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GrowGeneration Corp. (NASDAQ:GRWG), a distributor of products for indoor and outdoor hydroponic and organic gardening, reported second-quarter net revenue of $53.5 million on Thursday afternoon, reflecting an 11.8% increase quarter-over-quarter.
CEO Darren Lampert highlighted several key areas of progress, including a 110 basis point improvement in gross margin. He noted the success of strategic initiatives aimed at boosting proprietary brand sales, which rose to 21.5% of cultivation and gardening net sales.
Lampert also discussed a comprehensive restructuring plan designed to improve margins and reduce annual expenses by approximately $12 million.
The company's gross profit for the quarter was $14.4 million, down from $17.1 million in the same period last year. The gross margin was reported at 26.9%, a slight increase from 26.8% in the comparable quarter of 2023.
GrowGeneration reported a net loss of $5.9 million for the quarter, compared to a net loss of $5.7 million in the second quarter of 2023. This represents a sequential improvement of $2.9 million.
The adjusted EBITDA loss for the second quarter was $1.1 million, showing a sequential improvement from a loss of $1.7 million.
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Price Action: GRWG closed at $1.98, up 4.21% for the day, with after-hours trading bringing the stock up to $2.00, an additional 1.01% increase as of 5:17 PM EDT.
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Posted In: GRWG
