Clever Leaves IPO Presentation

Adjusted EBITDA Reconciliation Non-GAAP Financial Measures In this presentation, Clever Leaves may reference certain non-GAAP financial measures, including Adjusted EBITDA. Non-GAAP measures do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. The Company defines Adjusted EBITDA as income from continuing operations before interest, taxes, depreciation, amortization, share-based compensation expense, intangible asset impairment, restructuring expense, gain on investments, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt, and miscellaneous expenses. Adjusted EBITDA also excludes the impact of certain non-recurring items that are not directly attributable to the underlying operating performance. Such items are shown in the table reconciling adjusted EBITDA to consolidated income from continuing operations before income taxes. Clever Leaves considers Adjusted EBITDA to be a meaningful indicator of the operating performance of its business. Non-GAAP measures, including Adjusted EBITDA, should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures, including Adjusted EBITDA, to the most directly comparable U.S. GAAP measure, see the relevant schedules provided with this presentation. Net Loss Loss (Income) from discontinued operations Gain on remeasurement of warrant liability Share-based compensation Restructuring expenses Depreciation and amortization Interest expense and amortization of debt issuance costs Foreign exchange loss Gain on investment Investment Impairment Goodwill Impairment Deferred Tax (recovery) Loss on debt extinguishment, net Equity investment share of loss Other (income) expense, net Adjusted EBITDA (Non-GAAP Measure) $ Three Months Ended September 30, 2023 2022 (5,138) $ (2,133) (60) 52 691 5 275 3,705 (31) $ (2,634) $ (20,163) 1,972 (196) 958 (82) 748 (58) 669 19,000 (6,650) 102 (3,700) Nine Months Ended September 2023 2022 $ $ (12,814) (1,869) (5) 954 1,933 23 297 3,705 (19) (7,795) $ (37,349) 7,189 (2,009) 2,606 3,761 2,322 2,696 1,144 (6,851) CLEVER LEAVES 19,000 (6,650) 2,263 64 111 $ (11,703) 22

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