Hydrofarm Q1 net sales down 29.6% to $28.5M; Term Loan default triggers forbearance

HYDROFARM HOLDINGS GROUP, INC.

2026-Q1 EPS reported -$3.07 revenue$28,524,000

Net loss of $14.6M ($3.07 diluted EPS) vs. $14.4M loss ($3.12 EPS) in prior year.
Adjusted EBITDA worsened to $(3.9)M from $(2.4)M; gross margin fell to 6.4% from 17.0%.
Missed $2.8M Term Loan interest payment in Feb 2026; event of default declared.
Entered Forbearance Agreement Apr 8, 2026; requires $1M minimum liquidity and budget approvals.
Exploring strategic alternatives; cash $4.8M, restricted cash $0.5M as of Mar 31, 2026.

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