GrowGeneration Reports Record Fourth Quarter and Full-Year 2020 Financial Results and Raises Full-Year 2021 Guidance
Record Revenues of $193.0 Million, Adjusted EBITDA of $19.2 Million, and Pre-Tax Net Income of $8.6 Million
2021 full-year revenue guidance increased to $415-$430 million 2021 full-year adjusted EBITDA guidance updated to $48.0 million-$51.0 million First Quarter 2021 Revenue Guidance $86.0-$88.0 million First Quarter 2021 Adjusted EBITDA Guidance $9.0-$9.5 million The Company expects to reach over 60 Hydroponic garden centers and 15 states in 2021 and over 100 by 2023
DENVER, March 24, 2021 /PRNewswire/ – GrowGeneration Corp. (NASDAQ: GRWG), (“GrowGen” or the “Company”), the largest chain of specialty hydroponic and organic garden centers, with 52 locations across 12 states, today reported record full-year 2020 revenues of $193.0 million, versus $79.7 million in the same period last year, an increase of 143%. Full-year 2020 adjusted EBITDA of $19.2 million compares to $5.3 million in the same period last year. The Company also reported a record full-year 2020 GAAP pre-tax net income of approximately $8.6 million, compared to pre-tax net income of $1.3 million, in the same period last year. Revenue and adjusted EBITDA guidance for 2021 increases to $415-$430 million, and $48-$51 million, respectively. The Company is providing First Quarter 2021 Revenue and Adjusted EBITDA guidance of $86.0 million – $88.0 million and $9.0 million – $9.5 million, respectively.
In addition, the company today announced the appointment of Jeffrey Lasher as Chief Financial Officer (CFO), following the retirement of Monty Lamirato at the end of the first quarter. Mr. Lasher, a seasoned public company CFO at West Marine (formerlyNasdaq: WMAR) and Crocs (NASDAQ: CROX), will begin his tenure as CFO on April 15, 2021.
“GrowGen had a transformational