GrowGeneration Q2 net loss $5.9M, revenue $53.5M (-16.3% YoY); guides FY24 rev $190-195M, removes EBITDA guidance

GrowGeneration Corp.

2024-Q2 EPS reported -$0.24 revenue$101,424,000

Q2 2024 net revenue $53.5M, down 16.3% YoY; gross margin 26.9% up 110bps sequentially.
Net loss $5.9M ($0.10 diluted EPS) vs $5.7M loss ($0.09) in Q2 2023; Adj EBITDA loss $1.1M vs positive $0.9M.
Proprietary brand sales reached 21.5% of Cultivation & Gardening net sales, up 480bps from 16.7% YoY.
Restructuring plan: closing 12 more stores in H2 2024, targeting $12M annual cost savings; expects 31 total stores.
FY 2024 net sales guidance lowered to $190-195M; prior Adj EBITDA guidance removed pending restructuring impact.

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