GrowGeneration Corp Revenue up 86% to $20.0 million for 9 Months, Aurora Cannabis revenue up 260% year over year


GrowGeneration Corp. (OTCQX: GRWG), (“GrowGen” or the “Company”) one of the largest specialty retail hydroponic and organic gardening stores, selling to both the commercial and home cannabis markets, with currently 18 locations, recently reported financial results for its 3rd quarter ended September 30, 2018.

GrowGeneration Reports Record 3rd Quarter Revenue - Q3 2018 Revenue up 109% to $8.4 million - Revenue up 86% to $20 million for 9 Months (CNW Group/GrowGeneration)

3rd Quarter 2018 Financial Highlights:

  • Revenue of $8.4 million, up 109%, compared to revenue of $4.0 million for the 3rd quarter of 2017
  • Store operating costs, as a percentage of revenue, have declined 16% from 19.9% for the 3rd quarter 2017 to 16.8% for the 3rd quarter of 2018
  • YTD revenue of $20 million, up 86% compare to YTD revenue of $10.7 million for 2017
  • YTD store operating costs, as a percentage of revenue, have declined from 19.6% for the nine months ended September 30, 2017 to 17.3% for the nine months ended September 30, 2018
  • Adjusted EBITDA ($71,000) for the 3rd quarter 2018 compared to ($191,000) for the 3rd quarter 2017
  • The Company had $14.3 million in cash and cash equivalents at September 30, 2018
  • As of September 30, 2018, the Company had total assets of $36.2 million compared to total assets of $9.2 million at December 31, 2017
  • As of September 30, 2018, the Company had working capital of $23.1 million compared to working capital of $5.6 million at December 31, 2017
  • The Company raised approximately $12.5 million in equity capital through the issuance of common stock and the exercise of warrants and $9.0 million in convertible debt financing for the nine-month period ended September 30, 2018
  • Three new stores acquired in Q3 2018, one of which was our new e-commerce site,
  • Formed GrowGeneration Canada Corp.
  • Formed GrowGeneration Hemp Corp.
  • Revenue run rate guidance in excess of $42 million heading into 2019, $10.0 million for Q4 2018

Aurora Cannabis (NYSE:ACB) reported fiscal first-quarter revenue growth of 260% as the company ramps up its adult consumer products.

The earnings report was the first for the company since it debuted on the New York Stock Exchange and recreational pot was legalized in its home country.

The Edmonton-based company reported a 260% jump in first-quarter revenue to $29,674,000, yielding net income of $105.5 million, a 32% increase from the previous quarter.

Gross margins on cannabis sales for the company jumped 12% year over year to 70% thanks to a higher average selling price per gram for dried cannabis as well as a higher proportion of cannabis oil sales into the company’s sales mix.

“We continue to successfully execute our differentiated and diversified strategy committed towards domestic and international expansion in the medical cannabis market, adult consumer use sales, production scale-up, innovation, plant and medical research, and product development,” said Terry Booth, CEO of Aurora.

The company also has benefited from the declining stigma of cannabis usage as the number of active registered medical patients jumped 250% year over year to 67,484. The company reported producing nearly 5,000 kilograms of product, a 395% increase year over year, while selling 2,676 kilograms, a 201% increase, in the quarter.


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