Business
GrowGeneration Reports Record Fourth Quarter and Full-Year 2020 Financial Results and Raises Full-Year 2021 Guidance
Record Revenues of $193.0 Million, Adjusted EBITDA of $19.2 Million, and Pre-Tax Net Income of $8.6 Million 2021 full-year revenue guidance increased to
About this update from Growgeneration Corp.
[{"type":"text","content":"Record Revenues of $193.0 Million, Adjusted EBITDA of $19.2 Million, and Pre-Tax Net Income of $8.6 Million\n2021 full-year revenue guidance increased to $415-$430 million 2021 full-year adjusted EBITDA guidance updated to $48.0 million-$51.0 million First Quarter 2021 Revenue Guidance $86.0-$88.0 million First Quarter 2021 Adjusted EBITDA Guidance $9.0-$9.5 million The Company expects to reach over 60 Hydroponic garden centers and 15 states in 2021 and over 100 by 2023 DENVER, March 24, 2021 /PRNewswire/ - GrowGeneration Corp. (NASDAQ: GRWG), (\"GrowGen\" or the \"Company\"), the largest chain of specialty hydroponic and organic garden centers, with 52 locations across 12 states, today reported record full-year 2020 revenues of $193.0 million, versus $79.7 million in the same period last year, an increase of 143%. Full-year 2020 adjusted EBITDA of $19.2 million compares to $5.3 million in the same period last year. The Company also reported a record full-year 2020 GAAP pre-tax net income of approximately $8.6 million, compared to pre-tax net income of $1.3 million, in the same period last year. Revenue and adjusted EBITDA guidance for 2021 increases to $415-$430 million, and $48-$51 million, respectively. The Company is providing First Quarter 2021 Revenue and Adjusted EBITDA guidance of $86.0 million - $88.0 million and $9.0 million - $9.5 million, respectively.\n\n \n \n \n \n \n \n\n \nIn addition, the company today announced the appointment of Jeffrey Lasher as Chief Financial Officer (CFO), following the retirement of Monty Lamirato at the end of the first quarter. Mr. Lasher, a seasoned public company CFO at West Marine (formerly Nasdaq: WMAR) and Crocs (NASDAQ: CROX), will begin his tenure as CFO on April 15, 2021.\n\"GrowGen had a transformational year in 2020. The Company generated record revenues of $193 million, a 143% increase year over year, with a 63% increase in our same store sales. Our steadfast focus on rapid, strategic growth in key markets, both organically and through acquisitions, has resulted in our record revenues and EBITDA,\" said Darren Lampert, GrowGen's co-founder and CEO. \"We added 14 new locations to make 52 hydroponic garden centers across 12 states, grew our e-commerce channel and commercial division by over 123% and 188% respectively, and acquired Agron.io, a B2B portal for commercial growers ...