GrowGeneration Corp. (NASDAQ: GRWG) reported file first-quarter 2021 revenues rose 173% to $90 million, versus $33 million in the identical interval final yr. This beat the analyst estimate for revenues of $87 million. GrowGen mentioned same-store gross sales at 22 areas open for a similar interval in 2020 and 2021 have been $43.0 million in first-quarter 2021 versus $28.5 million for first quarter 2020, a 51% improve yr over yr. Web revenue was $6.1 million, or $0.10 per share based mostly on a totally diluted weighted common share depend of 60.3 million. This beat the Yahoo Finance analyst estimate for $0.07.
“The GrowGen workforce delivered an exceptionally robust begin to the yr, with same-store gross sales up 51%, demonstrating the onerous work of your entire workforce. For the yr to this point, we closed 9 acquisitions, including 15 hydroponic retail areas, bringing our whole retailer depend to 53. The methods applied a number of quarters in the past, at the moment are positively impacting margins. I’m proud and inspired with our 110-basis level improve in gross revenue margin and 510-basis level improve in adjusted EBITDA margin. These will increase have been achieved regardless of port delays and provide chain interruptions. As well as, we acquired Char Coir, a line of premium coco-based merchandise, and Agron.io, a well-liked B2B e-commerce web site. Each corporations at the moment are absolutely built-in and contributing to each our high and bottom-line numbers.” Darren Lampert, GrowGeneration’s co-founder and CEO acknowledged. “Primarily based upon our robust efficiency, we at the moment are elevating the monetary outlook for the yr and count on 2021 revenues to be between $450 million and $470 million, greater than double the Firm’s gross sales in 2020. Additional, at these projected gross sales, adjusted EBITDA steerage for 2021 is now $54 million to $58 million .”
The gross revenue margin for first quarter 2021 was 28.2% in comparison with 27.1% in the identical quarter final yr, a rise of 110 foundation factors. Earnings earlier than tax was $7.7 million for the primary quarter 2021 versus a lack of $2.1 million for a similar interval final yr. Adjusted EBITDA was $11.1 million for the primary quarter of 2021 versus $2.4 million for a similar interval final yr. Non-public-label gross sales, inclusive of Energy Si and Char Coir, have been 6.2% of income in comparison with lower than 1% for a similar interval final yr. E-Commerce income was $4.4 million in comparison with $1.9 million for a similar interval in 2020, a rise of 126%. Money and short-term securities on March 31, 2021, have been $133.1 million, in contrast $177.9 million at year-end December 31, 2020.
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