Hydrofarm Q2 net loss $203.3M; revenue down 27%; reiterates lowered outlook

HYDROFARM HOLDINGS GROUP, INC.

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

Net sales fell 27% to $97.5M from $133.8M; volume down ~30% on hydroponic industry recession.
GAAP net loss of $(203.3)M ($(4.53)/share) includes $189.6M goodwill impairment and $10.2M inventory reserve.
Adjusted net loss of $(8.4)M ($(0.19)/share) vs adjusted net income of $12.9M ($0.31) a year ago.
Adjusted EBITDA negative $(6.8)M, down from $16.2M; FY2022 outlook reaffirmed: sales $330–$347M, Adj. EBITDA $(25)–$(16)M.
Cash and restricted cash $27.4M, total debt $126.7M, $70M revolver available; net debt reduced $14.1M in Q2.

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