Hydroponic Giant Shares Slightly Down On Q2 Revenue Decline, Lower Guidance
Portfolio Pulse from Nina Zdinjak
GrowGeneration Corp. (NASDAQ:GRWG) reported Q2 2023 revenues of $63.9 million, down from $71.1 million in the same quarter of 2022. The company also reported a net loss of $5.7 million, gross profit of $17.14 million, and adjusted EBITDA of $856,000. The company lowered its full-year 2023 guidance for revenue to be between $220 million and $225 million and adjusted EBITDA to be a loss between $4 million and $6 million. GrowGen shares were trading 6.11% lower at $3.408 per share during Wednesday’s pre-market session.
August 09, 2023 | 12:19 pm
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GrowGeneration reported lower Q2 2023 revenues and lowered its full-year 2023 guidance. Shares were trading lower in pre-market.
The company reported lower revenues for Q2 2023 compared to the same quarter in 2022 and also lowered its full-year 2023 guidance. This negative financial performance and outlook is likely to negatively impact the company's stock price in the short term.
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