GrowGeneration Provides Full-Year 2023 Guidance Update Ahead of the 26th Annual ICR Conference
09 January 2024 - 12:00AM
Business Wire
Revenue Expected to be at the Top-end of
Previously Guided $220 million to $225 million Range
Adjusted EBITDA 1 Guidance Remains Unchanged;
Between a Loss of $4 million to $6 million
GrowGeneration Corp. (NASDAQ: GRWG) (“GrowGen” or the
“Company”), the largest chain of specialty hydroponic and organic
garden centers in the United States, today announced an update to
its full-year 2023 financial outlook 2.
The Company now expects revenue for full-year 2023 to be at the
top-end of the previously communicated guidance range of $220
million to $225 million. Adjusted EBITDA 1 guidance for full-year
2023 remains unchanged to be between a loss of $4 million to a loss
of $6 million.
Darren Lampert, GrowGeneration’s Co-Founder and Chief Executive
Officer, stated, “We are pleased with our efforts and progress we
made Company-wide in 2023 leading us to announce our expectation of
revenue at the top-end of our previously communicated range. We
remain excited about our current slate of internal initiatives for
2024 and continue to prudently manage our business, focusing on
creating a more nimble and efficient organization that is
better-positioned for profitable growth this year and beyond.”
Members of the management team will be participating in meetings
with analysts and investors at the 26th Annual ICR Conference to be
held January 8-10, 2024 in Orlando, Florida.
Footnotes (1) Adjusted EBITDA represents earnings before
interest, taxes, depreciation, and amortization as adjusted for
certain items as set forth in the reconciliation table of U.S. GAAP
to non-GAAP information and is a measure calculated and presented
on the basis of methodologies other than in accordance with GAAP.
Please refer to the Use of Non-GAAP Financial Information herein
for further discussion and reconciliation of this measure to GAAP
measures.
(2) Sales and Adjusted EBITDA guidance metrics are inclusive of
acquisitions, store openings, and store closures and consolidations
completed in 2023 and 2022.
About GrowGeneration Corp: GrowGeneration is a leading
marketer and distributor of nutrients, growing media, lighting,
benching and racking, environmental control systems, and other
products for both indoor and outdoor hydroponic and organic
gardening, including proprietary brands such as Charcoir, Drip
Hydro, Power Si, MMI benching and racking, Ion lights, Durabreeze
fans, and more. Incorporated in Colorado in 2014, GrowGeneration is
the largest chain of specialty retail hydroponic and organic garden
centers in the United States. The Company also operates an online
superstore for cultivators at growgeneration.com, as well as a
wholesale business for resellers, HRG Distribution, and a benching,
racking, and storage solutions business, Mobile Media.
Forward Looking Statements: This press release may
include predictions, estimates or other information that might be
considered forward-looking within the meaning of applicable
securities laws. While these forward-looking statements represent
current judgments, they are subject to risks and uncertainties that
could cause actual results to differ materially. You are cautioned
not to place undue reliance on these forward-looking statements,
which reflect opinions only as of the date of this release. Please
keep in mind that the company does not have an obligation to revise
or publicly release the results of any revision to these
forward-looking statements in light of new information or future
events. When used herein, words such as “look forward,” “expect,”
“believe,” “continue,” “building,” or variations of such words and
similar expressions are intended to identify forward-looking
statements. Factors that could cause actual results to differ
materially from those contemplated in any forward-looking
statements made by us herein are often discussed in filings made
with the United States Securities and Exchange Commission,
available at: www.sec.gov, and on the company’s website, at:
www.growgeneration.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240108619024/en/
Investor ICR, Inc. GrowGenIR@icrinc.com
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