Hydrofarm Q4 net sales down 21% to $37.3M; net loss $17.5M; guides 2025 sales down 10-20%

HYDROFARM HOLDINGS GROUP, INC.

Q4 net sales $37.3M (-20.9% YoY); Q4 net loss $17.5M ($3.80 diluted EPS) vs $15.2M loss prior year.
Full-year 2024 net sales $190.3M (-16% YoY); net loss $66.7M; Adjusted EBITDA -$5.2M (vs +$0.3M prior year).
Q4 gross margin 4.9% vs 17.9% prior year; hit by $1.4M inventory reserves; proprietary brand mix reached 56% in 2024.
2025 outlook: net sales down 10-20%, negative but improved Adjusted EBITDA & Free Cash Flow; capex under $2M.
Cash $26.1M, $13M revolver availability; term loan $119.3M; compliance with debt covenants maintained.

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