Hydrofarm Q1 sales drop 44% to $62.2M; Adjusted EBITDA turns negative at $(2.1)M

HYDROFARM HOLDINGS GROUP, INC.

2023-Q1 EPS reported -$0.37 revenue$62,178,000

Net loss narrowed to $(16.8)M ($(0.37)/diluted share) from $(23.3)M ($(0.52)) a year ago.
Adjusted gross profit margin improved to 22.6% from 20.0% on better brand mix and productivity.
Reaffirmed FY 2023 outlook: net sales $290-310M (now expects low end), modestly positive Adj. EBITDA, positive free cash flow.
Restructuring: completed Canadian nutrient plant consolidation, China office closure, Western Canada DC relocation.
Amended revolver to $55M capacity, extended maturity to June 2026; completed $8.6M sale-leaseback in Oregon.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HYDROFARM HOLDINGS GROUP, INC. reported first quarter ended March 31, 2023 results: revenue $62.2 million, net income $(16.8) million, EPS $(0.37) per diluted share. Guidance reaffirmed.

Period: first quarter ended March 31, 2023
Revenue: $62.2 million
Net income: $(16.8) million
EPS: $(0.37) per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

agriculture, today announced financial results for its first quarter ended March 31, 2023. First Quarter 2023 Highlights vs. Prior Year Period: • Net sales decreased to $62.2 million compared to $111.4 million. • Gross Profit decreased to $11.4 million compared to $16.6 million. Adjusted Gross Profit (1) was $14.1 million compared to $22.3 million. • Gross

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Source: SEC EDGAR

accession 0001628280-23-017226

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