GrowGeneration Q1 net loss widens to $8.8M; sales down 15.7% YoY, at top end of guidance

GrowGeneration Corp.

2024-Q1 EPS reported -$0.14 revenue$47,888,000

Net loss of $8.8M ($0.14/diluted share) vs $6.1M loss in Q1 2023; Adjusted EBITDA loss of $2.9M vs $1.8M loss.
Net sales $47.9M, down 15.7% YoY due to store consolidations and price compression; same-store sales -1% but retail positive.
Gross margin 25.8%, down 290 bps YoY; proprietary brand sales hit record 23% of cultivation sales vs 18% last year.
Cash and equivalents $61.3M, no debt; reiterated FY2024 revenue guidance $205-215M, Adjusted EBITDA -$2M to +$3M.
Consolidated 4 retail stores in Q1, now at 46 locations; may consider further consolidations.

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