Q2 Revenue up 116 percent to $ 4.1 million; same-store sales increase 54 percent.
(PRESS RELEASE) DENVER—GrowGeneration Corp. (OTCQB: GRWG), (“GrowGen” or the “Company”) one of the largest specialty retail hydroponic and organic gardening stores, selling to both the commercial and home cannabis markets, with currently 13 locations, today reported financial results for its second quarter ended June 30, 2017.
2nd Quarter 2017 Financial Highlights:
- Revenue of $4.1 million, up 116 percent compared to revenue of $1.9 million for the 2nd quarter of 2017.
- Same-store sales increased 54 percent from $1.7 million for the 2nd quarter of 2016 to $2.6 million for the 2nd quarter of 2017.
- Adjusted EBITDA for the quarter ended June 30, 2017 totaled $7,167 compared to adjusted EBITDA of $(33,447) for the quarter ended June 30, 2016.
- Net loss of $340,375, inclusive of $344,932 in non-cash depreciation and share-based compensation expense, compared to a net loss of $143,681 in the 2nd quarter of 2016, inclusive of $109,121 in non-cash depreciation and share-based compensation expense.
- The Company had $2.2 million in cash as of June 30, 2017.
Darren Lampert, Co-Founder and CEO, said, “This was a record quarter of sales for GrowGeneration, clearly demonstrating the demand for our products and the scalability of our business as we continue our expansion plans. The 2nd quarter was the sixth consecutive quarter of sequential revenue growth. Our company has reached a financial goal of break-even at this level of revenue.”
“We have successfully opened and assimilated into our portfolio, our Denver South, Las Vegas and Trinidad stores, as well as the newly acquired stores in Seattle and Sonoma. All of these operations are performing well. We are aggressively expanding our business, with a focus in California, Nevada, Michigan, Rhode Island, Massachusetts, Maine, Oregon, and the state of Washington,” added Mr. Lampert. “We continue to forecast revenue for 2017 to be approximately $15 million.”