Hydrofarm expects Q2 net sales $96-97.5M, net loss up to $210M; cuts FY2022 guidance

HYDROFARM HOLDINGS GROUP, INC.

2022-Q2 EPS reported -$5.06 revenue$208,885,000

Net sales $96-97.5M, down ~28% YoY; net loss $200-210M including $189.6M goodwill impairment.
Adjusted EBITDA negative $6.9-8.4M vs positive $16.2M in Q2 2021.
FY2022 net sales guided to $330-347M (down from prior); adjusted EBITDA loss $16-25M.
Annualized cost reductions of ~$14M implemented; cash $27.4M, debt $126.7M, undrawn revolver.
Inventory reserve of $10.2M in Q2 driven by lighting product write-down.

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