earnings
confidence high
sentiment negative
materiality 0.75
GrowGeneration Q1 revenue $56.8M, net loss $6.1M; maintains FY2023 guidance
GrowGeneration Corp.
2023-Q1 EPS reported
-$0.10
revenue$56,827,000
- Net revenue $56.8M, down 30.5% YoY but sequential improvement from prior quarter.
- Gross margin improved to 28.7% from 27.1% YoY; net loss $6.1M ($0.10 loss per share).
- Comparable store sales declined 36.6% YoY; total retail sales $39.4M vs $64.3M prior year.
- Adjusted EBITDA loss $1.8M, above guidance; FY2023 guidance: revenue $250M-$270M, adj. EBITDA loss $4M to profit $1M.
- Cash and marketable securities $71.9M; store/operating expenses down to $13.0M from $14.5M.