HYFM - Restructuring Plan Pays Off For Ancillary Cannabis Co. Despite YoY Net Sales Drop In Q4 | Benzinga
Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM) announced its financial results Thursday for the fourth quarter and full year ended Dec. 31, 2023, revealing a 23% year-over-year drop to $47.2 million in net sales.
"Successful execution of our restructuring plan and related cost savings efforts throughout the year enabled us to deliver positive Adjusted EBITDA and Free Cash Flow in 2023," said Bill Toler, chairman and CEO of the Pennsylvania-based company.
Q4 2023 Financial Highlights
- Net sales decreased to $47.2 million compared to $61.5 million in the prior year's period.
- Gross profit increased to $8.4 million compared to a gross loss of $0.5 million in the fourth quarter of 2022.
- Gross profit margin increased to 17.9% of net sales compared to a negative profit margin of 0.8%.
- Adjusted gross profit increased to $11.5 million compared to $9 million.
- Adjusted gross profit margin grew to 24.3% of net ...