Cannabis Earnings: GrowGen Announces Record Q3 Revenues, Expects FY21 Sales To Hit $435M-$440M

Hydroponics Innovator GrowGeneration Corp. (NASDAQ: GRWG) posted record third-quarter revenues Thursday of $116 million, versus $55 million in the same period last year.

"The GrowGen team delivered a strong third quarter, with revenues up 111%, compared to the same period last year in a difficult macro environment," Darren Lampert, the company's co-founder and CEO, said.

Q3 Financial Highlights

  • Same-store sales at 25 locations open for the same period in 2020 and were $59.2 million versus $51.2 million for the same period of last year, representing a 15.7% increase year over year.
  • The gross profit margin was 29.4%, compared to 26.5% in the same quarter of 2020, an increase of 290 basis points.
  • GAAP net income before tax hovered around $5.1 million.
  • Net income was $4 million, or 7 cents per share based on a basic share count of 58.5 million.
  • Adjusted EBITDA was $10.8 million, versus $6.6 million for the same period of 2020.
  • Private …

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More Cannabis Earnings: GrowGen Announces Record Q3 Revenues, Expects FY21 Sales To Hit $435M-$440M