Hydrofarm Holdings Group, Inc. - Common Stock (HYFM)
0.6475
+0.0145 (2.29%)
Hydrofarm Holdings Group is a leading manufacturer and distributor of hydroponics equipment and supplies designed for the cultivation of crops
The company specializes in providing innovative solutions for indoor and outdoor gardening, including lighting systems, nutrition products, and growing media. With a commitment to sustainability and high-quality products, Hydrofarm serves a diverse customer base, including commercial growers, specialty retailers, and hobbyist growers, aiming to enhance agricultural production through advanced technology and knowledge-driven practices.
HYFM stock results show that Hydrofarm Holdings Group missed analyst estimates for earnings per share but beat on revenue for the second quarter of 2024.
The graph depicts the stock price performance of baskets of stocks in six different cannabis industry subsectors. Each basket consists of the top four or five U.S. companies in each group. The stocks in each basket are equally weighted, and the basket prices are indexed so that August 25, 2023 (the Friday before the HHS announcement) equals 100.
HYFM stock results show that Hydrofarm Holdings Group missed analyst estimates for earnings per share but beat on revenue for the first quarter of 2024.
Hydrofarm Holdings Group, Inc., a cannabis-focused manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture, announced on Tuesday financial results for its first quarter ended March 31, 2024."We are pleased with our first quarter results, as we delivered adjusted gross profit margin expansion for the fifth consecutive quarter driven by elevated operational productivity," Bill Toler, chairman and CEO of Hydrofarm, said.
Hydrofarm Holdings Group, Inc. reported a 23% year-over-year decrease in net sales for the fourth quarter of 2023, amounting to $47.2 million. The company's successful restructuring plan and cost-saving initiatives led to positive Adjusted EBITDA and Free Cash Flow for the year. In Q4 2023, gross profit increased to $8.4 million, with a gross profit margin of 17.9%, compared to a loss in the same period in 2022. The net loss improved to $15.2 million, and Adjusted EBITDA showed a significant year-over-year improvement of 92%. For the full year 2023, net sales dropped to $226.6 million, but gross profit increased to $37.6 million, with a gross profit margin of 16.6%. The net loss decreased to $64.8 million, and Adjusted EBITDA turned positive at $0.3 million. Operating activities generated $7 million cash, with free cash flow reaching $2.8 million.
