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Everyone's going to call it the biggest initial public offering ever. They'll talk about rockets, Mars and Elon Musk. But they'll be looking at the wrong business. That’s because the SpaceX IPO isn't really about launch vehicles.It's about Starlink—a satellite internet network that has quietly become one of the fastest-growing telecom businesses in the world. And it's growing like a startup.Starlink Growth EngineThat's what makes this IPO interesting.Valuation Debate ShiftAt a headline valuation of about $1 ...

Char Coir Launches New Coco Coin Tray and Insert Tray to Improve Early-Stage Plant Development and Cultivation Efficiency Char Coir Coin Tray Coco Coin Tray DENVER, March 24, 2026 (GLOBE NEWSWIRE) -- GrowGeneration Corp. (NASDAQ: GRWG) (“GrowGeneration,” “GrowGen” or “the Company”), one of the nation’s largest suppliers of specialty products for controlled environment agriculture (CEA), commercial cultivation, and retail garden centers, today unveiled two new propagation products under the Char Coir bran ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal year ended December 31, 2025 OR ¨ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission File Number 333-207889 GROWGENERATION CORP. (Exact name of registrant as specified in its charter) | Colorado | 46-5008129 | | --- | ...

Earnings Call InsightsGrowGeneration outlines 2026 breakeven EBITDA target and 40% proprietary brand sales amid cost discipline and share buybackMar 19, 2026, 9:02 PM ETGrowGeneration Corp. (GRWG) StockAI-Generated Earnings Calls InsightsCommentsEarnings Call Insights: GrowGeneration Corp. (GRWG) Q4 2025 Management View Darren Lampert, Co-Founder, CEO & Chairperson of the Board, reported, "2025 was a defining year for GrowGen. We transformed the business, rightsizing our retail footprint, dramatically expan ...

Despite lower revenue, management highlighted gains in profitability metrics. Lampert said gross margin improved 370 basis points year over year to 26.8% for 2025, supported by a higher mix of proprietary products. He also said the company reduced GAAP net loss by more than half and improved adjusted EBITDA by $8.5 million year over year.For the full year 2025, the company reported net sales of about $162 million, which Lampert said was an expected year-over-year decline driven by store closures. CFO Greg S ...

Financial Data and Key Metrics Changes - In 2025, net sales were approximately $162 million, a decline from $188.9 million in 2024, primarily due to store closures [20][21] - Gross margin improved by 370 basis points to 26.8% for 2025, compared to 23.1% in 2024 [22] - GAAP net loss decreased to $24 million for 2025, or -$0.40 per share, a $25.5 million improvement from a net loss of $49.5 million in 2024 [22] - Adjusted EBITDA improved by $8.5 million year-over-year, from a loss of $14.5 million in 2024 to a loss of $6 million in 2025 [8][22] Business Line Data and Key Metrics Changes - Proprietary brand sales accounted for 32.8% of cultivation and gardening revenue in 2025, up from 24.2% in 2024 [20] - In Q4 2025, proprietary brand sales represented 35.8% of cultivation and gardening revenue, up from 30.4% in the prior year [16] - The storage solutions segment reported net sales of $5.7 million in Q4 2025, an increase from $4.5 million in Q4 2024 [16] Market Data and Key Metrics Changes - The company consolidated 8 retail stores in 2025, reducing its retail footprint to 23 locations as of December 31 [5] - Same-store sales remained stable, indicating business stabilization despite fewer retail locations [6] Company Strategy and Development Direction - The company aims to reach approximately break-even adjusted EBITDA for the full year 2026, focusing on revenue quality rather than volume [5][24] - Plans to increase proprietary brand sales to 40% of cultivation and gardening revenue by year-end 2026 [9][24] - The company is shifting towards a national controlled environment agriculture supplier, focusing on larger specialty agricultural markets [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term strategy and the potential for sustainable growth in the controlled environment agricultural industry [15] - The restructuring efforts in 2025 have laid a strong foundation for future profitability, with expectations of continued margin improvement [27][29] Other Important Information - The company announced a share repurchase program for up to $10 million of its outstanding common stock, reflecting confidence in its long-term strategy [14][23] - The company ended 2025 with $46.1 million in cash and no debt, maintaining a strong balance sheet [23] Q&A Session Summary Question: Share repurchase program considerations - Management indicated that the decision to initiate a share repurchase program was based on the current undervaluation of the stock and the lack of suitable acquisition opportunities [31][32] Question: Sales channels for proprietary brands - Currently, about 80% of proprietary brand sales are through GrowGen's own channels, with plans to diversify towards third-party channels [34][35] Question: Outlook for storage solutions segment - Management noted that the storage solutions segment is experiencing growth and is being consolidated into one location to enhance efficiency [38][39] Question: Future of retail store base - The company is transitioning to a B2B model, with plans to reduce the number of retail locations further, focusing on distribution centers instead [56][58] Question: Operating expenses outlook - Management expects continued reductions in operating expenses in 2026, driven by the impact of store closures and ongoing cost improvement initiatives [59][60]

Financial Data and Key Metrics Changes - In 2025, net sales were approximately $162 million, reflecting a year-over-year decline primarily due to store closures [5][20] - Gross margin improved by 370 basis points to 26.8% for the full year 2025, despite total revenue decline [4][22] - Adjusted EBITDA improved by $8.5 million year-over-year, moving from a loss of $14.5 million to a loss of $6 million [8][22] - GAAP net loss decreased to $24 million for the full year 2025, a $25.5 million improvement compared to a net loss of $49.5 million in 2024 [22] Business Line Data and Key Metrics Changes - Proprietary brand sales penetration increased to 32.8% of cultivation and gardening revenue for the full year 2025, up from 24.2% in 2024 [7][20] - In Q4 2025, proprietary brand sales represented 35.8% of cultivation and gardening revenue, up from 30.4% in the prior year [16] - The storage solutions segment reported net sales of $5.7 million for Q4 2025, up from $4.5 million in Q4 2024, indicating stable demand [17] Market Data and Key Metrics Changes - The company consolidated its retail footprint to 23 locations as of December 31, 2025, with plans to further reduce to approximately 19 locations [5][59] - The company is shifting focus from retail to B2B distribution, indicating a strategic pivot in its market approach [59] Company Strategy and Development Direction - The company aims to reach approximately break-even adjusted EBITDA for the full year 2026, focusing on revenue quality rather than volume [14][24] - Plans to increase proprietary brand sales to 40% of cultivation and gardening revenue by year-end 2026 [9][24] - The company is expanding into new revenue channels and product extensions, particularly in B2B and home gardening markets [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term strategy and the potential for sustainable growth in the controlled environment agricultural industry [15][26] - The restructuring efforts have stabilized revenue and improved margins, positioning the company for future profitability [27][28] - Management acknowledged ongoing challenges in the hydroponics market but remains optimistic about the company's ability to adapt and grow [46][52] Other Important Information - The company announced a share repurchase program for up to $10 million of its outstanding common stock, reflecting confidence in its long-term value [14][23] - The company ended 2025 with $46 million in cash and no debt, providing financial flexibility for strategic initiatives [23] Q&A Session Summary Question: Share repurchase program considerations - Management indicated that the decision to repurchase shares was based on the current undervaluation of the stock and the lack of suitable acquisition opportunities [31][32] Question: Sales channels for proprietary brands - Approximately 80% of proprietary brand sales are currently through the company's own channels, with a goal to diversify towards third-party channels [34][35] Question: Outlook for storage solutions segment - Management noted that efforts are being made to consolidate and improve the storage solutions business, which is expected to grow steadily [39][40] Question: Future of retail store closures - The company plans to continue reducing its retail footprint, focusing on B2B operations rather than consumer retail [58][59] Question: Operating expenses and cost reductions - Management expects continued improvements in operating expenses due to prior store closures and ongoing cost reduction initiatives [61]

Financial Data and Key Metrics Changes - In 2025, net sales were approximately $162 million, a decline from $188.9 million in 2024, primarily due to store closures [20][24] - Gross margin improved by 370 basis points to 26.8% for the full year 2025, compared to 23.1% in 2024 [21] - GAAP net loss decreased to $24 million for the full year 2025, a $25.5 million improvement from a net loss of $49.5 million in 2024 [21] - Adjusted EBITDA improved by $8.5 million, from a loss of $14.5 million in 2024 to a loss of $6 million in 2025 [21][24] Business Line Data and Key Metrics Changes - Proprietary brand sales accounted for 32.8% of cultivation and gardening revenue in 2025, up from 24.2% in 2024 [20] - In the fourth quarter of 2025, proprietary brand sales represented 35.8% of cultivation and gardening revenue, up from 30.4% in the prior year [16] - The storage solutions segment reported net sales of $5.7 million for the fourth quarter of 2025, an increase from $4.5 million in the same period last year [16] Market Data and Key Metrics Changes - The company consolidated 8 retail stores in 2025, reducing its retail footprint to 23 locations as of December 31 [5] - The company is shifting focus from retail to B2B distribution, indicating a strategic pivot in its market approach [59] Company Strategy and Development Direction - The company aims to reach approximately break-even adjusted EBITDA for the full year 2026, focusing on revenue quality rather than volume [5][24] - The company plans to increase proprietary brand sales to 40% of cultivation and gardening revenue by year-end 2026 [24] - The company is expanding into new revenue channels and product extensions, particularly in B2B and home gardening markets [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term strategy and the effectiveness of cost reduction initiatives implemented in 2025 [13][27] - The company anticipates modest revenue growth in 2026, with a focus on margin improvement and operational efficiency [24][26] - Management highlighted the importance of proprietary brands as a primary growth driver moving forward [9][15] Other Important Information - The company ended 2025 with $46.1 million in cash and no debt, maintaining a strong balance sheet [23] - A share repurchase program for up to $10 million of the company's outstanding common stock was authorized by the board of directors [13][23] Q&A Session Summary Question: Share repurchase program considerations - Management indicated that the decision to initiate a share repurchase program was based on the current undervaluation of the stock and the lack of suitable acquisition opportunities [31][34] Question: Sales channels for proprietary brands - Currently, about 80% of proprietary brand sales are through GrowGen's own channels, with a goal to diversify towards third-party channels [35][36] Question: Outlook for storage solutions segment - Management noted that the storage solutions segment is experiencing growth and plans to consolidate operations to enhance efficiency [39][41] Question: Future of retail store base - The company plans to continue reducing its retail store count, focusing on B2B operations rather than consumer retail [58][60] Question: Operating expenses outlook - Management expects continued reductions in operating expenses in 2026, benefiting from previous cost-cutting measures and store closures [61][62]

Full Year Net Sales of $161.7 million including Proprietary Brand Sales of $44.0 million Full Year Proprietary Brand Penetration Increased to 32.8% up from 24.2% in the prior year Full Year GAAP Net Loss Improved by $25.5 million; Adjusted EBITDA Improved by $8.5 million $46.1 million of Cash and Marketable Securities and no debt Board Authorizes $10 Million Share Repurchase Program 2026 Outlook: Revenue of $162 million to $168 million and Breakeven Adjusted EBITDA(1) DENVER, March 19, 2026 (GLOBE NEWSWIRE) ...