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GrowGeneration (GRWG) investor relations material
GrowGeneration Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales for Q2 2025 were $41.0M, up 14.7% sequentially but down 23.5% year-over-year, mainly due to store closures and lower durable product sales in the Cultivation and Gardening segment.
Gross profit margin improved to 28.3% from 26.9% year-over-year, driven by a higher mix of proprietary brands and B2B initiatives.
Operating expenses declined 19.4% to $16.9M, with store and other operating expenses down 22.9% year-over-year due to restructuring and store closures.
Net loss narrowed to $4.8M from $5.9M year-over-year, with adjusted EBITDA at -$1.3M, reflecting restructuring and non-recurring items.
Strategic restructuring, including 12 store closures and workforce reductions, was substantially completed by March 2025, incurring $1.1M in related costs.
Financial highlights
Q2 net revenue was $41M, exceeding guidance but down from $53.5M year-over-year due to a smaller retail footprint.
Proprietary product sales rose to 32% of total revenue, up from 21.5% year-over-year.
Gross margin expanded to 28.3% from 26.9% year-over-year.
Store and other operating expenses decreased 22.9% year-over-year; SG&A reduced by 13.4%.
Net loss was $4.8M (or -$0.08/share), improved from $5.9M (-$0.10/share) year-over-year.
Outlook and guidance
Q3 2025 consolidated net sales expected to exceed $41M, with sequential top-line growth anticipated.
No full-year 2025 guidance provided due to macroeconomic, trade, and regulatory uncertainties.
Focus remains on gross margin expansion, EBITDA profitability, and execution of the transformation plan.
Management targets $12M in annualized cost savings from restructuring.
Strategies to mitigate risks include supplier negotiations, pricing adjustments, and supply chain shifts.
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