Business
GrowGeneration Reports Record Third Quarter 2020 Financial Results
Record Revenues of $55.0 Million, Adjusted EBITDA of $6.6 Million, and Pre-Tax Net Income of $5.1 Million 2020 full-year revenue guidance increased to
About this update from Growgeneration Corp.
[{"type":"text","content":"Record Revenues of $55.0 Million, Adjusted EBITDA of $6.6 Million, and Pre-Tax Net Income of $5.1 Million\n2020 full-year revenue guidance increased to $185-$190 million 2020 full-year adjusted EBITDA guidance updated to $19.0 million-$20.0 million 2020 full-year GAAP pre-tax net income guidance for 2020 is $9.0 million-$11.0 million 2021 full-year revenue guidance updated to $280 million-$300 million 2021 full-year adjusted EBITDA guidance for 2021 increased to $34.0 million-$36.0 million DENVER, Nov. 11, 2020 /PRNewswire/ -- GrowGeneration Corp. (NASDAQ: GRWG), (\"GrowGen\" or the \"Company\"), the largest chain of specialty hydroponic and organic garden centers with 31 locations across 11 states, today reported record third quarter 2020 revenues of $55.0 million, versus $21.8 million in the same period last year. This represents the Company's eleventh consecutive quarter of record revenues. Third quarter 2020 adjusted EBITDA of $6.6 million compares to $2.0 million in the same period last year. The Company also reported record third quarter 2020 GAAP pre-tax net income of approximately $5.1 million, compared to pre-tax net income of $1.0 million, in the same period last year. As the Company continues to outpace guidance, it is increasing 2020 revenue guidance to $185 million-$190 million, and adjusted EBITDA to $19.0 million-$20.0 million. Revenue and adjusted EBITDA guidance for 2021 increases to $280 million-$300 million, and $34 million-$36 million, respectively. \n\n \n \n \n \n \n \n\n \n\"Our steadfast focus on rapid, strategic growth in key markets, both organically and through acquisitions, has resulted in our eleventh consecutive quarter of record revenues and EBITDA, said Darren Lampert, GrowGen's co-founder and CEO. \"We are building a best-in-class team of grow professionals, a robust e-commerce platform, and an insight-driven retail footprint targeting both established and emerging markets. The results of the recent elections, combined with our proven ability to scale while reducing operational costs, will allow us to grow our revenue and expand our bottom line into the following quarters. We have raised our guidance accordingly.\"\nFinancial Highlights for Third Quarter 2020 Compared to Third Quarter 2019\nRevenues rose 153% to $55.0 million, for third quarter 2020, versus $21.8 million for the same period last ...