Business
CORRECTING and REPLACING GrowGeneration Reports Fourth Quarter and Full Year 2023 Financial Results; Provides First Quarter and Full Year 2024 Guidance
Full Year Net Revenue of $225.9 million, Beating Guidance Full Year Net Loss of $46.5 million and Non-GAAP Adjusted EBITDA(1) Loss of $5.6 million, In Line
About this update from Growgeneration Corp.
[{"type":"text","content":"\nFull Year Net Revenue of $225.9 million, Beating Guidance\n\n\nFull Year Net Loss of $46.5 million and Non-GAAP Adjusted EBITDA(1) Loss of $5.6 million, In Line with Guidance\n\n\n2024 Outlook Calls for Revenue from $205 million to $215 million and Non-GAAP Adjusted EBITDA(1) from a Loss of $2 million to a Profit of $3 million\n\n\nCompany to Review Strategic Opportunities for MMI\n\n\n DENVER--(BUSINESS WIRE)--\nIn the \"First Quarter and Full Year 2024 Outlook\" section of the release, the third bullet should read: First quarter 2024 net revenues in the range of $45 million to $48 million with Adjusted EBITDA(1) between a loss of $1 million and $3 million (instead of first quarter 2024 net revenues in the range of $45 million to $48 million with Adjusted EBITDA(1) between a $2 million loss and breakeven).\n\n\nThe updated release reads:\n\n\nGROWGENERATION REPORTS FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS; PROVIDES FIRST QUARTER AND FULL YEAR 2024 GUIDANCE\n\n\nFull Year Net Revenue of $225.9 million, Beating Guidance\n\n\nFull Year Net Loss of $46.5 million and Non-GAAP Adjusted EBITDA(1) Loss of $5.6 million, In Line with Guidance\n\n\n2024 Outlook Calls for Revenue from $205 million to $215 million and Non-GAAP Adjusted EBITDA(1) from a Loss of $2 million to a Profit of $3 million\n\n\nCompany to Review Strategic Opportunities for MMI\n\n\nGrowGeneration Corp. (NASDAQ: GRWG), (“GrowGen” or the “Company”), one of the largest retailers and distributors of specialty hydroponic and organic gardening products in the United States, today announced financial results for the fourth quarter and full year ended December 31, 2023.\n\n\nFourth Quarter 2023 Highlights Compared to Prior Year\n\n\n\nNet revenues decreased approximately 9% to $49.5 million, and same-store sales decreased 3.6%\n\n\n\nGross profit increased to $11.6 million, or 23.5% of net revenues, from $9.6 million, or 17.6% of net revenues\n\n\n\nNet loss of $27.3 million, or $(0.44) per diluted share, compared to a net loss of $15.0 million, or $(0.25) per diluted share, primarily due to non-cash impairment\n\n\n\nAdjusted EBITDA(1) loss of $3.7 million, compared to a loss of $10.2 million\n\n\n\nFull Year 2023 Highlights Compared to Prior Year\n\n\n\nNet revenues decreased approximately 18.8% to $225.9 million, beating the Company’s previous guidance\n\n\n\...