GrowGeneration Corp. GRWG
GrowGeneration Corp. (together with all of its direct and indirect wholly owned subsidiaries, collectively "GrowGeneration" or the "Company") was incorporated in Colorado in 2014. Since then, GrowGeneration has grown from a small chain of specialty retail hydroponic and organic garden centers to a multifaceted business with diverse assets. Today, GrowGeneration operates two major lines of business: our Cultivation and Gardening segment, composed of our hydroponic and organic gardening business; and our Storage Solutions segment, composed of our benching, racking, and storage solutions business.
We have two operating segments, each its own reportable segment, based on our major lines of business: the Cultivation and Gardening segment and the Storage Solutions segment. Refer to Note 15, Segments, of the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K ("Consolidated Financial Statements") for additional information regarding our reportable segments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $161.7M | $188.9M | $225.9M | $278.2M | $422.5M | $193.4M | $79.7M | $29.0M | $14.4M | $8.0M |
| Cost of revenue | — | — | — | — | $304.2M | $142.3M | $57.7M | $22.6M | $11.1M | $5.8M |
| Gross profit | $43.3M | $43.7M | $61.3M | $70.3M | $118.2M | $51.0M | $22.0M | $6.4M | $3.3M | $2.2M |
| SG&A | $26.3M | $29.2M | $29.8M | $36.8M | $39.5M | $20.9M | $9.3M | $1.6M | $1.0M | $386.0K |
| Total operating expenses | $68.9M | $95.7M | $111.1M | $238.1M | $103.2M | $42.6M | $20.4M | $10.7M | $6.1M | $2.6M |
| Operating income | -$25.6M | -$52.0M | -$49.8M | -$167.9M | $15.0M | $8.4M | $1.6M | -$4.3M | -$2.9M | -$426.0K |
| Interest expense | $0 | $70.0K | $97.0K | $21.0K | — | — | $45.2K | $23.6K | $15.3K | $5.3K |
| Pre-tax income | -$23.9M | -$49.4M | -$46.5M | -$166.6M | $15.2M | $8.6M | $1.3M | -$5.1M | -$2.5M | -$431.2K |
| Income tax | $191.0K | $158.0K | $32.0K | $2.9M | $2.4M | $3.3M | $0 | $0 | $0 | $0 |
| Net income | -$24.0M | -$49.5M | -$46.5M | -$163.7M | $12.8M | $5.3M | $1.3M | -$5.1M | -$2.5M | -$431.2K |
| EPS, basic | -0.40 | -0.82 | -0.76 | -2.69 | 0.22 | 0.12 | 0.04 | -0.22 | -0.18 | -0.05 |
| EPS, diluted | -0.40 | -0.82 | -0.76 | -2.69 | 0.21 | 0.11 | 0.04 | -0.22 | -0.18 | -0.05 |
| Shares, diluted (wtd. avg.) | $59.7M | $60.2M | $61.2M | $60.8M | $60.5M | $46.5M | $33.9M | $23.5M | $14.5M | $9.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $30.4M | $27.5M | $29.8M | $40.1M | $41.4M | $177.9M | $13.0M | $14.6M | $1.2M | $606.6K |
| Short-term investments | $15.7M | $29.0M | $35.2M | $31.9M | $39.8M | $0 | — | — | — | — |
| Receivables | $10.7M | $7.4M | $8.9M | $8.3M | $5.7M | $3.9M | $3.0M | $862.4K | $653.6K | $391.2K |
| Inventory | $38.8M | $40.3M | $64.9M | $77.1M | $105.6M | $54.0M | $21.6M | $8.9M | $4.6M | $2.6M |
| Total current assets | $103.7M | $113.2M | $147.5M | $170.7M | $216.9M | $250.2M | $41.1M | $25.0M | $7.2M | $3.6M |
| Property, plant and equipment | $9.8M | $15.5M | $27.1M | $28.7M | $24.1M | $7.4M | $3.3M | $1.8M | $1.3M | $549.9K |
| Goodwill | $2.1M | $1.6M | $7.5M | $16.0M | $125.4M | $63.0M | $17.8M | $8.8M | $592.5K | $243.0K |
| Other intangibles | $3.3M | $8.8M | $16.2M | $30.9M | $48.4M | $20.5M | $233.3K | $114.2K | $53.3K | — |
| Total assets | $147.0M | $174.4M | $239.1M | $293.4M | $459.3M | $354.7M | $70.9M | $35.9M | $9.3M | $4.4M |
| Accounts payable | $8.8M | $8.1M | $11.7M | $15.7M | $17.0M | $14.6M | $6.0M | $1.8M | $1.1M | $643.8K |
| Short-term debt | — | — | $0 | $50.0K | $92.0K | $83.0K | $110.2K | $436.8K | $41.7K | $23.4K |
| Total current liabilities | $26.0M | $24.3M | $30.9M | $35.8M | $47.1M | $27.4M | $12.1M | $3.4M | $1.6M | $842.9K |
| Long-term debt | — | — | — | $0 | $66.0K | $158.0K | $242.1K | $375.6K | $82.5K | $41.7K |
| Total liabilities | $49.5M | $54.3M | $65.7M | $77.0M | $88.0M | $37.7M | $18.1M | $5.8M | $1.7M | $884.6K |
| Retained earnings | -$279.7M | -$255.6M | -$200.1M | -$153.6M | $10.1M | -$2.6M | -$8.0M | -$8.8M | -$3.7M | -$1.1M |
| Total equity | $97.5M | $120.1M | $173.4M | $216.4M | $371.3M | $317.0M | $52.8M | $29.5M | $7.6M | $3.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$9.4M | -$1.8M | $1.4M | $11.9M | $5.2M | -$213.0K | -$3.3M | -$1.5M | -$3.4M | -$1.4M |
| Depreciation and amortisation | $11.3M | $19.4M | $16.6M | $17.1M | $12.6M | $2.4M | $1.0M | $351.1K | $151.6K | $53.0K |
| Stock-based compensation | $1.5M | $2.4M | $3.2M | $5.0M | $6.6M | $7.9M | $2.5M | $1.9M | $1.1M | $219.3K |
| Capital expenditure | — | — | — | — | — | — | — | $61.5K | $403.9K | — |
| Investing cash flow | $12.6M | $5.7M | -$11.4M | -$11.6M | -$139.3M | -$45.8M | -$11.8M | -$6.4M | -$1.2M | -$264.1K |
| Financing cash flow | -$220.0K | -$6.2M | -$313.0K | -$1.7M | -$2.4M | $211.0M | $13.5M | $21.3M | $5.2M | $1.6M |
| Buybacks | $0 | $6.0M | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001604868-26-000007.
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