Growlife Inc Financials

PHOT

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2023 Currency USD FYE December

This page shows Growlife Inc (PHOT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

2/9

Growlife Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.29x

For every $1 of reported earnings, Growlife Inc generates $0.29 in operating cash flow (-$1.3M OCF vs -$4.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-0.7x

Growlife Inc earns $-0.7 in operating income for every $1 of interest expense (-$1.3M vs $2.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$4.5M

YoY+18.1%

Growlife Inc reported -$4.5M in net income in fiscal year 2022. This represents an increase of 18.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$94K

YoY+1401.3%

5Y CAGR+6.4%

Growlife Inc held $94K in cash against $0 in long-term debt as of fiscal year 2022.

Dividends Per Share

N/A

Shares Outstanding

Growlife Inc had 4M shares outstanding in fiscal year 2022. This represents a decrease of 96.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

PHOT Income Statement

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Revenue	N/A	$6.2M-11.5%	$7.0M-14.8%	$8.2M+79.7%	$4.6M+86.5%	$2.5M
Cost of Revenue	$0	$0-100.0%	$4.0M-29.1%	$5.7M+38.1%	$4.1M+88.3%	$2.2M
Gross Profit	$0	$0-100.0%	$3.0M+16.9%	$2.5M+444.3%	$468K+72.5%	$272K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	$4.9M-30.5%	$7.0M+39.7%	$5.0M+116.2%	$2.3M
Operating Income	-$1.3M+3.0%	-$1.4M+26.8%	-$1.9M+62.3%	-$5.0M-10.3%	-$4.5M-122.0%	-$2.0M
Interest Expense	$2.0M-39.4%	$3.2M+197.6%	$1.1M+190.5%	-$1.2M-385.6%	$422K+107.0%	$204K
Income Tax	N/A	$23K-90.3%	$232K+297.3%	-$118K	$0	$0
Net Income	-$4.5M+18.1%	-$5.5M+14.2%	-$6.4M+12.4%	-$7.3M+36.3%	-$11.4M-115.1%	-$5.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Revenue	$147K+86.0%	$79K	N/A	$226K-28.3%	$315K	$0-100.0%	$1.1M-8.8%	$1.2M
Cost of Revenue	$44K+6.7%	$41K	N/A	$150K-8.5%	$164K	$0+100.0%	-$2.5M-404.2%	$816K
Gross Profit	$104K+170.9%	$38K	N/A	$76K-49.7%	$151K	$0-100.0%	$3.6M+766.0%	$416K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$925K
Operating Income	-$575K+5.7%	-$610K	N/A	-$616K-69.9%	-$363K-40.8%	-$258K+71.8%	-$914K-79.7%	-$508K
Interest Expense	$1.8M+184.7%	$628K	N/A	$270K-52.6%	$571K+319.3%	$136K-90.9%	$1.5M+241.5%	$436K
Income Tax	N/A	N/A	N/A	$78K+170.3%	-$111K-417.1%	$35K+141.6%	-$84K-386.1%	$29K
Net Income	-$3.4M-232.0%	-$1.0M	N/A	-$826K+51.0%	-$1.7M-176.5%	-$609K+43.5%	-$1.1M-76.6%	-$610K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PHOT Balance Sheet

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Total Assets	$254K-93.8%	$4.1M-5.7%	$4.4M+7.5%	$4.1M-43.9%	$7.2M+737.5%	$862K
Current Assets	$254K-88.5%	$2.2M+14.3%	$1.9M+153.6%	$762K-76.4%	$3.2M+476.7%	$559K
Cash & Equivalents	$94K+1401.3%	$6K-98.4%	$383K+838.3%	$41K-98.3%	$2.3M+3273.8%	$69K
Inventory	N/A	$1.3M+127.8%	$571K-5.0%	$601K-24.2%	$793K+70.2%	$466K
Accounts Receivable	N/A	$367K-61.8%	$961K+843.5%	$102K+140.9%	$42K	$0
Goodwill	N/A	$782K0.0%	$782K0.0%	$782K0.0%	$782K	N/A
Total Liabilities	$8.7M-13.7%	$10.0M-12.9%	$11.5M+32.8%	$8.7M-0.4%	$8.7M+30.6%	$6.7M
Current Liabilities	$8.7M-10.7%	$9.7M-6.9%	$10.4M+51.0%	$6.9M+1.7%	$6.8M+1.6%	$6.7M
Long-Term Debt	N/A	N/A	$925K	N/A	N/A	N/A
Total Equity	-$8.4M-41.7%	-$5.9M+17.3%	-$7.2M-54.8%	-$4.6M-208.7%	-$1.5M+74.2%	-$5.8M
Retained Earnings	-$164.8M-2.8%	-$160.3M-3.5%	-$154.8M-4.3%	-$148.5M-5.2%	-$141.2M-8.8%	-$129.7M

Metric	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Total Assets	$201K-78.6%	$936K+268.1%	$254K-90.6%	$2.7M-17.5%	$3.3M-7.7%	$3.6M-13.4%	$4.1M-9.3%	$4.5M
Current Assets	$41K-81.5%	$220K-13.5%	$254K-80.2%	$1.3M-23.2%	$1.7M-3.4%	$1.7M-21.7%	$2.2M-19.8%	$2.8M
Cash & Equivalents	$5K-95.4%	$118K+24.8%	$94K+133.3%	$40K-85.5%	$278K-38.1%	$449K+7049.4%	$6K-99.5%	$1.2M
Inventory	$21K-9.0%	$23K	N/A	$1.1M-10.2%	$1.2M+0.7%	$1.2M-5.9%	$1.3M+0.1%	$1.3M
Accounts Receivable	$2K	N/A	N/A	$21K-64.4%	$59K+50.3%	$39K-89.3%	$367K+542.1%	$57K
Goodwill	N/A	N/A	N/A	$782K0.0%	$782K0.0%	$782K0.0%	$782K0.0%	$782K
Total Liabilities	$11.6M+26.1%	$9.2M+5.8%	$8.7M-13.7%	$10.0M-4.3%	$10.5M+11.5%	$9.4M-6.3%	$10.0M-1.4%	$10.2M
Current Liabilities	$11.6M+26.1%	$9.2M+5.8%	$8.7M-13.1%	$10.0M-3.6%	$10.4M+13.0%	$9.2M-5.6%	$9.7M+2.3%	$9.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$11.4M-38.0%	-$8.2M+2.1%	-$8.4M-14.8%	-$7.3M-1.7%	-$7.2M-23.2%	-$5.8M+1.4%	-$5.9M-4.9%	-$5.7M
Retained Earnings	-$169.2M-2.0%	-$165.8M-0.6%	-$164.8M+100.0%	-$165.8T-101972154.0%	-$162.6M-1.0%	-$160.9M-0.4%	-$160.3M-0.7%	-$159.2M

PHOT Cash Flow Statement

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Operating Cash Flow	-$1.3M+15.8%	-$1.6M+19.9%	-$2.0M+33.0%	-$2.9M-175.5%	$3.9M+285.1%	-$2.1M
Capital Expenditures	N/A	$20K	$0	N/A	N/A	N/A
Free Cash Flow	N/A	-$1.6M+18.9%	-$2.0M	N/A	N/A	N/A
Investing Cash Flow	-$171K-756.0%	-$20K	$0+100.0%	-$12K+97.7%	-$544K-79.9%	-$303K
Financing Cash Flow	$1.6M+5.3%	$1.5M-34.8%	$2.3M+264.7%	$629K-90.6%	$6.7M+183.4%	$2.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Operating Cash Flow	-$306K+28.4%	-$428K-8757.5%	-$5K+98.2%	-$262K+67.7%	-$812K-243.4%	-$237K+82.1%	-$1.3M-512.5%	-$216K
Capital Expenditures	N/A	$4K	N/A	$0-100.0%	$17K	$0-100.0%	$20K	$0
Free Cash Flow	N/A	-$432K	N/A	-$262K+68.4%	-$829K-250.4%	-$237K+82.4%	-$1.3M-521.7%	-$216K
Investing Cash Flow	$0+100.0%	-$4K+97.4%	-$155K	$0+100.0%	-$17K	$0+100.0%	-$20K	$0
Financing Cash Flow	$194K-57.4%	$455K-20.3%	$571K+2198.7%	$25K-96.6%	$722K+181.1%	$257K-38.6%	$418K+104.9%	$204K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PHOT Financial Ratios

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Gross Margin	N/A	0.0%-42.6pp	42.6%+11.6pp	31.0%+20.8pp	10.2%-0.8pp	11.1%
Operating Margin	N/A	-22.3%+4.7pp	-27.0%+34.1pp	-61.1%+38.4pp	-99.5%-15.9pp	-83.6%
Net Margin	N/A	-88.3%+2.8pp	-91.1%-2.5pp	-88.7%+161.6pp	-250.2%-33.2pp	-217.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-1763.5%-1630.2pp	-133.2%+13.3pp	-146.5%+33.4pp	-179.9%-21.3pp	-158.6%+458.8pp	-617.4%
Current Ratio	0.03-0.2	0.23+0.0	0.19+0.1	0.11-0.4	0.48+0.4	0.08
Debt-to-Equity	-1.03+0.7	-1.69-1.6	-0.13+1.7	-1.87+3.9	-5.81-4.7	-1.15
FCF Margin	N/A	-25.5%+2.3pp	-27.9%	N/A	N/A	N/A

Metric	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Gross Margin	70.3%+22.1pp	48.3%	N/A	33.6%-14.3pp	48.0%	N/A	320.7%+286.9pp	33.8%
Operating Margin	-390.2%+379.5pp	-769.7%	N/A	-272.8%-157.6pp	-115.2%	N/A	-81.3%-40.0pp	-41.3%
Net Margin	-2291.1%-1007.9pp	-1283.2%	N/A	-365.5%+169.2pp	-534.7%	N/A	-95.8%-46.3pp	-49.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-1683.3%-1574.6pp	-108.7%	N/A	-30.5%+20.8pp	-51.3%-34.2pp	-17.1%+9.1pp	-26.2%-12.8pp	-13.5%
Current Ratio	0.00-0.0	0.020.0	0.03-0.1	0.13-0.0	0.16-0.0	0.19-0.0	0.23-0.1	0.29
Debt-to-Equity	-1.02+0.1	-1.11-0.1	-1.03+0.3	-1.37+0.1	-1.46+0.2	-1.61+0.1	-1.69+0.1	-1.80
FCF Margin	N/A	-544.6%	N/A	-116.0%+147.2pp	-263.2%	N/A	-119.5%-102.0pp	-17.5%

Note: Shareholder equity is negative (-$8.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.03), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Is Growlife Inc profitable?

No, Growlife Inc (PHOT) reported a net income of -$4.5M in fiscal year 2022.

What is Growlife Inc's operating cash flow?

Growlife Inc (PHOT) generated -$1.3M in operating cash flow during fiscal year 2022, representing cash generated from core business activities.

What are Growlife Inc's total assets?

Growlife Inc (PHOT) had $254K in total assets as of fiscal year 2022, including both current and long-term assets.

How many shares does Growlife Inc have outstanding?

Growlife Inc (PHOT) had 4M shares outstanding as of fiscal year 2022.

What is Growlife Inc's current ratio?

Growlife Inc (PHOT) had a current ratio of 0.03 as of fiscal year 2022, which is below 1.0, which may suggest potential liquidity concerns.

What is Growlife Inc's debt-to-equity ratio?

Growlife Inc (PHOT) had a debt-to-equity ratio of -1.03 as of fiscal year 2022, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Growlife Inc's return on assets (ROA)?

Growlife Inc (PHOT) had a return on assets of -1763.5% for fiscal year 2022, measuring how efficiently the company uses its assets to generate profit.

What is Growlife Inc's cash runway?

Based on fiscal year 2022 data, Growlife Inc (PHOT) had $94K in cash against an annual operating cash burn of $1.3M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Growlife Inc's debt-to-equity ratio negative or unusual?

Growlife Inc (PHOT) has negative shareholder equity of -$8.4M as of fiscal year 2022, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Growlife Inc's Piotroski F-Score?

Growlife Inc (PHOT) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Growlife Inc's earnings high quality?

Growlife Inc (PHOT) has an earnings quality ratio of 0.29x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Growlife Inc cover its interest payments?

Growlife Inc (PHOT) has an interest coverage ratio of -0.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.