Financial Data and Key Metrics Changes - Net sales for Q4 2024 were $37.3 million, down 20.9% year-over-year, primarily due to a 16.8% decrease in volume mix and a 3.9% decline in pricing [23] - Adjusted EBITDA was a loss of $7.3 million in Q4, attributed to lower sales and adjusted gross profit, partially offset by adjusted SG&A savings [31] - Cash balance as of December 31, 2024, was $26.1 million, up from $24.4 million at the end of Q3 [32] Business Line Data and Key Metrics Changes - Proprietary brands represented approximately 52% of total net sales in Q4, a decrease compared to the prior year [24] - Consumable products accounted for approximately three-quarters of total sales, consistent with 2023 [26] - Adjusted gross profit in Q4 was $1.8 million or 4.9% of net sales, down from $8.4 million or 17.9% in the prior year [26] Market Data and Key Metrics Changes - The cannabis industry faced persistent oversupply challenges, leading to lower sales across the supply chain [8] - E-commerce sales increased over 25% in 2024, indicating a strong channel for home-growing solutions [16] - Sales to non-cannabis and non-U.S. Canadian customers increased by nearly 200 basis points in 2024 [17] Company Strategy and Development Direction - The strategic priority is to drive sales of higher-margin proprietary brands, with a focus on improving the proprietary brand sales mix [11] - Plans for 2025 include targeted marketing investments, enhanced salesforce capabilities, and refined incentive structures to improve profitability [19] - The company is exploring strategic alternatives, including potential acquisitions or divestitures to enhance shareholder value [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging second half of 2024, with expectations of continued sales declines early in 2025, moderating as the year progresses [44] - There is optimism about long-term industry prospects, with plans to invest in higher-margin proprietary brands and diversify revenue streams [37] - Management is focused on improving operational efficiencies and reducing costs, with expectations of further SG&A reductions in 2025 [36] Other Important Information - The company completed significant reductions to its manufacturing and distribution center footprint as part of its restructuring plan [27] - The integration of Canadian entities into the main ERP system is expected to improve operating efficiencies and drive synergies [28] Q&A Session Summary Question: Can you talk about the dynamics of the broader environment in your categories as you look forward to 2025? - Management noted that early 2024 saw optimism in the cannabis category, but expectations were reset due to political changes and market conditions [42] Question: What can we look forward to in terms of incremental benefits from cost-cutting initiatives in 2025? - Management indicated opportunities for additional savings through optimizing the distribution center network and further reducing SG&A costs [49] Question: How might tariffs and regulatory changes impact the company? - Management acknowledged the fluid situation regarding tariffs and indicated plans to pass along costs to customers while monitoring the impact on sales [56] Question: Can you elaborate on potential M&A activities? - Management expressed interest in monitoring opportunities for acquisitions that could enhance shareholder value and diversify the company's portfolio [70]

Core Insights - Hydrofarm Holdings Group, Inc. reported a quarterly loss of $3.80 per share, which was worse than the Zacks Consensus Estimate of a loss of $2.80, marking a 35.71% earnings surprise [1] - The company's revenues for the quarter ended December 2024 were $37.31 million, missing the Zacks Consensus Estimate by 8.99% and down from $47.18 million a year ago [2] - Hydrofarm shares have declined approximately 20.9% since the beginning of the year, contrasting with the S&P 500's decline of 1.8% [3] Financial Performance - Over the last four quarters, Hydrofarm has surpassed consensus EPS estimates only once [2] - The current consensus EPS estimate for the upcoming quarter is -$2.50 on revenues of $50 million, and for the current fiscal year, it is -$9.40 on revenues of $191 million [7] Industry Outlook - The Agriculture - Products industry, to which Hydrofarm belongs, is currently ranked in the bottom 19% of over 250 Zacks industries, indicating a challenging environment [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Hydrofarm's stock performance [5] Future Expectations - The estimate revisions trend for Hydrofarm is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - Investors are advised to monitor changes in earnings estimates for the coming quarters and the current fiscal year, as these could influence stock performance [4][7]

Financial Performance - Net sales for 2024 decreased to $190,288 thousand from $226,581 thousand in 2023, representing a decline of approximately 16%[359]. - Gross profit for 2024 was $32,133 thousand, down from $37,612 thousand in 2023, indicating a decrease of about 14.5%[359]. - The net loss for 2024 increased to $66,717 thousand compared to a net loss of $64,813 thousand in 2023, reflecting a rise of approximately 2.9%[361]. - The total comprehensive loss for 2024 was $69,131 thousand, up from $64,075 thousand in 2023, marking an increase of about 7.9%[361]. - Operating expenses in 2024 were $72,794 thousand, down from $87,314 thousand in 2023, showing a reduction of approximately 16.6%[359]. - The company reported a loss from operations of $52,181 thousand in 2024, compared to a loss of $49,702 thousand in 2023, indicating a worsening of about 5.9%[359]. - Cash and cash equivalents at the end of 2024 were $26,111 thousand, down from $30,312 thousand at the end of 2023, representing a decrease of approximately 13.5%[367]. - The accumulated deficit increased from $490.7 million in 2023 to $557.5 million in 2024, an increase of approximately 13.6%[357]. - Total stockholders' equity decreased from $290.6 million in 2023 to $223.7 million in 2024, a decline of about 23%[357]. - Total assets decreased from $507.6 million in 2023 to $426.1 million in 2024, a decline of approximately 16%[357]. Inventory and Assets - The company has $249.0 million in intangible assets, $50.6 million in inventories, and $37.5 million in property, plant, and equipment as of December 31, 2024[115]. - Inventories decreased significantly from $75.4 million in 2023 to $50.6 million in 2024, representing a reduction of about 32.9%[357]. - Total property, plant and equipment, net and operating lease right-of-use assets decreased to $80,441 million in 2024 from $101,854 million in 2023, a reduction of about 21%[379]. - The company reported a decrease in total property, plant and equipment in the United States to $50,928 million in 2024 from $68,270 million in 2023, a decline of approximately 25%[379]. - In Canada, total property, plant and equipment decreased to $29,513 million in 2024 from $33,584 million in 2023, representing a decline of about 12%[379]. Risks and Challenges - The company faces risks related to manufacturing processes, including equipment malfunctions and raw material shortages, which could lead to product defects and recalls[120]. - The company’s peat moss harvesting operation is vulnerable to climate change impacts, which could adversely affect harvest yields[121]. - Increased prices and inflation for raw materials and labor could negatively impact the company's margin performance and financial results[125]. - The company occupies many facilities under long-term non-cancellable leases, which may pose financial risks if unable to renew or sublease[126]. - The company is exposed to regulatory approval delays for new products, which could hinder product launches and market innovations[113]. - Restructuring activities may increase expenses and cash expenditures, potentially affecting financial results[110]. - The company’s ability to develop and market new products is uncertain, which could impact market share and financial performance[112]. - Tariffs and trade restrictions could increase product costs, adversely affecting competitiveness and financial results[124]. - Disruption in freight carrier operations could negatively impact net revenues and gross margin due to higher shipping costs and delays[128]. - Approximately 14% of the company's peat bog sites are currently deemed non-compliant by environmental authorities, affecting operational capabilities[135]. - The company faces potential increased costs and risks associated with international operations, including compliance with local regulations and currency fluctuations[129]. - Regulatory compliance failures could lead to fines or product recalls, adversely affecting financial condition and results of operations[130]. - Climate change may lead to increased operational costs and disruptions due to extreme weather events, impacting financial results[141]. - The company is subject to evolving ESG scrutiny, which may impose additional costs and affect reputation and access to capital[140]. - Internal control weaknesses could result in material errors in financial reporting, adversely impacting investor confidence and stock price[143]. - Supply chain optimization failures could adversely affect production capabilities and financial results[137]. - The company relies on information technology systems for operations, and failures or breaches could significantly impair business functions[151]. - The company faces risks related to acquisitions, including integration difficulties and potential liabilities from acquired companies, which could adversely impact financial results[161]. - The existing Credit Facilities impose restrictions that limit the company's operational flexibility, including limitations on incurring additional debt and paying dividends[169]. - The company is subject to ongoing tax audits, which may result in additional tax liabilities if tax authorities disagree with its determinations[157]. - The company may incur significant costs related to investigating and mitigating cyber threats, which could adversely affect its financial condition[153]. - The company is prohibited from selling products directly to cannabis growers in jurisdictions where such sales are illegal, which may limit market opportunities[171]. - The company may face increased capital needs and may not be able to obtain sufficient capital to fund future operations[165]. - Substantially all of the company's assets are pledged to secure obligations under the Credit Facilities, which may materially harm its ability to conduct business if defaults occur[173]. - Disruptions in the availability or increases in the prices of raw materials sourced by suppliers could adversely affect the company's results of operations[174]. - A significant interruption in the operation of the company's or its suppliers' facilities could impact its capacity to produce products and service customers, adversely affecting revenues and earnings[178]. - The company is subject to risks related to the cannabis industry, including the illegality of cannabis under U.S. federal law, which could negatively impact revenues and profits[182]. - The company's growth is highly dependent on the U.S. cannabis market, and future regulations may create limitations that decrease the demand for its products[198]. - If suppliers are unable to source raw materials in sufficient quantities and at acceptable costs, the company's ability to sell products may be harmed[179]. - The company faces risks from potential disruptions in its global supply chain, which could adversely impact its financial condition and results of operations[177]. - The company's proprietary technologies may limit its ability to locate or utilize alternative inputs for certain products, potentially increasing costs and delays[175]. - The company may experience difficulties in manufacturing products on a timely basis, leading to increased delivery lead-times and costs[179]. - The company's ability to maintain supplier arrangements is critical, as disruptions could have a material adverse effect on its financial condition and cash flows[177]. - The cannabis industry remains illegal under U.S. federal law, with cannabis classified as a Schedule I substance, impacting all related activities[199]. - The legalization of cannabis in various states has positively influenced the industry, although changes in regulations could adversely affect demand for products[200]. - Evolving federal and state laws regarding cannabis cultivation and use may indirectly reduce demand for products and impact future operations[201]. - The demand for products is uncertain and dependent on the growth of emerging industries, including cannabis cultivation[202]. - Compliance with changing laws and regulations may impose substantial costs and disrupt business operations[204]. - Scientific research on cannabis benefits is in early stages, and negative findings could impact product demand[205]. - Public perception of cannabis significantly affects the industry's success, with potential adverse effects from negative publicity or scientific research[206]. - The company faces reputational risks due to its indirect involvement in the cannabis industry, which could affect business relationships[208]. - Compliance with data privacy laws is increasingly complex, with potential penalties for violations that could adversely affect the company's financial condition[214]. - Environmental regulations regarding pesticide use could result in significant costs and impact the company's reputation and operations[218]. Intellectual Property and Compliance - The company may face significant risks related to the protection and enforcement of its intellectual property rights, which are crucial for its competitive position[220]. - There is a possibility of substantial costs and resource diversion due to litigation necessary to enforce intellectual property rights against third-party claims[223]. - The company must comply with various procedural and fee requirements to maintain patent protection, and noncompliance could lead to loss of patent rights[224]. - The company may need to rely on licenses for proprietary technologies, which could be difficult or expensive to obtain, potentially harming its competitive position[225]. - If the company fails to maintain its patents, competitors could enter the market, adversely affecting its business[224]. Stock and Corporate Governance - The company has the authority to issue up to 50 million shares of preferred stock, which could dilute common stockholders' ownership interests[232]. - Provisions in the company's corporate charter and Delaware law could make it difficult for stockholders to effect a change in control or management[233]. - The company currently intends to retain future earnings for business operations and expansion, with no expected dividends in the foreseeable future[237]. - Legal and contractual restrictions may limit the company's ability to obtain cash from subsidiaries, affecting its financial obligations[235]. - The company received a notification from Nasdaq on March 14, 2024, indicating non-compliance with the minimum bid price requirement of $1.00 per share for 30 consecutive business days[238]. - On August 9, 2024, the company requested a 180-day extension to regain compliance, indicating it met all other listing requirements except the minimum bid price[239]. - Nasdaq approved the transfer of the company's listing from the Global Select Market to the Capital Market tier on September 12, 2024, along with an additional 180-day extension to regain compliance[240]. - The board approved a 1-for-10 reverse stock split on February 6, 2025, which became effective on February 12, 2025, allowing the company to regain compliance with Nasdaq listing requirements[241]. - Delisting from Nasdaq could adversely affect the company's ability to raise capital and negatively impact the liquidity and value of its common stock[242]. - The market price of the company's common stock has been volatile, influenced by factors such as operating performance, sales by stockholders, and general economic conditions[245]. - The company may issue additional equity securities in the future, which could dilute existing stockholders' ownership and negatively impact the market price of its common stock[256]. - The company faces potential litigation that could materially affect its financial condition and operating results[253]. Cash Flow and Debt - The estimated material cash requirements for 2025 include principal repayments, interest payments on long-term debt, and operating lease payments[329]. - The company had $119.3 million of Term Loan debt subject to variable interest rates as of December 31, 2024[338]. - If interest rates increase by 100 basis points, interest expense on variable rate debt would rise by an average of $1.1 million annually[338]. - The company incurred interest expenses of $15,237 thousand in 2024, slightly down from $15,442 thousand in 2023, a decrease of about 1.3%[359].

Financial Performance - Net sales for Q4 2024 decreased by 20.9% to $37.3 million compared to $47.2 million in the prior year period, primarily due to a 16.8% decline in volume/mix and a 3.9% decrease in price[7] - Gross Profit for Q4 2024 was $1.8 million, or 4.9% of net sales, down from $8.4 million, or 17.9% of net sales in the prior year[8] - Adjusted Gross Profit Margin decreased to 9.6% of net sales in Q4 2024 from 24.3% in the prior year, impacted by lower sales and approximately $1.4 million in inventory reserves[8] - Net loss for Q4 2024 increased to $17.5 million, or $(3.80) per diluted share, compared to a net loss of $15.2 million, or $(3.33) per diluted share in the prior year[8] - Adjusted EBITDA for Q4 2024 was $(7.3) million, a decline from $(0.6) million in the prior year period[9] - For the full year 2024, net sales decreased to $190.3 million from $226.6 million, with a Gross Profit of $32.1 million and an Adjusted Gross Profit of $40.3 million[6] Cash Flow and Liquidity - Cash generated from operating activities in Q4 2024 was $2.7 million, with Free Cash Flow of $2.4 million, while for the full year, Free Cash Flow was $(3.2) million[10] - Free cash flow for Q4 2024 was $2.386 million, contrasting with a negative free cash flow of $(1.744) million in Q4 2023[30] - The total gross proceeds from the IGE Asset Sale were $8.7 million, contributing an estimated $3.5 million to Net cash from operating activities and Free Cash Flow for the twelve months ended December 31, 2024[32] - The Company received gross proceeds of $8.6 million from a sale-leaseback of real estate in Eugene, Oregon, classified as a Financing activity for the twelve months ended December 31, 2023[32] Expenses and Cost Management - SG&A expense decreased by 14.7% to $17.0 million in Q4 2024, while Adjusted SG&A expense decreased by 9.8% to $10.8 million[6] - Selling, general and administrative expenses for Q4 2024 were $16.958 million, a decrease of 15% from $19.872 million in Q4 2023[27] - The company aims to improve Adjusted Gross Profit Margin in 2025 through a higher proprietary brand sales mix and continued cost-saving measures[11] Future Outlook - The company expects net sales to decrease by 10-20% in 2025, with negative but improved Adjusted EBITDA and Free Cash Flow compared to 2024[12] Assets and Financial Position - Total current assets decreased to $95.212 million in 2024 from $128.066 million in 2023, primarily due to a reduction in inventories[23] - Total assets decreased to $426.104 million in 2024 from $507.643 million in 2023, reflecting a decline in both current and non-current assets[23] - The accumulated deficit increased to $557.461 million in 2024 from $490.744 million in 2023, indicating ongoing financial challenges[23] Non-GAAP Measures - Adjusted EBITDA is defined as net loss excluding various expenses, providing insight into ongoing operating performance[35] - Adjusted Gross Profit is calculated by excluding depreciation and other expenses, offering a clearer view of profitability[36] - Free Cash Flow is defined as Net cash from operating activities less capital expenditures, indicating the Company's ability to generate cash[39] - Liquidity is defined as total cash, cash equivalents, and available borrowing capacity, reflecting the Company's financial health[40] - Net Debt is calculated as total debt principal outstanding plus finance lease liabilities, less cash and cash equivalents, providing insight into the Company's leverage[40] - The Company emphasizes the importance of non-GAAP financial measures for evaluating performance and comparing metrics over time[33] - Adjusted SG&A is defined as SG&A excluding certain expenses, which aids in assessing operational efficiency[38]

Core Insights - Hydrofarm Holdings Group, Inc. reported a significant decline in net sales and profitability for the fourth quarter and fiscal year 2024, primarily due to challenging industry conditions in the cannabis sector [5][6][10]. Fourth Quarter Highlights - Net sales decreased by 20.9% to $37.3 million from $47.2 million in the prior year, attributed to a 16.8% decline in volume/mix and a 3.9% decrease in price [6][8]. - Gross profit fell to $1.8 million (4.9% of net sales) compared to $8.4 million (17.9% of net sales) in the prior year [7][8]. - Adjusted EBITDA was $(7.3) million, a decline from $(0.6) million in the previous year [10][8]. - The company experienced a net loss of $17.5 million, compared to a net loss of $15.2 million in the prior year [10][8]. Fiscal Year 2024 Highlights - Total net sales for the fiscal year decreased to $190.3 million from $226.6 million [8]. - Gross profit for the year was $32.1 million (16.9% of net sales), with an adjusted gross profit of $40.3 million (21.2% of net sales) [8]. - The net loss for the year increased to $66.7 million from $64.8 million in the previous year [10][8]. - Cash generated from operating activities was $2.7 million for the fourth quarter, while the full year saw cash used in operating activities of $0.3 million [12][8]. Cost Management and Strategic Focus - The company achieved over $9 million in adjusted SG&A expense savings in 2024, reflecting its commitment to cost management [5]. - The sales mix of higher-margin proprietary brands increased from approximately 35% in 2020 to 56% in 2024 [5]. - The company reduced its manufacturing footprint by nearly 60% since early 2023 while maintaining product quality [5]. Outlook for 2025 - Hydrofarm anticipates a net sales decrease of 10-20% for 2025, with expectations of improved adjusted EBITDA and free cash flow compared to 2024 [14]. - The company aims to enhance its proprietary brand sales mix and optimize its distribution network while implementing further cost-saving measures [5][14].

Company Overview - Hydrofarm Holdings Group, Inc. is a leading independent manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture (CEA) [3] - The company offers a range of products including grow lights, climate control solutions, growing media, and nutrients, along with a portfolio of innovative and proprietary branded products [3] - With over 40 years of experience, the company aims to empower growers, farmers, and cultivators by providing products that enhance quality, efficiency, consistency, and speed in their growing projects [3] Upcoming Financial Results - Hydrofarm will host a conference call to review its fourth quarter and full year 2024 results on March 5, 2025, at 8:30 AM ET [1] - A press release containing the financial results will be issued before the market opens on the same day [1] - The conference call can be accessed live via phone or webcast, with details provided for participants [2]

Core Points - Hydrofarm Holdings Group, Inc. announced a 1-for-10 reverse stock split effective February 12, 2025, to comply with Nasdaq's minimum bid price requirement of $1.00 per share [1][2] - The reverse stock split will reduce the number of shares outstanding from approximately 46,144,512 to about 4,614,451, while the total authorized shares will remain unchanged [2] - Stockholders will receive cash payments for any fractional shares resulting from the reverse stock split, based on the closing price on February 12, 2025 [2] Company Overview - Hydrofarm is a leading independent manufacturer and distributor of hydroponics equipment and supplies for controlled environment agriculture, with over 40 years of experience [5] - The company aims to empower growers with products that enhance quality, efficiency, consistency, and speed in their agricultural projects [5]

Industry Overview - The cannabis industry in the United States has evolved into a multi-billion-dollar sector, driven by increased demand for legal cannabis as societal attitudes shift [1][2] - The growth of the industry is attributed to greater access to legal cannabis, leading to higher consumer demand and revenue generation [1] Public Trading and Investment Opportunities - Several cannabis companies are publicly traded, allowing investors to buy and sell shares in the open market, providing an alternative to starting a cannabis business [2] - The sector remains volatile, presenting both risks and potential upside for investors looking for top marijuana stocks [3] Key Companies to Watch - WM Technology, Inc. (NASDAQ: MAPS) is considering a proposal from its co-founders to take the company private, with the founders currently owning approximately 32% of the outstanding shares [4][9] - Leafly Holdings, Inc. (NASDAQ: LFLY) operates a platform connecting consumers with cannabis brands and retailers, recently recognized for its strain "Super Boof" as the strain of the year for 2024 [5][6] - Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM) manufactures and distributes controlled environment agriculture equipment, reporting a decrease in net sales to $44.0 million but an increase in gross profit margin to 19.4% [12]

Financial Data and Key Metrics Changes - Net sales for Q3 2024 were $44 million, down 18.8% year-over-year, primarily due to a 13.7% decrease in volume mix and a 4.9% decline in pricing [20] - Gross profit in Q3 was $8.5 million or 19.4% of net sales, compared to $3.3 million or 6.1% in the prior year [23] - Adjusted EBITDA for year-to-date was $2.1 million, more than double compared to 2023, indicating successful restructuring and cost-saving initiatives [32] Business Line Data and Key Metrics Changes - Consumable products accounted for approximately 79% of total sales in Q3, an increase from the previous year [21] - Proprietary brands represented 56% of total net sales, up from 54% in the prior year, with a greater mix of higher-margin brands sold [22] Market Data and Key Metrics Changes - The company is experiencing a challenging environment with significant retail closures impacting sales, particularly in the independent retail sector [51] - E-commerce has emerged as a stronger channel, gaining traction as consumers become more comfortable with online ordering [55] Company Strategy and Development Direction - The company is focusing on diversifying revenue sources and reducing reliance on cannabis sales in the U.S. and Canada, with non-cannabis revenue sources increasing several hundred basis points compared to Q3 last year [12] - Strategic investments in proprietary brands and cost control measures are prioritized to enhance profitability and operational efficiency [19][39] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about future performance despite current industry challenges, citing positive indicators such as growth in cannabis users and a favorable regulatory environment [16][18] - The company reaffirms its full-year 2024 guidance for net sales, adjusted EBITDA, and free cash flow, expecting to achieve positive free cash flow for the full year [20][38] Other Important Information - The CEO will transition to Executive Chairman effective January 1, 2025, with the current CFO set to take over as CEO [41] - The company has reduced its manufacturing footprint by nearly 60% since the beginning of 2023, enhancing profitability and efficiency [14] Q&A Session Summary Question: Outlook for partner brands and cash flow impact - Management indicated that partner brands work well at scale, and while recent demand trends have posed challenges, there are promising long-term potentials with certain brands [46] Question: Stability of commercial customers amidst retail closures - Management noted that while brick-and-mortar retail has faced consolidation, commercial customers have remained stable but below previous levels, with e-commerce emerging as a strong channel [55] Question: Implications of Florida's medical market not passing - Management acknowledged the setback but remains optimistic about future growth opportunities, emphasizing that the overall market is still headed in a positive direction [60] Question: Opportunities for M&A and consolidation - Management is cautious about M&A due to current equity prices but is exploring opportunities for outsourcing volume from smaller players unable to maintain operations [62] Question: Future SG&A cost reductions - Management confirmed there is still some room for further SG&A reductions, although it may become more challenging as they approach pre-IPO levels [66]

Company Performance - Hydrofarm Holdings Group, Inc. (HYFM) reported a quarterly loss of $0.26 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.23, and compared to a loss of $0.25 per share a year ago, indicating an earnings surprise of -13.04% [1] - The company posted revenues of $44.01 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 6.36%, and down from $54.17 million in the same quarter last year [2] - Over the last four quarters, Hydrofarm has surpassed consensus EPS estimates only once and has topped consensus revenue estimates two times [2] Stock Performance - Hydrofarm shares have declined approximately 35.9% since the beginning of the year, contrasting with the S&P 500's gain of 24.3% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.28 on revenues of $41 million, and for the current fiscal year, it is -$0.99 on revenues of $197 million [7] Industry Outlook - The Agriculture - Products industry, to which Hydrofarm belongs, is currently ranked in the bottom 24% of over 250 Zacks industries, suggesting a challenging environment for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Hydrofarm's stock performance [5]