8%	-$36.2M-65.0%	-$22.0M+40.7%	-$37.1M
Capital Expenditures	$31K-97.6%	$1.3M-82.1%	$7.3M+98.6%	$3.7M-80.4%	$18.7M
Free Cash Flow	-$11.5M+62.0%	-$30.4M+30.2%	-$43.5M-69.8%	-$25.6M+54.0%	-$55.7M
Investing Cash Flow	$4.7M+293.8%	$1.2M+116.4%	-$7.3M-98.6%	-$3.7M+89.2%	-$33.9M
Financing Cash Flow	$656K-80.1%	$3.3M+79.3%	$1.8M-98.0%	$91.8M+46.2%	$62.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$0-100.0%	$6.3M	N/A

Metric	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Operating Cash Flow	-$1.5M+29.9%	-$2.2M-30.5%	-$1.7M+72.2%	-$6.1M-19.2%	-$5.1M+5.3%	-$5.4M+34.4%	-$8.2M+20.8%	-$10.4M
Capital Expenditures	-$156K-244.4%	$108K+145.5%	$44K+25.7%	$35K+106.4%	-$550K-315.7%	$255K-33.9%	$386K-68.2%	$1.2M
Free Cash Flow	-$1.7M+26.4%	-$2.3M-33.4%	-$1.7M+71.7%	-$6.1M-8.2%	-$5.6M-0.1%	-$5.6M+34.4%	-$8.6M+25.8%	-$11.6M
Investing Cash Flow	$2.1M-24.3%	$2.7M+6275.0%	-$44K-25.7%	-$35K-106.4%	$550K+315.7%	-$255K-112.1%	$2.1M+273.8%	-$1.2M
Financing Cash Flow	-$162K-121.3%	$760K+360.6%	$165K+254.2%	-$107K+57.2%	-$250K-106.4%	$3.9M+120.4%	-$19.0M-201.9%	$18.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CLVR Financial Ratios

Metric	FY23	FY22	FY21	FY20	FY19
Gross Margin	37.6%-6.3pp	44.0%-0.3pp	44.3%-16.9pp	61.2%+21.6pp	39.6%
Operating Margin	-89.5%+196.4pp	-285.9%+86.2pp	-372.1%-136.7pp	-235.4%+231.0pp	-466.4%
Net Margin	-102.8%+300.4pp	-403.2%-105.8pp	-297.4%-83.7pp	-213.7%+290.9pp	-504.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-57.3%+69.7pp	-127.0%-87.6pp	-39.4%-23.8pp	-15.6%+25.7pp	-41.3%
Current Ratio	2.40-0.4	2.78+0.6	2.22-1.0	3.18-0.7	3.85
Debt-to-Equity	0.05+0.0	0.03-0.1	0.10-0.2	0.35-0.3	0.67
FCF Margin	-66.3%+118.8pp	-185.1%+97.9pp	-283.0%-71.5pp	-211.5%+499.9pp	-711.4%

Metric	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Gross Margin	-7.5%-58.3pp	50.8%-3.9pp	54.7%-1.4pp	56.2%+37.0pp	19.2%-26.1pp	45.3%-15.2pp	60.5%+9.1pp	51.4%
Operating Margin	-105.9%-17.5pp	-88.4%-24.7pp	-63.7%+40.1pp	-103.8%+67.2pp	-171.0%+677.4pp	-848.4%-718.0pp	-130.4%+62.4pp	-192.8%
Net Margin	-109.6%+24.9pp	-134.5%-62.3pp	-72.2%+30.4pp	-102.6%+552.0pp	-654.6%+48.7pp	-703.3%-677.8pp	-25.5%+294.7pp	-320.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-16.3%-2.7pp	-13.6%-5.2pp	-8.4%+0.4pp	-8.8%+46.5pp	-55.3%-30.5pp	-24.8%-23.8pp	-1.0%+11.7pp	-12.7%
Current Ratio	2.40-0.2	2.62+0.2	2.43-0.3	2.71-0.1	2.78-2.1	4.93-0.2	5.12+2.6	2.52
Debt-to-Equity	0.050.0	0.040.0	0.040.0	0.04+0.0	0.030.0	0.020.0	0.02-0.1	0.07
FCF Margin	-36.6%+23.8pp	-60.5%-25.7pp	-34.8%+118.9pp	-153.7%-25.4pp	-128.3%+68.4pp	-196.7%+13.0pp	-209.7%+20.1pp	-229.8%

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Frequently Asked Questions

What is Clever Leaves Holdings Inc's annual revenue?

Clever Leaves Holdings Inc (CLVR) reported $17.4M in total revenue for fiscal year 2023. This represents a 6.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Clever Leaves Holdings Inc's revenue growing?

Clever Leaves Holdings Inc (CLVR) revenue grew by 6.1% year-over-year, from $16.4M to $17.4M in fiscal year 2023.

Is Clever Leaves Holdings Inc profitable?

No, Clever Leaves Holdings Inc (CLVR) reported a net income of -$17.9M in fiscal year 2023, with a net profit margin of -102.8%.

What is Clever Leaves Holdings Inc's earnings per share (EPS)?

Clever Leaves Holdings Inc (CLVR) reported diluted earnings per share of $-11.42 for fiscal year 2023. This represents a 77.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Clever Leaves Holdings Inc's EBITDA?

Clever Leaves Holdings Inc (CLVR) had EBITDA of -$14.6M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Clever Leaves Holdings Inc have?

As of fiscal year 2023, Clever Leaves Holdings Inc (CLVR) had $6.8M in cash and equivalents against $1.2M in long-term debt.

What is Clever Leaves Holdings Inc's gross margin?

Clever Leaves Holdings Inc (CLVR) had a gross margin of 37.6% in fiscal year 2023, indicating the percentage of revenue retained after direct costs of goods sold.

What is Clever Leaves Holdings Inc's operating margin?

Clever Leaves Holdings Inc (CLVR) had an operating margin of -89.5% in fiscal year 2023, reflecting the profitability of core business operations before interest and taxes.

What is Clever Leaves Holdings Inc's net profit margin?

Clever Leaves Holdings Inc (CLVR) had a net profit margin of -102.8% in fiscal year 2023, representing the share of revenue converted into profit after all expenses.

What is Clever Leaves Holdings Inc's free cash flow?

Clever Leaves Holdings Inc (CLVR) generated -$11.5M in free cash flow during fiscal year 2023. This represents a 62.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Clever Leaves Holdings Inc's operating cash flow?

Clever Leaves Holdings Inc (CLVR) generated -$11.5M in operating cash flow during fiscal year 2023, representing cash generated from core business activities.

What are Clever Leaves Holdings Inc's total assets?

Clever Leaves Holdings Inc (CLVR) had $31.2M in total assets as of fiscal year 2023, including both current and long-term assets.

What are Clever Leaves Holdings Inc's capital expenditures?

Clever Leaves Holdings Inc (CLVR) invested $31K in capital expenditures during fiscal year 2023, funding long-term assets and infrastructure.

How much does Clever Leaves Holdings Inc spend on research and development?

Clever Leaves Holdings Inc (CLVR) invested $1.1M in research and development during fiscal year 2023.

How many shares does Clever Leaves Holdings Inc have outstanding?

Clever Leaves Holdings Inc (CLVR) had 2M shares outstanding as of fiscal year 2023.

What is Clever Leaves Holdings Inc's current ratio?

Clever Leaves Holdings Inc (CLVR) had a current ratio of 2.40 as of fiscal year 2023, which is generally considered healthy.

What is Clever Leaves Holdings Inc's debt-to-equity ratio?

Clever Leaves Holdings Inc (CLVR) had a debt-to-equity ratio of 0.05 as of fiscal year 2023, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Clever Leaves Holdings Inc's return on assets (ROA)?

Clever Leaves Holdings Inc (CLVR) had a return on assets of -57.3% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.

What is Clever Leaves Holdings Inc's cash runway?

Based on fiscal year 2023 data, Clever Leaves Holdings Inc (CLVR) had $6.8M in cash against an annual operating cash burn of $11.5M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Clever Leaves Holdings Inc's Piotroski F-Score?

Clever Leaves Holdings Inc (CLVR) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Clever Leaves Holdings Inc's earnings high quality?

Clever Leaves Holdings Inc (CLVR) has an earnings quality ratio of 0.64x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Clever Leaves Holdings Inc?

Clever Leaves Holdings Inc (CLVR) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.