GRWG - GrowGeneration Reports Q4 & 2023 Results: Sales Dip Earns More Per Sale Thanks To Smart Product Strategy | Benzinga
GrowGeneration Corp. (NASDAQ: GRWG), a top provider of hydroponic and organic gardening products reported its financial results for 2023, with net revenue reaching $225.9 million, outperforming expectations.
Despite this achievement, the year witnessed a revenue decrease of 18.8%. This decline, however, was accompanied by an improved gross margin attributed to a strategic shift towards proprietary product sales.
Darren Lampert, GrowGen’s co-founder and CEO expressed satisfaction with their performance, stating, "I am pleased that our hard work and dedication to executing our strategic initiatives in 2023 allowed us to surpass our full-year revenue guidance and be in line with our full-year Adjusted EBITDA guidance.”
Lampert added, "Our profit margins increased nearly 200 basis points as well, driven by more proprietary product sales and consumable product sales as a percent of total sales. Lastly, we ended 2023 with $65.0 million in cash, cash equivalents, and marketable securities and with no ...