GrowGeneration Q2 Revenue Declines 44% YoY, Provides Outlook

GrowGeneration Corp. (NASDAQ: GRWG) released financial results for the second quarter ended June 30, 2022, revealing that net sales declined 44% to $71.1 million.

Q2 Financial Highlights

  • Net loss of $136.4 million inclusive of $127.8 million impairment expense for goodwill and other intangibles compared to net income of $6.7 million in the Q2 2021.

  • Adjusted EBITDA was a loss of $2.9 million in the second quarter of 2022, compared to a profit of $14.5 million in the same period last year.

  • Gross profit was $20.2 million for the second quarter of 2022, compared to $35.7 million for the second quarter of 2021. Gross profit margin was 28.5%, flat to the same quarter last year.

  • Cash and short-term marketable securities as of June 30, 2022, were $65.6 million. Inventory as of June 30, 2022, was $99.1 million and prepaid inventory and other current …

Full story available on Benzinga.com

GrowGeneration Q2 Revenue Declines 44% YoY, Provides Outlook on Benzinga