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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
GrowGeneration (GRWG) investor relations material
GrowGeneration Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net sales for Q3 2025 were $47.3 million, up 15.4% sequentially but down 5.5% year-over-year due to retail store closures and restructuring in the Cultivation and Gardening segment.
Gross profit increased 18.9% to $12.9 million, with gross margin rising to 27.2% from 21.6% year-over-year, driven by proprietary brands and restructuring benefits.
Adjusted EBITDA was positive at $1.3 million, a $3.7 million improvement year-over-year and the strongest in four years.
Net loss improved by $9.0 million year-over-year to $2.4 million, or $(0.04) per share.
Proprietary brands grew to 31.6% of Cultivation and Gardening revenue, up from 23.8% last year, driving margin expansion.
Financial highlights
Gross margin expanded to 27.2% in Q3 2025 (up from 21.6% in Q3 2024), with gross profit at $12.9 million.
Store operating expenses declined 27.8% to $7.2 million; total operating expenses fell 31.5% to $15.7 million.
Adjusted EBITDA margin for Q3 2025 was 2.8%.
Cash, cash equivalents, and marketable securities totaled $48.3 million as of September 30, 2025, with no debt.
Working capital was $82.5 million at quarter-end, down from $88.9 million at year-end 2024.
Outlook and guidance
Q4 2025 revenue expected to be approximately $40 million, reflecting seasonality and ongoing cost optimization.
Management anticipates positive revenue growth and positive adjusted EBITDA in 2026.
Proprietary brands targeted to reach about 40% of Cultivation and Gardening sales in 2026.
Expects first sequential year-over-year revenue growth in Q4 since 2021.
Restructuring expected to yield annualized cost savings of approximately $12 million; no significant additional restructuring costs anticipated.
Proprietary brand mix for non-cannabis sales?
Q4 gross margin impact from durable sales?
Key drivers for non-cannabis revenue growth?
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Next GrowGeneration earnings date
Q4 202516 Mar, 2026
Next GrowGeneration earnings date
Q4 202516 Mar, 2026
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Frequently asked questions
GrowGeneration Corp., through its subsidiaries, owns and operates retail hydroponic and organic gardening stores in the United States. The company engages in the marketing and distribution of nutrients, growing media, advanced indoor and greenhouse lighting, environmental control systems, vertical benching, and accessories for hydroponic gardening, as well as other indoor and outdoor growing products. GrowGeneration Corp's stores provide a center-of-the-store collection model for plant nutrients and other indoor gardening supplies; and its online store serves the customer from seed germination to harvest. It offers a variety of products, including organic nutrients; light bulbs, fixtures, ballasts, reflectors and glass tubes; ventilation systems; grow tents; fertilizer additives; crop support supplies; organic mushroom kits; essential oils, herbs and botanicals; aroma therapy kits; cleaning solutions; carbon filters; tools and equipment; books on growing techniques; water pumps; timers and irrigation controllers; heating pads; seeds to grow food items such as plants, fruits, vegetables and herbs at home or to sell at the local farmers' markets. Its catalog provides information on plant care tips by mail.
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