Welcome to our dedicated page for Growgeneration news (Ticker: GRWG), a resource for investors and traders seeking the latest updates and insights on Growgeneration stock.
GrowGeneration Corp. reports news on its specialty products business for controlled environment agriculture, commercial cultivation and retail garden centers. The company sells nutrients, additives, growing media, lighting, environmental control systems, benching and racking through retail stores, an online superstore, wholesale distribution and commercial sales.
Recurring updates cover quarterly and annual financial results, proprietary brand penetration, retail and distribution activity, and product introductions under brands such as Char Coir, Drip Hydro, Power Si, Ion lights, The Harvest Company and Viagrow. Company news also includes industry conference participation, commercial cultivation education, and developments in its MMI Storage Solutions benching, racking and storage operations.
GrowGeneration Corp. (NASDAQ: GRWG) reported third-quarter 2022 net sales of $70.9 million, down 39% year-over-year due to decreased industry demand. Comparable store sales fell 58.1%, leading to a net loss of $7.2 million or $0.12 per share. Adjusted EBITDA loss was $2.6 million. Positive cash flow of $8.3 million was generated, with cash reserves at $71.1 million and no debt. The company raised its 2022 revenue guidance to $270-280 million and adjusted EBITDA loss guidance to $10-13 million. Future expansion plans were also highlighted, including two new stores in Missouri and New Jersey.
GrowGeneration Corp. (NASDAQ: GRWG) will release its financial results for Q3 ended September 30, 2022, on November 7, 2022, after market close. A live earnings conference call will follow at 5:00 p.m. EDT. The company operates the largest chain of specialty hydroponic and organic garden centers with 58 locations across 14 states, including a significant presence in California and Colorado. Investors can access the webcast through the company's Investor Relations website.
GrowGeneration Corp. (NASDAQ: GRWG) is expanding its footprint in the hydroponics market with a new store opening in Richmond, Virginia, on September 26, 2022. This location will be the company's first in Virginia and joins the existing 60 locations across 15 states. Additionally, GrowGeneration has signed leases for two new stores in Mount Holly, New Jersey and Hazelwood, Missouri, set to open in Q4 2022, bringing the company's total operational states to 17.
The Richmond store will cater to the growing demand for hydroponics solutions, including cultivation design and project consultation.
GrowGeneration Corp. (NASDAQ: GRWG), the largest chain of hydroponic and organic garden centers, announced participation in two upcoming investor conferences. CEO Darren Lampert will meet with investors at the Lake Street BIG 6 Conference in New York on September 14, 2022, and at the Wells Fargo Consumer Conference in Dana Point on September 21, 2022. GrowGen operates 60 locations across 14 states and offers a variety of gardening products online at growgeneration.com.
GrowGeneration Corp. (NASDAQ: GRWG) announced key organizational changes aimed at fostering growth and shareholder value. Effective August 12, 2022, Greg Sanders has been promoted to Chief Financial Officer, succeeding Jeff Lasher. Sanders brings nearly five years of experience within the company and has played a crucial role in its acquisitions and expansions. Stephen Kozey has been elevated to General Counsel, overseeing legal and compliance functions. These realignments reflect GrowGen's commitment to leverage talent and position itself for future opportunities.
GrowGeneration Corp. (NASDAQ: GRWG) reported a 44% decline in net sales to $71.1 million for Q2 2022, attributed to softer industry demand. The company experienced a net loss of $136.4 million, including a $127.8 million impairment expense. Adjusted EBITDA showed a loss of $2.9 million. Revenue guidance for 2022 has been revised down to $250-$275 million from $340-$400 million. Despite challenges, GrowGen reported $3.8 million in positive cash flow from operations and aims to reduce its annualized cost base by $13 million.
GrowGeneration Corp (NASDAQ:GRWG) will release its financial results for Q2 2022 on August 4, 2022, after market close. A live earnings conference call will follow at 5:00 p.m. EDT. Investors can join by dialing (888) 882-4478 domestically or (647) 484-0475 internationally, using conference code 8913925. The call will also be webcast on the GrowGeneration investor relations site. Currently, GrowGeneration operates 64 hydroponic and organic gardening stores across the U.S., with a comprehensive online store for cultivators.
GrowGeneration Corp (NASDAQ: GRWG) announced the results of its 2022 annual shareholder meeting held on June 23, 2022. Shareholders approved the election of five directors: Michael Salaman, Darren Lampert, Eula Adams, Stephen Aiello, and Paul Ciasullo. Additionally, Grant Thornton was reappointed as independent auditors, and executive compensation proposals were also approved for a one-year term. CEO Darren Lampert expressed gratitude for shareholder support. GrowGeneration operates 64 stores across the U.S. and provides a range of hydroponic and organic gardening products.
GrowGeneration Corp (NASDAQ: GRWG) announced the opening of a new hydroponic garden center in Jackson, Mississippi, marking its first store in the state and the 64th nationwide. The store will open on June 27, 2022, expanding GrowGen's operational states to 14. Additionally, the company signed leases for new stores in North Chesterfield, Virginia, and Hazelwood, Missouri, expected to increase its operational presence to 16 states. The new locations will feature vertical farming demonstrations aimed at supporting growers.
GrowGeneration Corp (NASDAQ: GRWG), a leading chain of specialty hydroponic and organic garden centers, announces the launch of Drip Hydro, a new liquid nutrient line developed by industry experts. Designed to improve crop quality and lower costs, Drip Hydro consists of a five-part fluid program aimed at maximizing plant potential. The product promises ease of use for growers, addressing common nutrient challenges. Following extensive testing with top growers, Drip Hydro is available in selected stores and online, expanding GrowGen's product offerings in the market.