GrowGeneration Sees 10th Quarter Of Record Revenues

Farm supply company GrowGeneration Corp. GRWG, fresh off an acquisition of Concord, California-based Emerald City Garden, revealed its second-quarter financial results.

The Denver-based company posted revenue of $43.5 million, up by 123% year-over-year.

GrowGeneration achieved record results over the quarter, CEO Darren Lampert said Thursday, adding it’s the “company’s 10th consecutive quarter of record revenues.”

Other quarterly highlights include:

• Same-store sales were $25.1 million compared to $19.5 million in the second quarter of 2019
• Adjusted EBITDA of $4.6 million versus Adjusted EBITDA of $1.7 million in the same quarter last year
• That’s an increase of 166%
• Gross profit amounted to $11.6 million, versus $5.8 million in the same period of 2019, a year-over-year increase of 99%
• Gros profit margin was 26.7%
• Income from store operations increased by 145% over the year, to $7.6 million
• Working capital of $5.8 million on June 30, compared to $30.6 million at December 31.

Meanwhile, the company closed the acquisition of H2O Hydroponics LLC in June, ahead of entering the Russell 3000 index.

“Our mergers and acquisitions pipeline is the most active it has been since our inception,” continued Lampert.

GrowGeneration intends to hit the milestone in 2021, by reaching its “corporate goal” of 50 stores and 15 states, he added.

Courtesy photo