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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
| | | | | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For Quarter Ended: March 31, 2024
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO 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 |
(State of other jurisdiction of incorporation) | | (IRS Employer ID No.) |
5619 DTC Parkway, Suite 900
Greenwood Village, Colorado 80111
(Address of principal executive offices)
(800) 935-8420
(Issuer's Telephone Number)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading symbol | | Name of each exchange on which registered |
Common Stock, par value $0.001 per share | | GRWG | | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☐ | Smaller reporting company | ☐ |
Non-accelerated filer | ☐ | Emerging growth company | ☐ |
Accelerated filer | ☒ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of April 30, 2024 there were 60,708,727 shares of the registrant's common stock issued and outstanding.
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
GROWGENERATION CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except shares)
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 31,050 | | | $ | 29,757 | |
Marketable securities | 30,280 | | | 35,212 | |
Accounts receivable, net of allowance for credit losses of $1.4 million and $1.4 million at March 31, 2024 and December 31, 2023 | 7,832 | | | 8,895 | |
Notes receivable, current, net of allowance for credit losses of $0.2 million and $1.7 million at March 31, 2024 and December 31, 2023 | 215 | | | 193 | |
Inventory | 66,028 | | | 64,905 | |
Prepaid income taxes | 213 | | | 516 | |
Prepaid and other current assets | 6,102 | | | 7,973 | |
Total current assets | 141,720 | | | 147,451 | |
| | | |
Property and equipment, net | 25,336 | | | 27,052 | |
Operating leases right-of-use assets, net | 40,408 | | | 39,933 | |
Notes receivable, long-term | 54 | | | 106 | |
Intangible assets, net | 14,503 | | | 16,180 | |
Goodwill | 7,525 | | | 7,525 | |
Other assets | 847 | | | 843 | |
TOTAL ASSETS | $ | 230,393 | | | $ | 239,090 | |
| | | |
LIABILITIES & STOCKHOLDERS' EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 12,392 | | | $ | 11,666 | |
Accrued liabilities | 2,126 | | | 2,530 | |
Payroll and payroll tax liabilities | 2,097 | | | 2,169 | |
Customer deposits | 3,880 | | | 5,359 | |
Sales tax payable | 1,249 | | | 1,185 | |
Current maturities of operating lease liabilities | 7,593 | | | 8,021 | |
Total current liabilities | 29,337 | | | 30,930 | |
| | | |
Operating lease liabilities, net of current maturities | 35,431 | | | 34,448 | |
Other long-term liabilities | 317 | | | 317 | |
Total liabilities | 65,085 | | | 65,695 | |
Commitments and contingencies (Note 12) | | | |
Stockholders' equity: | | | |
Common stock; $0.001 par value; 100,000,000 shares authorized, 61,507,259 and 61,483,762 shares issued and outstanding as of March 31, 2024 and December 31, 2023 | 62 | | | 61 | |
Additional paid-in capital | 374,182 | | | 373,433 | |
Retained earnings (deficit) | (208,936) | | | (200,099) | |
Total stockholders' equity | 165,308 | | | 173,395 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 230,393 | | | $ | 239,090 | |
The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
GROWGENERATION CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 |
Net sales | $ | 47,888 | | | $ | 56,827 | |
Cost of sales (exclusive of depreciation and amortization shown below) | 35,524 | | | 40,538 | |
Gross profit | 12,364 | | | 16,289 | |
| | | |
Operating expenses: | | | |
Store operations and other operational expenses | 10,634 | | | 12,622 | |
Selling, general, and administrative | 7,908 | | | 6,838 | |
Estimated credit losses (recoveries) | (488) | | | 317 | |
Depreciation and amortization | 3,742 | | | 3,932 | |
| | | |
Total operating expenses | 21,796 | | | 23,709 | |
| | | |
Income (loss) from operations | (9,432) | | | (7,420) | |
| | | |
Other income (expense): | | | |
Other income (expense) | 47 | | | 860 | |
Interest income | 602 | | | 428 | |
Interest expense | (56) | | | (2) | |
Total other income (expense) | 593 | | | 1,286 | |
| | | |
Net income (loss) before taxes | (8,839) | | | (6,134) | |
| | | |
Benefit (provision) for income taxes | 2 | | | — | |
| | | |
Net income (loss) | $ | (8,837) | | | $ | (6,134) | |
| | | |
Net income (loss) per share, basic | $ | (0.14) | | | $ | (0.10) | |
Net income (loss) per share, diluted | $ | (0.14) | | | $ | (0.10) | |
| | | |
Weighted average shares outstanding, basic | 61,499 | | | 61,028 | |
Weighted average shares outstanding, diluted | 61,499 | | | 61,028 | |
The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
GROWGENERATION CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-In Capital | | Retained Earnings (Deficit) | | Total Stockholders' Equity |
| Shares | | Amount | | | |
Balances, December 31, 2023 | 61,484 | | | $ | 61 | | | $ | 373,433 | | | $ | (200,099) | | | $ | 173,395 | |
Common stock issued for share-based compensation | 23 | | | 1 | | | — | | | — | | | 1 | |
Common stock withheld for employee payroll taxes | — | | | — | | | (29) | | | — | | | (29) | |
Share-based compensation | — | | | — | | | 778 | | | — | | | 778 | |
Net income (loss) | — | | | — | | | — | | | (8,837) | | | (8,837) | |
Balances, March 31, 2024 | 61,507 | | | $ | 62 | | | $ | 374,182 | | | $ | (208,936) | | | $ | 165,308 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-In Capital | | Retained Earnings (Deficit) | | Total Stockholders' Equity |
| Shares | | Amount | | | |
Balances, December 31, 2022 | 61,010 | | | $ | 61 | | | $ | 369,938 | | | $ | (153,603) | | | $ | 216,396 | |
Common stock issued for share-based compensation | 25 | | | — | | | — | | | — | | | — | |
Common stock withheld for employee payroll taxes | — | | | — | | | (70) | | | — | | | (70) | |
Share-based compensation | — | | | — | | | 511 | | | — | | | 511 | |
Net income (loss) | — | | | — | | | — | | | (6,134) | | | (6,134) | |
Balances, March 31, 2023 | 61,035 | | | $ | 61 | | | $ | 370,379 | | | $ | (159,737) | | | $ | 210,703 | |
The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
GROWGENERATION CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands) | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 |
Cash flows from operating activities: | | | |
Net income (loss) | $ | (8,837) | | | $ | (6,134) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | |
Depreciation and amortization | 3,742 | | | 3,932 | |
Share-based compensation | 778 | | | 567 | |
Estimated credit losses (recoveries) | (488) | | | 317 | |
Loss (gain) on disposal of fixed assets | 33 | | | (19) | |
Change in value of marketable securities | (390) | | | — | |
Changes in operating assets and liabilities: | | | |
Accounts and notes receivable | 1,551 | | | 1,664 | |
Inventory | (1,123) | | | 1,627 | |
Prepaid expenses and other assets | 2,170 | | | 3,621 | |
Accounts payable and accrued liabilities | 295 | | | 114 | |
Operating leases | 80 | | | 372 | |
Payroll and payroll tax liabilities | (72) | | | (2,308) | |
Customer deposits | (1,479) | | | (422) | |
Sales tax payable | 64 | | | 126 | |
Net cash and cash equivalents provided by (used in) operating activities | (3,676) | | | 3,457 | |
Cash flows from investing activities: | | | |
Purchase of marketable securities | (21,143) | | | (10,726) | |
Maturities of marketable securities | 26,465 | | | 33,452 | |
Proceeds from notes receivable | 30 | | | — | |
Purchase of property and equipment | (355) | | | (3,476) | |
Proceeds from disposals of assets | — | | | 63 | |
Net cash and cash equivalents provided by (used in) investing activities | 4,997 | | | 19,313 | |
Cash flows from financing activities: | | | |
Principal payments on long term debt | — | | | (16) | |
Common stock withheld for employee payroll taxes | (28) | | | (70) | |
| | | |
Net cash and cash equivalents provided by (used in) financing activities | (28) | | | (86) | |
Net increase (decrease) in cash and cash equivalents | 1,293 | | | 22,684 | |
Cash and cash equivalents at the beginning of period | 29,757 | | | 40,054 | |
Cash and cash equivalents at the end of period | $ | 31,050 | | | $ | 62,738 | |
| | | |
Supplemental disclosures of non-cash activities: | | | |
Cash paid for interest | $ | 56 | | | $ | 2 | |
Cash paid for income taxes | $ | — | | | $ | — | |
Right-of use assets obtained in exchange for new or modified operating lease liabilities | $ | 2,869 | | | $ | 1,310 | |
| | | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
GROWGENERATION CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)
1. GENERAL
GrowGeneration Corp. (together with its direct and indirect wholly-owned subsidiaries, collectively "GrowGeneration" or the "Company") was incorporated in Colorado in 2014. Since then, GrowGeneration has grown from a small chain of specialty retail hydroponic and organic garden centers to a multifaceted business with diverse assets. Today, GrowGeneration operates two major lines of business: its Cultivation and Gardening segment, composed of the Company's hydroponic and organic gardening business; and its Storage Solutions segment, composed of the Company's benching, racking, and storage solutions business.
As of March 31, 2024, GrowGeneration has 46 retail locations across 18 states in the U.S. The Company also operates an online superstore for cultivators at growgeneration.com, as well as a wholesale business for resellers, HRG Distribution, and a benching, racking, and storage solutions business, Mobile Media or MMI.
Basis of Presentation
The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Form 10-K"). There were no significant changes to the Company's significant accounting policies as disclosed in the 2023 Form 10-K. The results reported in these unaudited Condensed Consolidated Financial Statements are not necessarily indicative of results for the full fiscal year.
All amounts included in the accompanying footnotes to the Condensed Consolidated Financial Statements, except per share data, are in thousands (000).
Reclassifications
Certain amounts in the prior period Condensed Consolidated Financial Statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net income (loss) within the Condensed Consolidated Statements of Operations.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported revenues and expenses during the reporting period. Actual results could vary from the estimates that were used.
2. RECENT ACCOUNTING PRONOUNCEMENTS
From time to time, the Financial Accounting Standard Board ("FASB") or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update ("ASU"). The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements. In addition to the accounting pronouncements discussed below, no other new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material effect on the Company's consolidated financial statements or disclosures.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280) ("ASU 2023-07"), which requires an enhanced disclosure of segments on an annual and interim basis, including the title of the chief operating decision maker, significant segment expenses, and the composition of other segment items for each segment's reported profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and
GROWGENERATION CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)
interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and adoption of ASU 2023-07 should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this standard.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to income tax disclosures ("ASU 2023-09"), expanding the disclosures requirement for income taxes primarily by requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and adoption of ASU 2023-09 can be applied prospectively or retrospectively. The Company is currently evaluating the impact of this standard.
3. FAIR VALUE MEASUREMENTS
Fair Value Measurements
Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
•Level 1—Quoted prices in active markets for identical assets or liabilities.
•Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and all other current liabilities approximate fair values due to their short-term nature. The fair value of notes receivable approximates the outstanding balance net of reserves for expected credit loss. The marketable securities are classified as available-for-sale and are carried at fair value based on quoted market prices. Changes in fair value of marketable securities, principally derived from accretion of discounts, was $0.4 million and immaterial for the three months ended March 31, 2024 and 2023, respectively, and included in Interest income on the Condensed Consolidated Statements of Operations.
| | | | | | | | | | | | | | | | | |
| Level | | March 31, 2024 | | December 31, 2023 |
Cash equivalents | 1 | | $ | 22,772 | | | $ | 17,300 | |
Marketable securities | 2 | | $ | 30,280 | | | $ | 35,212 | |
4. REVENUE RECOGNITION
Disaggregation of Revenues
Net sales are disaggregated by the Company's segments, which represent its principal lines of business, as well as by major product line, including proprietary brands, non-proprietary brands, and commercial fixtures, and by product type, including consumable and durable products. Refer to Note 13, Segments, for disaggregated revenue disclosures.
GROWGENERATION CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)
Contract Assets and Liabilities
Depending on the timing of when title of product transfers to a customer and when a customer makes payments for such product, the Company recognizes an accounts receivable (contract asset) or a customer deposit (contract liability). The opening and closing balances of the Company's accounts receivables and customer deposits were as follows:
| | | | | | | | | | | |
| Accounts Receivable, Net | | Customer Deposits |
Opening balance, January 1, 2024 | $ | 8,895 | | | $ | 5,359 | |
Closing balance, March 31, 2024 | 7,832 | | | 3,880 | |
Increase (decrease) | $ | (1,063) | | | $ | (1,479) | |
| | | |
Opening balance, January 1, 2023 | $ | 8,336 | | | $ | 4,338 | |
Closing balance, March 31, 2023 | 7,569 | | | 3,916 | |
Increase (decrease) | $ | (767) | | | $ | (422) | |
Of the total amount of customer deposit liability as of January 1, 2024, $2.9 million was reported as revenue during the three months ended March 31, 2024. Of the total amount of customer deposit liability as of January 1, 2023, $2.3 million was reported as revenue during the three months ended March 31, 2023.
Notes receivable at March 31, 2024 and December 31, 2023 were as follows:
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
Notes receivable | $ | 501 | | | $ | 2,031 | |
Allowance for credit losses | (232) | | | (1,732) | |
Notes receivable, net | $ | 269 | | | $ | 299 | |
The following table summarizes changes in notes receivable balances that have been deemed impaired.
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
Notes receivable | $ | 232 | | | $ | 1,732 | |
Allowance for credit losses | (232) | | | (1,732) | |
Notes receivable, net | $ | — | | | $ | — | |
During the three months ended March 31, 2024, the Company received a $0.3 million settlement related to a $1.5 million note receivable, which had been fully reserved as of December 31, 2023. Refer to Note 12, Commitment and Contingencies, for additional information regarding the settlement.
GROWGENERATION CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)
5. PROPERTY AND EQUIPMENT
Property and equipment at March 31, 2024 and December 31, 2023 consisted of the following:
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
Vehicles | $ | 2,548 | | | $ | 2,558 | |
Building and land | 2,121 | | | 2,121 | |
Leasehold improvements | 11,881 | | | 11,920 | |
Furniture, fixtures and equipment | 14,459 | | | 14,364 | |
Capitalized software | 16,085 | | | 16,085 | |
Construction-in-progress | 133 | | | — | |
Total property and equipment, gross | 47,227 | | | 47,048 | |
Accumulated depreciation and amortization | (21,891) | | | (19,996) | |
Property and equipment, net | $ | 25,336 | | | $ | 27,052 | |
Depreciation and amortization expense related to property and equipment was $2.1 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively.
6. GOODWILL AND INTANGIBLE ASSETS
The carrying value of goodwill at March 31, 2024 and December 31, 2023 by segment was as follows:
| | | | | | | | | | | | | | | | | |
| Cultivation and Gardening | | Storage Solutions | | Total |
| | | | | |
| | | | | |
| | | | | |
Balances, December 31, 2023 | $ | 5,920 | | | $ | 1,605 | | | $ | 7,525 | |
| | | | | |
| | | | | |
Balances, March 31, 2024 | $ | 5,920 | | | $ | 1,605 | | | $ | 7,525 | |
Accumulated impairment for goodwill was $125.9 million as of March 31, 2024 and December 31, 2023.
The changes in intangible assets by segment for the quarter ended March 31, 2024 and year ended December 31, 2023 were as follows:
| | | | | | | | | | | | | | | | | |
| Cultivation and Gardening | | Storage Solutions | | Total |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Balance as of December 31, 2023 | $ | 13,501 | | | $ | 2,679 | | | $ | 16,180 | |
Amortization | (1,482) | | | (195) | | | (1,677) | |
| | | | | |
| | | | | |
Balance as of March 31, 2024 | $ | 12,019 | | | $ | 2,484 | | | $ | 14,503 | |
Intangible assets on the Company's Consolidated Balance Sheets consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
| Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
Trade names | $ | 28,198 | | | $ | (17,850) | | | $ | 10,348 | | | $ | 28,198 | | | $ | (16,488) | | | $ | 11,710 | |
Patents, trademarks | 69 | | | (69) | | | — | | | 69 | | | (69) | | | — | |
Customer relationships | 13,192 | | | (9,106) | | | 4,086 | | | 13,192 | | | (8,813) | | | 4,379 | |
Non-competes | 864 | | | (795) | | | 69 | | | 864 | | | (773) | | | 91 | |
Intellectual property | 1,136 | | | (1,136) | | | — | | | 1,136 | | | (1,136) | | | — | |
Total | $ | 43,459 | | | $ | (28,956) | | | $ | 14,503 | | | $ | 43,459 | | | $ | (27,279) | | | $ | 16,180 | |
GROWGENERATION CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)
Amortization expense for the three months ended March 31, 2024 and 2023 was $1.7 million and $2.2 million, respectively. Future amortization expense as of March 31, 2024 was as follows:
| | | | | |
| |
2024 (remainder of the year) | $ | 5,028 | |
2025 | 6,339 | |
2026 | 2,231 | |
2027 | 799 | |
2028 | 82 | |
Thereafter | 24 | |
Total | $ | 14,503 | |
7. INCOME TAXES
For the three months ended March 31, 2024, the effective tax rate was (0.02)%, compared to 0.00% for the three months ended March 31, 2023. The effective tax rate for each of the three months ended March 31, 2024 and 2023 is lower than the U.S. federal statutory rate of 21.0% primarily due to the Company's valuation allowance against deferred tax assets. As of March 31, 2024, the Company concluded that its deferred tax assets are not expected to be realizable, based on positive and negative evidence, therefore it has assigned a full valuation allowance against them.
8. LEASES
The right-of-use assets and corresponding liabilities related to the Company's operating leases were as follows:
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
Operating leases right-of-use assets | $ | 40,408 | | | $ | 39,933 | |
| | | |
Current maturities of operating lease liability | $ | 7,593 | | | $ | 8,021 | |
Operating lease liability, net of current maturities | 35,431 | | | 34,448 | |
Total lease liability | $ | 43,024 | | | $ | 42,469 | |
The weighted-average remaining lease terms and weighted-average discount rates for operating leases were as follows:
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 |
Weighted average remaining lease term | 5.99 years | | 6.46 years |
Weighted average discount rate | 6.2 | % | | 5.8 | % |
Lease expense is recorded within the Company's Condensed Consolidated Statements of Operations based upon the nature of the operating lease right-of-use assets. Where assets are used to directly serve our customers, such as retail locations and distribution centers, lease costs are recorded in Store operations and other operational expenses. Facilities and assets which serve management and support functions are expensed through Selling, general, and administrative. The Company recorded sublease income of $0.3 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively, within Store operations and other operational expenses related to the sublease of a closed retail location.
GROWGENERATION CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)
The components of lease expense were as follows:
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 |
Operating lease costs | $ | 2,563 | | | $ | 2,893 | |
Variable lease costs | 664 | | | 599 | |
Short-term lease costs | 85 | | | 167 | |
Total operating lease costs | $ | 3,312 | | | $ | 3,659 | |
Future maturities of the Company's operating lease liabilities as of March 31, 2024 were as follows:
| | | | | |
2024 (remainder of the year) | $ | 7,516 | |
2025 | 9,658 | |
2026 | 8,410 | |
2027 | 6,420 | |
2028 | 5,948 | |
Thereafter | 13,567 | |
Total lease payments | 51,519 | |
Less: imputed interest | (8,495) | |
Operating lease liability at March 31, 2024 | $ | 43,024 | |
Supplemental and other information related to leases was as follows:
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: | | | |
Operating cash flow from operating leases | $ | 2,580 | | | $ | 2,826 | |
9. EARNINGS PER SHARE
The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computation for the three months ended March 31, 2024 and 2023:
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 |
Net income (loss) | $ | (8,837) | | | $ | (6,134) | |
Weighted average shares outstanding, basic | 61,499 | | | 61,028 | |
Effect of dilutive outstanding restricted stock units, stock options, and warrants | — | | | — | |
Adjusted weighted average shares outstanding, dilutive | 61,499 | | | 61,028 | |
Basic earnings (loss) per share | $ | (0.14) | | | $ | (0.10) | |
Dilutive earnings (loss) per share | $ | (0.14) | | | $ | (0.10) | |
Diluted earnings per share calculations for the three months ended March 31, 2024 excluded 0.5 million shares of common stock issuable upon exercise of stock options and 0.8 million of non-vested restricted stock units that would have been anti-dilutive. Diluted earnings per share calculations for the three months ended March 31, 2023 excluded 0.6 million shares of common stock issuable upon exercise of stock options, 0.7 million shares of non-vested restricted stock units, and 33 thousand shares of common stock issuable upon exercise of the stock purchase warrants that would have been anti-dilutive.
GROWGENERATION CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)
10. SHARE-BASED PAYMENTS
The Company maintains long-term incentive plans for employees, non-employee members of its Board of Directors (the "Board"), and consultants. The plans allow the Company to grant equity-based compensation awards, including stock options, stock appreciation rights, performance share units, restricted stock units, restricted stock awards, common stock warrants, or a combination of awards (collectively, "share-based awards").
The Company accounts for share-based payments through the measurement and recognition of compensation expense for share-based awards made to employees, non-employee members of the Board, and consultants of the Company, including stock options and restricted stock units. The Company recorded share-based compensation expense of $0.8 million and $0.6 million in the three months ended March 31, 2024 and 2023, respectively.
Restricted Stock Units
The Company issues restricted stock units to eligible employees, which are subject to forfeiture until the end of an applicable vesting period. The awards generally vest annually or biannually over three to four years following the date of grant, subject to the employee's continuing employment as of that date. Restricted stock units are valued using the market value on the grant date.
Restricted stock unit activity for the three months ended March 31, 2024 is presented in the following table:
| | | | | | | | | | | |
| Units | | Weighted Average Grant Date Fair Value |
Nonvested, December 31, 2023 | 904,834 | | | $ | 5.23 | |
Granted | — | | | $ | — | |
Vested | (35,417) | | | $ | 10.75 | |
Forfeited | (37,250) | | | $ | 2.65 | |
Nonvested, March 31, 2024 | 832,167 | | | $ | 5.12 | |
As of March 31, 2024, the Company had approximately $2.9 million of unrecognized share-based compensation related to restricted stock units, which are expected to be recognized over a weighted average period of approximately 1.6 years.
Stock Options
Stock option activity for the three months ended March 31, 2024 is presented in the following table:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term | | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2023 | | 577,998 | | | $ | 4.01 | | | 0.95 | | $ | 2.25 | |
Granted | | — | | | — | | | — | | | — | |
Exercised | | — | | | — | | | — | | | — | |
Forfeited or expired | | (68,332) | | | 2.76 | | | — | | | 1.82 | |
Outstanding at March 31, 2024 | | 509,666 | | | $ | 4.17 | | | 0.78 | | $ | 2.31 | |
Vested and exercisable at March 31, 2024 | | 509,666 | | | $ | 4.17 | | | 0.78 | | $ | 2.31 | |
11. STOCKHOLDERS' EQUITY
On March 20, 2024, the Board authorized a share repurchase program, whereby the Company could repurchase up to $6.0 million worth of its common stock in open market transactions pursuant to Rule 10b-18 of the Exchange Act and a 10b5-1 trading plan. The program began on April 1, 2024 and continues for up to one year. This share repurchase program is intended to enhance long-term shareholder value. The program does not obligate the Company to acquire any specific number of shares
GROWGENERATION CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)
or to acquire any shares over any specific period of time. The timing and amount of any repurchases will depend on factors such as the stock price, trading volumes, market conditions, and regulatory requirements. The stock repurchase program may be amended, suspended, or discontinued at any time by the Company.
12. COMMITMENTS AND CONTINGENCIES
Legal Matters
From time to time, the Company has been, and may again become involved in legal proceedings arising in the ordinary course of its business, including the initiation and defense of proceedings related to contract and employment disputes. It is the Company's opinion that these claims individually and in the aggregate are not expected to have a material adverse effect on its financial condition, results of operations or cash flows.
In December 2021, the Company was sued in the U.S. District Court for the Southern District of Texas related to a Promissory Note & Asset Acquisition Rights Option ("Note & Option") with TGC Systems, LLC ("Total Grow"). The case was dismissed and the parties submitted the matter to arbitration pursuant to the arbitration clause of the Note & Option. Among other claims, Total Grow alleged that the Company was liable to Total Grow for failing to consummate the acquisition of Total Grow by the Company. The Company asserted counterclaims for repayment of $1.5 million in principal loaned by the Company to Total Grow pursuant to the Note & Option, plus interest and certain costs. In July 2023, the arbitrator rendered an arbitration award denying all of Total Grow's claims and defenses and awarding the Company more than $2.0 million in total, consisting of principal, interest, and certain costs. Total Grow voluntarily filed for bankruptcy in October 2023. In February 2024, the Company received $0.3 million from the bankruptcy proceedings, which it recorded as a recovery on the $1.5 million Note & Option. The remainder of the Note & Option, which were fully reserved, were written off during the three months ended March 31, 2024.
There can be no assurance that future developments related to pending claims or claims filed in the future, whether as a result of adverse outcomes or as a result of significant defense costs, will not have a material effect on the Company's financial condition, results of operations or cash flows. The Company believes that its assessment of contingencies is reasonable and that the related accruals, in the aggregate, are adequate; however, there can be no assurance that the final resolution of these matters will not have a material effect on the Company's financial condition, results of operations or cash flows.
Indemnifications
In the ordinary course of its business, the Company makes certain indemnities under which it may be required to make payments in relation to certain transactions. As of March 31, 2024, the Company did not have any liabilities associated with indemnities.
In addition, the Company, as permitted under Colorado law and in accordance with its amended and restated certificate of incorporation and amended and restated bylaws, in each case, as amended to date, indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company's request in such capacity. The duration of these indemnifications varies. The Company has a director and officer insurance policy that may enable it to recover a portion of any future amounts paid. The Company accrues for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable. No such losses have been recorded to date.
13. SEGMENTS
During the fourth quarter of 2023, the Company realigned its operating and reportable segments to correspond with changes to its operating model, management structure, and internal reporting and to better align with how the chief operating decision maker ("CODM") makes operating decisions, allocates resources, and assesses performance. Accordingly, the Company identified two operating segments, each its own reportable segment, based on its major lines of business: the Cultivation and Gardening segment, composed of the Company's hydroponic and organic gardening business; and the Storage Solutions segment, composed of the Company's benching, racking, and storage solutions business. Comparative prior period disclosures have been recast to conform to the current segment presentation.
GROWGENERATION CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)
In addition to sales by operating segment, which represent the Company's principal lines of business, the CODM evaluates the Company's operations by regularly reviewing sales by major product line, including proprietary brands, non-proprietary brands, and commercial fixtures, and by product type, including consumable and durable products. During the first quarter of 2024, the Company reviewed and reclassified certain item level designations as consumable or durable products. Comparative prior period disclosures have been recast to conform to the current presentation.
Disaggregated revenue by segment is presented in the following tables:
| | | | | | | | | | | |
| Three Months Ended March 31, |
Net sales | 2024 | | 2023 |
Cultivation and Gardening | | | |
Proprietary brand sales | $ | 9,726 | | | $ | 9,027 | |
Non-proprietary brand sales | 33,382 | | | 40,100 | |
Total Cultivation and Gardening | 43,108 | | | 49,127 | |
Storage Solutions | | | |
Commercial fixture sales | 4,780 | | | 7,700 | |
Total Storage Solutions | 4,780 | | | 7,700 | |
Total | $ | 47,888 | | | $ | 56,827 | |
| | | | | | | | | | | |
| Three Months Ended March 31, |
Net sales | 2024 | | 2023 |
Cultivation and Gardening | | | |
Consumables | $ | 30,181 | | | $ | 32,352 | |
Durables | 12,927 | | | $ | 16,775 | |
Total Cultivation and Gardening | 43,108 | | | $ | 49,127 | |
Storage Solutions | | | |
Durables | 4,780 | | | $ | 7,700 | |
Total Storage Solutions | 4,780 | | | $ | 7,700 | |
Total | $ | 47,888 | | | $ | 56,827 | |
GROWGENERATION CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)
Selected information by segment is presented in the following tables:
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 |
Net sales | | | |
Cultivation and Gardening | $ | 43,108 | | | $ | 49,127 | |
Storage Solutions | 4,780 | | | 7,700 | |
Total net sales | 47,888 | | | 56,827 | |
Gross profit | | | |
Cultivation and Gardening | 10,325 | | | 13,229 | |
Storage Solutions | 2,039 | | | 3,060 | |
Total gross profit | 12,364 | | | 16,289 | |
Segment operating profit | | | |
Cultivation and Gardening | 1,064 | | | 1,803 | |
Storage Solutions | 666 | | | 1,864 | |
Total segment operating profit | 1,730 | | | 3,667 | |
Corporate expenses | | | |
Selling, general, and administrative | 7,908 | | | 6,838 | |
Estimated credit losses | (488) | | | 317 | |
Depreciation and amortization | 3,742 | | | 3,932 | |
| | | |
Income (loss) from operations | $ | (9,432) | | | $ | (7,420) | |
The Company does not evaluate segments by assets as it is not practical and does not inform any of its decision making processes. The CODM neither reviews nor requests this information.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Condensed Consolidated Financial Statements and related notes that appear elsewhere in this report as well as our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 13, 2024. We caution readers that this Quarterly Report of GrowGeneration Corp. on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to risks and uncertainties. Forward-looking statements generally can be identified through the use of words such as “guidance,” “outlook,” “projected,” “may,” “likely,” “anticipates,” “believes,” “expects,” “estimates,” “plans,” “intends,” “objectives,” and similar expressions. These statements reflect management’s best judgment based on factors known at the time of such statements. Actual events or results may differ materially from those discussed herein. The forward-looking statements contained in this report have been compiled by our management on the basis of assumptions made by management and considered by management to be reasonable. Our future operating results, however, are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking statements. The assumptions used for purposes of the forward-looking statements contained in this report represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements, except as required by federal securities laws. There may be additional risks, uncertainties, and other factors that we do not currently view as material or that are not necessarily known.
OVERVIEW
GrowGeneration Corp. (together with all of its direct and indirect wholly owned subsidiaries, collectively "GrowGeneration" or the "Company") was incorporated in Colorado in 2014. Since then, GrowGeneration has grown from a small chain of specialty retail hydroponic and organic garden centers to a multifaceted business with diverse assets. Today, GrowGeneration operates two major lines of business: its Cultivation and Gardening segment, composed of the Company's hydroponic and organic gardening business; and its Storage Solutions segment, composed of the Company's benching, racking, and storage solutions business.
MARKETS AND BUSINESS SEGMENTS
During the fourth quarter of 2023, we realigned our operating and reportable segments to correspond with changes to our operating model, management structure, and internal reporting and to better align with how the chief operating decision maker makes operating decisions, allocates resources, and assesses performance. Accordingly, we identified two operating segments, each its own reportable segment, based on our major lines of business: the Cultivation and Gardening segment and the Storage Solutions segment. Comparative prior period disclosures have been recast to conform to the current segment presentation.
We recognize specifically identifiable operating costs such as cost of sales, distribution expenses, and store operations and other operational expenses within each segment. Selling, general, and administrative expenses, such as administrative and management expenses, salaries, and benefits, share based compensation, director fees, legal expenses, accounting and consulting expenses, and technology costs, are not allocated to specific segments and are reflected in the enterprise results.
Cultivation and Gardening Segment
We are a leading developer, marketer, retailer, and distributor of products for both indoor and outdoor hydroponic and organic gardening. Our main business strategy within the hydroponic and organic gardening sector has been to consolidate assets within the fragmented hydroponics industry to leverage efficiencies of a centralized organization.
We sell a variety of hydroponic and organic gardening related products, including nutrients, additives, growing media, lighting, environmental control systems, and other products for indoor and outdoor cultivation. Our products include proprietary brands such as Charcoir, Drip Hydro, Power Si, Ion lights, The Harvest Company, and more, the development and expansion of which are a key component of the Company's growth strategy. Our target customers include commercial and craft growers, as well as home growers, in the plant-based medicine market, and commercial and home gardeners who grow organic herbs, fruits, and vegetables. Additionally, through our brand HRG Distribution, we distribute many of our products, including our proprietary
products, to customers that are wholesalers, resellers, and retailers in the specialty retail hydroponic and organic gardening industry.
We make our products available to growers through a variety of channels, including hydroponic retail locations, a commercial sales teams serving commercial cultivators, an online platform for cultivators at growgeneration.com, and a wholesale business, HRG Distribution, that markets to resellers in both the hydroponic and traditional gardening markets. Management believes that the Company has the largest chain of specialty retail hydroponic and organic garden centers in the U.S., with 46 retail locations across 18 states as of March 31, 2024.
Storage Solutions Segment
Our Storage Solutions business, branded as "Mobile Media" or "MMI," provides customized storage solutions designed to enhance profitability, productivity, and efficiency for our customers by allowing them to save space and increase storage capacity. We cater to diverse markets with our products and services, including agriculture, retail, warehousing, office and administrative, food service, hospitality, golf and country clubs, and more. Our products include high-density mobile storage systems, static shelving, and other accessories such as desks, lockers, safes, and secured storage, offering a solution for every storage need. MMI also offers a wide variety of services, including site surveys, floor plan designs, capacity analysis, seismic calculations, permitting, and installation, in order to provide a comprehensive, turnkey solution for customers. Based in the Hudson Valley, New York, the MMI team has decades of experience successfully completing projects throughout the U.S., Canada, and Mexico.
Our target customers generally include small, mid-size, and large businesses seeking vertical space-saving solutions that are custom tailored to their space and brand in an effort to maximize storage capacity or gain space in their real estate footprint. Many of our customers are involved in the construction and design industries and include retailers, general contractors, and architects involved in new constructions and remodels for retail stores and fulfillment centers. Our customer base also includes the golf industry, specifically country clubs needing to store more club bags and optimize their existing space, as well as controlled environment agriculture (CEA) operators that cultivate indoors with vertical or rolling benching and racking.
Growth Strategy
GrowGeneration's main growth strategy has been to consolidate assets within the fragmented hydroponics industry to leverage efficiencies of a centralized organization. As a result, we have built a business that is driven by a wide selection of products, a strong portfolio of proprietary brands, a solutions-driven staff located in strategic markets around the country, and pick, pack, ship distribution and fulfillment capabilities.
Since its founding in 2014, GrowGeneration has acquired or opened numerous specialty hydroponic and organic gardening center locations. Today, management believes that the Company has the largest chain of specialty retail hydroponic and organic garden centers in the U.S., with 46 retail locations across 18 states as of March 31, 2024.
Our plan is to continue to acquire, open, and operate garden centers in markets where we do not already have a physical presence or where our existing physical presence is limited. However, in light of difficult market conditions that persisted throughout 2023 and into 2024, the Company also reduced redundancies in cost structure by closing and consolidating retail locations where we were generally able to serve the same customer base through a single location. To date in 2024, the Company consolidated four additional stores and may consider additional store consolidations in the future.
GrowGeneration has also acquired several other types of businesses within or complimentary to the hydroponic industry, such as online retailers, proprietary products, our distribution business, HRG, and our benching, racking, and storage solutions business, MMI. The Company regularly seeks and evaluates accretive acquisition opportunities with similar or complimentary businesses to those businesses it already operates.
Currently, the Company's main growth strategies for its Cultivation and Gardening segment include expanding its commercial sales to sell more product to commercial cultivators for large grow operations, expanding its distribution capabilities to sell more product to independent retail garden centers and other resellers for resale, establishing itself in new markets where it believes regulation related to cannabis reform is progressing, especially with the potential cannabis rescheduling by the federal government, and expanding and promoting its portfolio of proprietary brands to increase its market share, product offerings, and profitability.
The Company's main growth strategies for its Storage Solutions segment include expanding the types of customers and industries to which it sells its products, including greater penetration in agriculture and golf and country clubs. In March 2024,
the Company announced it had engaged Lake Street Capital to advise and assist in exploring strategic opportunities for its benching, racking, and storage solutions business.
COMPONENTS OF RESULTS OF OPERATIONS
Net Sales
We primarily generate net sales from the selling and distribution of proprietary and non-proprietary brand hydroponic and organic gardening products. In addition to our hydroponic and organic gardening product sales, we sell and install commercial fixtures through our benching, racking, and storage solutions business. Net sales reflect the amount of consideration that we expect to receive, which is derived from a list price reduced by variable consideration, including applicable sales discounts and estimated expected sales returns.
These sales vary by the type of product: consumables, such as nutrients, additives, growing media, and supplies that are subject to regular replenishment; and durables, such as lighting, environmental control systems, and storage solutions. Generally, in new markets where legalization of plant-based medicines is recent and licensors are starting new grow operations, there is an initial increase of durable product purchases for facility build-outs, which decrease over time as growers establish their operations. Thereafter, we tend to observe cultivators focus their purchasing patterns to consumables as the primary source of product need. In more mature markets, the sales patterns tend to favor higher percentages of consumable purchasing in comparison to emerging markets.
We assess the organic growth of our Cultivation and Gardening segment net sales on a same-store basis. We believe that our assessment on a same-store basis represents an important indicator of comparative financial results and provides relevant information to assess our performance. New and acquired stores become eligible for inclusion in the comparable store base if the store has been under our ownership for the entire period in the same-store base periods for which we are including the store. Closed stores become ineligible for inclusion in the comparable store base in the month in which operations cease.
Cost of Sales
Cost of sales includes cost of goods and shipping costs. Cost of goods consists of cost of merchandise, inbound freight, and other inventory-related costs, such as shrinkage costs and lower of cost or market adjustments. Occupancy expenses of our retail locations and distribution centers, which consist of payroll, rent, and other lease required costs, including common area maintenance and utilities, are included as a component of operating expenses within Store operations and other operational expenses in the Condensed Consolidated Statements of Operations.
Gross Profit
We calculate gross profit as net sales less cost of sales. Gross profit excludes depreciation and amortization, which are presented separately as a component of operating expenses in the Condensed Consolidated Statements of Operations. Our gross profit as a percentage of net sales, or gross profit margin, varies with our product mix, in particular the percentage of sales of proprietary brand products compared to non-proprietary brand products and of consumable products compared to durable products. Proprietary products typically have higher gross margins compared to non-proprietary products, and consumable products typically have higher gross margins compared to durable products.
Operating Expenses
Operating expenses are comprised of the following components: store operations and other operational expenses; selling, general, and administrative; estimated credit losses; depreciation and amortization; and impairment losses. Store operations and other operational expenses consist primarily of payroll, rent and utilities, and allocated corporate overhead costs. Selling, general, and administrative expenses consist of corporate salaries, stock-based compensation, advertising and promotions, travel and entertainment, professional fees, insurance, and other corporate administrative costs. Selling, general, and administrative expenses as a percentage of net sales typically does not increase commensurate with an increase in net sales. Our largest expenses are generally related to employee compensation and leases, which are primarily fixed and not variable. Our advertising and marketing expenses are largely controllable and variable depending on the particular market.
RESULTS OF OPERATIONS
Comparison of the Unaudited Results for the Three Months Ended March 31, 2024 and 2023
The following table presents, for the periods indicated, selected information from our unaudited Condensed Consolidated financial results, including information presented as a percentage of net sales:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | Year-to-Year Variance |
Net sales | $ | 47,888 | | | 100.0 | % | | $ | 56,827 | | | 100.0 | % | | $ | (8,939) | | | (15.7) | % |
Cost of sales | 35,524 | | | 74.2 | % | | 40,538 | | | 71.3 | % | | (5,014) | | | (12.4) | % |
Gross profit | 12,364 | | | 25.8 | % | | 16,289 | | | 28.7 | % | | (3,925) | | | (24.1) | % |
Operating expenses | 21,796 | | | 45.5 | % | | 23,709 | | | 41.7 | % | | (1,913) | | | (8.1) | % |
Income (loss) from operations | (9,432) | | | (19.7) | % | | (7,420) | | | (13.1) | % | | (2,012) | | | 27.1 | % |
Other income (expense) | 593 | | | 1.2 | % | | 1,286 | | | 2.3 | % | | (693) | | | (53.9) | % |
Net income (loss) before taxes | (8,839) | | | (18.5) | % | | (6,134) | | | (10.8) | % | | (2,705) | | | 44.1 | % |
Benefit (provision) for income taxes | 2 | | | — | % | | — | | | — | % | | 2 | | | — | % |
Net income (loss) | $ | (8,837) | | | (18.5) | % | | $ | (6,134) | | | (10.8) | % | | $ | (2,703) | | | 44.1 | % |
Net Sales
Net sales for the three months ended March 31, 2024 were $47.9 million, a decrease of $8.9 million or 15.7% as compared to net sales of $56.8 million for the three months ended March 31, 2023.
The decrease in net sales was primarily related to our Cultivation and Gardening segment, which had net sales of $43.1 million for the three months ended March 31, 2024 compared to $49.1 million for the three months ended March 31, 2023. This decrease in net sales was primarily due to the fiscal 2023 consolidation of 13 retail locations after March 31, 2023 as well as the four additional retail store consolidations during the three months ended March 31, 2024. Same-store sales decreased approximately $0.4 million, or 1%, primarily due to decreased e-commerce retail sales volume which was partially offset by same-store sales growth in our brick-and-mortar retail locations. Proprietary brand sales as a percentage of Cultivation and Gardening net sales for the three months ended March 31, 2024 was approximately 23% as compared to approximately 18% for the three months ended March 31, 2023, largely driven by our strategic initiatives to increase sales volume with our expanded portfolio of proprietary brands and various proprietary product launches. The percentage of Cultivation and Gardening net sales related to consumable products for the three months ended March 31, 2024 was approximately 70%, which was an increase from approximately 66% for the three months ended March 31, 2023. The increase in consumable sales as a percentage of net sales was driven mainly by increased brand adoption of proprietary growing media and nutrient products.
Additionally, net sales of commercial fixtures within our Storage Solutions segment decreased to $4.8 million for the three months ended March 31, 2024 compared to $7.7 million for the three months ended March 31, 2023.
Cost of Sales
Cost of sales for the three months ended March 31, 2024 was $35.5 million, a decrease of $5.0 million or 12.4% compared to $40.5 million for the three months ended March 31, 2023. The decrease in cost of sales was primarily due to the 15.7% decrease in sales, as previously discussed, partially offset by reduced inventory discounts from vendors and non-recurring costs associated with store consolidations in the three months ended March 31, 2024 compared to the three months ended March 31, 2023.
Gross Profit
Gross profit was $12.4 million for the three months ended March 31, 2024 compared to $16.3 million for the three months ended March 31, 2023, a decrease of $3.9 million or 24.1%. The decrease in gross profit is primarily related to the Gardening and Cultivation segment, which decreased $2.9 million, or 22.0%, for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023, largely as a result of the decrease in sales volume due to store consolidations as previously discussed. Additionally, gross profit from our Storage Solutions segment decreased $1.0 million, or 33.4%, in the three months ended March 31, 2024 compared to the three months ended March 31, 2023.
Gross profit margin was 25.8% for the three months ended March 31, 2024, a decrease of 290 basis points from a gross profit margin of 28.7% for the three months ended March 31, 2023. The decrease was primarily attributable to an 290 basis point gross profit margin decline for the Cultivation and Gardening segment, which was primarily driven by industry pricing compression on distributed products and non-recurring costs associated with store consolidations discussed previously. The decrease in the total gross profit margin was partially offset by a 300 basis point gross profit margin improvement for the Storage Solutions segment.
Operating Expenses
Operating expenses are comprised of store operations and other operational expenses, selling, general, and administrative, estimated credit losses, and depreciation and amortization. Operating expenses were $21.8 million for the three months ended March 31, 2024 and $23.7 million for the three months ended March 31, 2023, a decrease of $1.9 million or 8.1%.
Store operating costs and other operational expenses, which consisted primarily of payroll, rent and utilities, and allocated corporate overhead costs, were $10.6 million for the three months ended March 31, 2024, compared to $12.6 million for the three months ended March 31, 2023, a decrease of $2.0 million or 15.8%. The decrease in store operating costs was primarily attributable to the fiscal 2023 consolidation of 13 retail locations after March 31, 2023 as well as the four additional retail store consolidations during the three months ended March 31, 2023. Additionally, as part of our 2023 charitable initiatives, we had approximately $0.4 million more charitable donations in the three months ended March 31, 2023 as compared to the three months ended March 31, 2024.
Total corporate overhead, which is comprised of selling, general, and administrative expense, estimated credit losses, and depreciation and amortization expense, was relatively flat with $11.2 million for the three months ended March 31, 2024 compared to $11.1 million for the three months ended March 31, 2023. Selling, general, and administrative costs increased by $1.1 million or 15.6% for the three months ended March 31, 2024 primarily as a result of one-time severances and related professional fees and increased share-based compensation. This increase was largely offset by the estimated credit recoveries of $0.5 million in the three months ended March 31, 2024, primarily due to a $0.3 million settlement received in bankruptcy proceedings related to a note receivable, as compared to the estimated credit loss of $0.3 million in the three months ended March 31, 2023.
Other Income (Expense)
Other income (expense) was $0.6 million for the three months ended March 31, 2024 compared to $1.3 million for the three months ended March 31, 2023. This decrease is primarily attributable to the $0.9 million gain recognized in the three months ended March 31, 2023 related to a prior acquisition indemnity holdback.
Use of Non-GAAP Financial Information
EBITDA and Adjusted EBITDA are non-GAAP financial measures commonly used in our industry and should not be construed in isolation as substitutions to net income (loss) as indicators of operating performance or as alternatives to cash flow provided by operating activities as a measure of liquidity (each as determined in accordance with GAAP). GrowGeneration defines EBITDA as net income (loss) before interest income, interest expense, income tax expense, depreciation and amortization, and Adjusted EBITDA as further adjusted to exclude certain items such as stock-based compensation, impairment losses, restructuring and corporate rationalization costs, and other non-core or non-recurring expenses and to include income from our marketable securities as these investments are part of our operational business strategy and increase the cash available to us. We believe these non-GAAP measures, when used in conjunction with net income (loss), provide meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods. Management uses these non-GAAP measures for internal planning and reporting purposes. These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP financial measures may be useful to investors in their assessment of our operating performance and valuation. In addition, these non-GAAP financial measures address questions routinely received from analysts and investors and, in order to ensure that all investors have access to the same data, we have determined that it is appropriate to make this data available to all investors.
Set forth below is a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) (in thousands):
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | | | |
Net income (loss) | $ | (8,837) | | | $ | (6,134) | | | | | |
Benefit (provision) for income taxes | (2) | | | — | | | | | |
Interest income | (602) | | | (428) | | | | | |
Interest expense | 56 | | | 2 | | | | | |
Depreciation and amortization | 3,742 | | | 3,932 | | | | | |
EBITDA | $ | (5,643) | | | $ | (2,628) | | | | | |
Share-based compensation | 778 | | | 567 | | | | | |
Investment income | 580 | | | — | | | | | |
Restructuring and other charges (1) | 1,414 | | | 259 | | | | | |
Adjusted EBITDA | $ | (2,871) | | | $ | (1,802) | | | | | |
(1) Consists primarily of expenditures related to the activity of store and distribution consolidation and one-time severances | | | | |
LIQUIDITY AND CAPITAL RESOURCES
Overview
As of March 31, 2024, we had working capital of $112.4 million compared to working capital of $116.5 million as of December 31, 2023, a decrease of $4.1 million. The decrease in working capital from December 31, 2023 to March 31, 2024 was due primarily to a net decrease in cash, cash equivalents, and marketable securities as a result of net cash used in operating activities.
As of March 31, 2024, we had cash, cash equivalents, and marketable securities of $61.3 million. Currently, we are not aware of any extraordinary demands, commitments, or uncertainties that would materially reduce our current working capital. Our material future cash requirements from contractual and other obligations relate primarily to our operating leases. Refer to Note 8, Leases, of the Condensed Consolidated Financial Statements for additional information regarding leases.
We may need additional financing through equity offerings and/or debt financings in the future to continue to expand our business consistent with our growth strategies. However, management believes that the Company is adequately funded to support current and future operations in the next twelve months. To date we have financed our operations through the issuance of common stock, convertible notes, and warrants, as well as cash generated from operations.
Share Repurchase Program
On March 20, 2024, the Board of Directors of the Company authorized a share repurchase program, whereby the Company could repurchase up to $6.0 million worth of its common stock in open market transactions pursuant to Rule 10b-18 of the Exchange Act and a 10b5-1 trading plan. The program began on April 1, 2024 and continues for up to one year. This share repurchase program is intended to enhance long-term shareholder value. The program does not obligate the Company to acquire any specific number of shares or to acquire any shares over any specific period of time. The timing and amount of any repurchases will depend on factors such as the stock price, trading volumes, market conditions, and regulatory requirements. The stock repurchase program may be amended, suspended, or discontinued at any time by the Company. Except for the Company's generally applicable insider trading policies, the Company does not maintain any policies or procedures relating to purchases and sales of its securities by its officers and directors during a repurchase program.
Cash Flows
The following discussion sets forth the major sources and uses of cash for the three months ended March 31, 2024 and 2023.
Operating Activities
Net cash and cash equivalents used in operating activities for the three months ended March 31, 2024 was $3.7 million compared to net cash provided by operating activities of $3.5 million for the three months ended March 31, 2023. The changes in operating cash were primarily driven by the decreased in income (loss) from operations as previously discussed.
Investing Activities
Net cash and cash equivalents provided by investing activities was $5.0 million and $19.3 million for the three months ended March 31, 2024 and March 31, 2023, respectively. Investing activities for the three months ended March 31, 2024 were primarily attributable to investment of excess cash into marketable securities of $21.1 million, offset by maturity of marketable securities of $26.5 million. We also had purchases of property and equipment of $0.4 million during the three months ended March 31, 2024. Investing activities for the three months ended March 31, 2023 were primarily attributable to investment of excess cash into marketable securities of $10.7 million, offset by maturity of marketable securities of $33.5 million, and purchases of property and equipment of $3.5 million, which was primarily related to the implementation and design of a new enterprise resource planning software system.
Financing Activities
Net cash and cash equivalents used in financing activities for the three months ended March 31, 2024 and March 31, 2023 was less than $0.1 million and $0.1 million, respectively, and was primarily attributable to common stock withheld for employee payroll taxes.
Critical Accounting Policies, Judgements, and Estimates
For a summary of the Company's critical accounting policies, judgements, and estimates, please refer to Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023.
Off Balance-Sheet Arrangements
We do not have any off-balance sheet arrangements (as that term is defined in Item 303 of Regulation S-K) that are reasonably likely to have a current or future material effect on our financial condition, revenue or expenses, results of operations, liquidity, capital expenditures, or capital resources.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For a summary of the Company's quantitative and qualitative disclosures about market risk, please refer to Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that are designed to be effective in providing reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure.
Management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, including the possibility of human error, the circumvention or overriding of controls, or fraud, no evaluation of controls can provide absolute assurance that all control issues, misstatements, errors, and instances of fraud, if any, within our organization have been or will be prevented or detected.
As of the period covered by this Quarterly Report on Form 10-Q, an evaluation was conducted under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Our management concluded that as of March 31, 2024, our disclosure controls and procedures were not effective because of the material weaknesses in our internal control over financial reporting identified by management as of December 31, 2023 (described below). A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that a reasonable possibility exists that a material misstatement of our annual or interim financial statements would not be prevented or detected on a timely basis.
Material Weaknesses in Control Activities
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act are controls and other procedures designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure.
As of March 31, 2024, an evaluation was conducted under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Our management concluded that as of March 31, 2024, our disclosure controls and procedures were not effective because of the material weaknesses in our internal control over financial reporting described below.
Management's Report on Internal Control Over Financial Reporting
The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company's internal control over financial reporting is a process designed by or under the supervision of the Company's Chief Executive Officer and Chief Financial Officer, and overseen by the Board of Directors, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes policies and procedures that:
•Pertain to the maintenance of records that, in reasonable detail, accurately, and fairly reflect the transactions and dispositions of the Company's assets;
•Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that the Company's receipts and expenditures are being made only in accordance with the authorization of its management and directors; and
•Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of the Company's Consolidated Financial Statements would be prevented or detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.
Management conducted an evaluation of the effectiveness of the Company's internal control over financial reporting using the criteria in Internal Control - Integrated Framework 2013 issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO Framework”). As a result of this evaluation, management concluded that the Company's internal control over financial reporting was not effective as of March 31, 2024 because of the material weaknesses in internal control over financial reporting discussed below.
•Control Environment: The Company did not maintain an effective control environment based on the criteria established in the COSO framework, which resulted in deficiencies in principles associated with the control environment.
In addition, the following material weaknesses were previously identified and contributed to the material weakness in the control environment:
•Insufficient resources within the accounting and financial reporting department to review the accounting of complex financial reporting transactions including areas such as business combinations, share based compensation, and the related income tax reporting
•Ineffective controls over updating and distributing accounting policies and procedures across the organization.
The control environment material weaknesses contributed to other material weaknesses within our system of internal controls over financial reporting related to the following COSO components:
•Risk Assessment: The Company did not design and implement an effective risk assessment based on the criteria established in the COSO framework and identified deficiencies in the principles associated with the risk assessment component of the COSO framework.
•Information and Communication: The Company did not have an effective information and communication process that identified and assessed the source of and controls necessary to ensure the reliability of information used in financial reporting and that communicates relevant information about roles and responsibilities for internal control over financial reporting.
•Monitoring Activities: The Company did not have effective monitoring activities to assess the operation of internal control over financial reporting, including the continued appropriateness of control design and level of documentation maintained to support control effectiveness.
•Control Activities: As a consequence of the material weaknesses described above, internal control deficiencies related to the design and operation of process-level controls and general information technology controls were determined to be pervasive throughout the Company's financial reporting processes.
In addition, the following material weaknesses were previously identified and contributed to the material weakness in control activities:
•Inadequate information and technology general controls, including segregation of duties, change management, and user access, which were inadequate to support financial reporting applications and support automated controls and functionality.
•Inadequate controls over physical inventory counts.
•Inadequate controls over valuations, inclusive of appropriate valuation model inputs and appropriate forecasting for prospective financial information.
•Inadequate segregation of duties within human resources, manual journal entry posting processes, and various bank accounts of the Company to prevent and detect unauthorized transactions in a timely manner.
While these material weaknesses did not result in material misstatements of the Company's Condensed Consolidated Financial Statements as of and for the year ended December 31, 2023, and management does not believe that these material weaknesses resulted in material misstatements as of March 31, 2024, these material weaknesses create a reasonable possibility that a
material misstatement of account balances or disclosures in annual or interim consolidated financial statements may not be prevented or detected in a timely manner.
The Company's independent registered public accounting firm, Grant Thornton LLP, which audited the 2023 consolidated financial statements included in the Form 10-K, has expressed an adverse opinion on the Company's internal control over financial reporting.
Remediation Plan and Status
Our management is committed to remediating identified control deficiencies (including both those that rise to the level of a material weakness and those that do not), fostering continuous improvement in our internal controls, and enhancing our overall internal controls environment.
We initiated many of our control remediation efforts in fiscal 2022, and these efforts have continued through 2024, including:
•Engaged a third-party specialist CPA firm to consult with management in redesigning and documenting of our internal controls over financial reporting, including our entity-level controls, to be compliant with Sarbanes Oxley Act of 2002 ("SOX").
•Hired a dedicated controls compliance manager charged with monitoring and facilitating compliance with the Company's responsibilities under SOX in coordination with the third-party specialist.
•Implemented a global risk and compliance software to assist in monitoring and documenting compliance with SOX.
•Made significant progress related to our control design and assessment, including the identification of risks arising from inappropriate segregation of duties and fraud risks and the development of new controls and revised the design of existing controls to mitigate the aforementioned risks, inclusive of entity-level controls.
•For certain processes, developed new and revised existing process narratives and flowcharts and identified risks inherent to those processes.
•Conducted training sessions with control owners.
•Restructured or consolidated certain business functions to align more closely with effective business operation as well as to enable appropriate segregation of duties.
•Implemented new business systems, including an enterprise resource planning software system, to support information technology general controls, appropriate segregation of duties, appropriate journal entry posting processes, change management, and user access.
•Added personnel to the accounting and financial reporting department with technical accounting experience to act as internal resources for reviewing complex financial reporting transactions, including areas such as business combinations, share based compensation, and income tax reporting.
•Continue to engage third party specialists to assist management with complex financial transactions and valuations, including valuation model techniques and inputs such as forecasted, prospective financial information.
The following remaining activities are scheduled to occur during our fiscal year 2024 in support of issuing management's assessment of internal control over financial reporting as of December 31, 2024:
•Testing design and operating effectiveness of newly implemented controls across all financial reporting processes and information technology environments.
•Finalization of risk assessments, control design, and implementation of new and revised controls, inclusive of general information technology controls and entity-level controls, as necessary.
•Ongoing training with control owners.
•Developing effective communication plans to all parties responsible for remediation relating to, among other things, identification of deficiencies and recommendations for corrective actions.
•Providing periodic compliance reports to the Audit Committee of the Board of Directors.
Our management believes that these remediation actions, when fully implemented, will remediate the material weaknesses we have identified and strengthen our internal control over financial reporting. However, our remediation efforts are ongoing and additional remediation initiatives may be necessary. We will continue to implement and document the strengthening of existing and the development of new policies, procedures, and internal controls.
Remediation of the identified material weaknesses and strengthening our internal control environment has required and will continue to require a substantial effort throughout 2024. We will test the ongoing operating effectiveness of the new and existing controls in future periods. The material weaknesses cannot be considered completely remediated until the applicable
controls have operated for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.
While we believe the steps taken to date and those planned for implementation will remediate the ineffectiveness of our internal control over financial reporting, we have not completed all remediation efforts identified herein. Accordingly, as we continue to monitor the effectiveness of our internal control over financial reporting in the areas affected by the material weaknesses described above, we have and will continue to perform additional procedures prescribed by management, including the use of manual mitigating control procedures and employing any additional tools and resources deemed necessary, to ensure that our Consolidated Financial Statements are fairly stated in all material respects.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting, except for the implementation of remediation plans to address the material weaknesses discussed above, during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
For a summary of the Company's risk factors, please refer to Item 9A of our Form 10-K for the year ended December 31, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Share Repurchase Program
On March 20, 2024, the Board of Directors of the Company authorized a share repurchase program, whereby the Company could repurchase up to $6.0 million worth of its common stock in open market transactions pursuant to Rule 10b-18 of the Exchange Act and a 10b5-1 trading plan. The program began on April 1, 2024 and continues for up to one year. No purchases of common stock were made pursuant to the program during the three months ended March 31, 2024.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
The following exhibits are included and filed with this report.
| | | | | | | | |
Exhibit | | Exhibit Description |
3.1 | | |
3.2 | | |
31.1 | | |
31.2 | | |
32.1 | | |
32.2 | | |
101 | | Interactive Data Files |
101.INS | | XBRL Instance Document |
101.SCH | | XBRL Taxonomy Extension Schema Document |
101.CAL | | XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | | XBRL Taxonomy Extension Presentation Linkbase Document |
101.DEF | | XBRL Taxonomy Extension Definition Linkbase Definition |
| | | | | | | | |
| * | Furnished and not filed. |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized on May 8, 2024.
| | | | | | | | |
| GrowGeneration Corp. |
| | |
| | |
| By: | /s/ Darren Lampert |
| | Darren Lampert, Chief Executive Officer (Principal Executive Officer) |
| | |
| | |
| By: | /s/ Gregory Sanders |
| | Gregory Sanders, Chief Financial Officer (Principal Accounting Officer and Principal Financial Officer) |
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Darren Lampert, certify that:
1. I have reviewed this Form 10-Q for the fiscal quarter ended March 31, 2024 of GrowGeneration Corp.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods present in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.
May 8, 2024
| | | | | | | | |
By: | /s/ Darren Lampert | |
Darren Lampert, Chief Executive Officer | |
(Principal Executive Officer) | |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Gregory Sanders, certify that:
1. I have reviewed this Form 10-Q for the fiscal quarter ended March 31, 2024 of GrowGeneration Corp.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods present in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.
May 8, 2024
| | | | | | | | |
By: | /s/ Gregory Sanders | |
Gregory Sanders, Chief Financial Officer | |
(Principal Financial Officer) | |
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the accompanying Quarterly Report on Form 10-Q of GrowGeneration Corp. (the “Company”) for the fiscal quarter ended March 31, 2024, I, Darren Lampert, Chief Executive Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:
1. Such Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in such Quarterly Report on Form 10-Q for the fiscal quarter March 31, 2024, fairly presents, in all material respects, the financial condition and results of operations of GrowGeneration Corp.
May 8, 2024
| | | | | | | | |
By: | /s/ Darren Lampert | |
Darren Lampert, Chief Executive Officer | |
(Principal Executive Officer) | |
Exhibit 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the accompanying Quarterly Report on Form 10-Q of GrowGeneration Corp. (the “Company”) for the fiscal quarter ended March 31, 2024, I, Gregory Sanders, Chief Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:
1. Such Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in such Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024, fairly presents, in all material respects, the financial condition and results of operations of GrowGeneration Corp.
May 8, 2024
| | | | | | | | |
By: | /s/ Gregory Sanders | |
Gregory Sanders, Chief Financial Officer | |
(Principal Financial Officer) | |
v3.24.1.u1
Cover - shares
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3 Months Ended |
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Mar. 31, 2024 |
Apr. 30, 2024 |
Cover [Abstract] |
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Document Period End Date |
Mar. 31, 2024
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false
|
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Entity File Number |
333-207889
|
|
Entity Registrant Name |
GROWGENERATION CORP.
|
|
Entity Incorporation, State or Country Code |
CO
|
|
Entity Tax Identification Number |
46-5008129
|
|
Entity Address, Address Line One |
5619 DTC Parkway
|
|
Entity Address, Address Line Two |
Suite 900
|
|
Entity Address, City or Town |
Greenwood Village
|
|
Entity Address, State or Province |
CO
|
|
Entity Address, Postal Zip Code |
80111
|
|
City Area Code |
800
|
|
Local Phone Number |
935-8420
|
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Title of 12(b) Security |
Common Stock, par value $0.001 per share
|
|
Trading Symbol |
GRWG
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Security Exchange Name |
NASDAQ
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Entity Current Reporting Status |
Yes
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Yes
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v3.24.1.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 31,050
|
$ 29,757
|
Marketable securities |
30,280
|
35,212
|
Accounts receivable, net of allowance for credit losses of $1.4 million and $1.4 million at March 31, 2024 and December 31, 2023 |
7,832
|
8,895
|
Notes receivable, current, net of allowance for credit losses of $0.2 million and $1.7 million at March 31, 2024 and December 31, 2023 |
215
|
193
|
Inventory |
66,028
|
64,905
|
Prepaid income taxes |
213
|
516
|
Prepaid and other current assets |
6,102
|
7,973
|
Total current assets |
141,720
|
147,451
|
Property and equipment, net |
25,336
|
27,052
|
Operating leases right-of-use assets, net |
40,408
|
39,933
|
Notes receivable, long-term |
54
|
106
|
Intangible assets, net |
14,503
|
16,180
|
Goodwill |
7,525
|
7,525
|
Other assets |
847
|
843
|
TOTAL ASSETS |
230,393
|
239,090
|
Current liabilities: |
|
|
Accounts payable |
12,392
|
11,666
|
Accrued liabilities |
2,126
|
2,530
|
Payroll and payroll tax liabilities |
2,097
|
2,169
|
Customer deposits |
3,880
|
5,359
|
Sales tax payable |
1,249
|
1,185
|
Current maturities of operating lease liabilities |
7,593
|
8,021
|
Total current liabilities |
29,337
|
30,930
|
Operating lease liabilities, net of current maturities |
35,431
|
34,448
|
Other long-term liabilities |
317
|
317
|
Total liabilities |
65,085
|
65,695
|
Commitments and contingencies (Note 12) |
|
|
Stockholders' equity: |
|
|
Common stock; $0.001 par value; 100,000,000 shares authorized, 61,507,259 and 61,483,762 shares issued and outstanding as of March 31, 2024 and December 31, 2023 |
62
|
61
|
Additional paid-in capital |
374,182
|
373,433
|
Retained earnings (deficit) |
(208,936)
|
(200,099)
|
Total stockholders' equity |
165,308
|
173,395
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 230,393
|
$ 239,090
|
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v3.24.1.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable, allowance for credit loss, current |
$ 1.4
|
$ 1.4
|
Notes receivable, allowance for credit loss, current |
$ 0.2
|
$ 1.7
|
Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized (in shares) |
100,000,000
|
100,000,000
|
Common stock, shares, issued (in shares) |
61,507,259
|
61,483,762
|
Common stock, shares, outstanding (in shares) |
61,507,259
|
61,483,762
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
Net sales |
$ 47,888
|
$ 56,827
|
Cost of sales (exclusive of depreciation and amortization shown below) |
35,524
|
40,538
|
Gross profit |
12,364
|
16,289
|
Operating expenses: |
|
|
Store operations and other operational expenses |
10,634
|
12,622
|
Selling, general, and administrative |
7,908
|
6,838
|
Estimated credit losses (recoveries) |
(488)
|
317
|
Depreciation and amortization |
3,742
|
3,932
|
Total operating expenses |
21,796
|
23,709
|
Income (loss) from operations |
(9,432)
|
(7,420)
|
Other income (expense): |
|
|
Other income (expense) |
47
|
860
|
Interest income |
602
|
428
|
Interest expense |
(56)
|
(2)
|
Total other income (expense) |
593
|
1,286
|
Net income (loss) before taxes |
(8,839)
|
(6,134)
|
Benefit (provision) for income taxes |
2
|
0
|
Net income (loss) |
$ (8,837)
|
$ (6,134)
|
Net income (loss) per share, basic (in dollars per share) |
$ (0.14)
|
$ (0.10)
|
Net income (loss) per share, diluted (in dollars per share) |
$ (0.14)
|
$ (0.10)
|
Weighted average shares outstanding, basic (in shares) |
61,499
|
61,028
|
Weighted average shares outstanding, diluted (in shares) |
61,499
|
61,028
|
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v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Retained Earnings (Deficit) |
Beginning balances (in shares) at Dec. 31, 2022 |
|
61,010,000
|
|
|
Beginning balances at Dec. 31, 2022 |
$ 216,396
|
$ 61
|
$ 369,938
|
$ (153,603)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Common stock issued for share based compensation (in shares) |
|
25,000
|
|
|
Common stock withheld for employee payroll taxes |
(70)
|
|
(70)
|
|
Share-based compensation |
511
|
|
511
|
|
Net income (loss) |
(6,134)
|
|
|
(6,134)
|
Ending balances (in shares) at Mar. 31, 2023 |
|
61,035,000
|
|
|
Ending balances at Mar. 31, 2023 |
$ 210,703
|
$ 61
|
370,379
|
(159,737)
|
Beginning balances (in shares) at Dec. 31, 2023 |
61,483,762
|
61,484,000
|
|
|
Beginning balances at Dec. 31, 2023 |
$ 173,395
|
$ 61
|
373,433
|
(200,099)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
Common stock issued for share based compensation (in shares) |
|
23,000
|
|
|
Common stock issued for share-based compensation |
1
|
$ 1
|
|
|
Common stock withheld for employee payroll taxes |
(29)
|
|
(29)
|
|
Share-based compensation |
778
|
|
778
|
|
Net income (loss) |
$ (8,837)
|
|
|
(8,837)
|
Ending balances (in shares) at Mar. 31, 2024 |
61,507,259
|
61,507,000
|
|
|
Ending balances at Mar. 31, 2024 |
$ 165,308
|
$ 62
|
$ 374,182
|
$ (208,936)
|
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ (8,837)
|
$ (6,134)
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
Depreciation and amortization |
3,742
|
3,932
|
Share-based compensation |
778
|
567
|
Estimated credit losses |
(488)
|
317
|
Loss (gain) on disposal of fixed assets |
33
|
(19)
|
Change in value of marketable securities |
(390)
|
0
|
Changes in operating assets and liabilities: |
|
|
Accounts and notes receivable |
1,551
|
1,664
|
Inventory |
(1,123)
|
1,627
|
Prepaid expenses and other assets |
2,170
|
3,621
|
Accounts payable and accrued liabilities |
295
|
114
|
Operating leases |
80
|
372
|
Payroll and payroll tax liabilities |
(72)
|
(2,308)
|
Customer deposits |
(1,479)
|
(422)
|
Sales tax payable |
64
|
126
|
Net cash and cash equivalents provided by (used in) operating activities |
(3,676)
|
3,457
|
Cash flows from investing activities: |
|
|
Purchase of marketable securities |
(21,143)
|
(10,726)
|
Maturities of marketable securities |
26,465
|
33,452
|
Proceeds from notes receivable |
30
|
0
|
Purchase of property and equipment |
(355)
|
(3,476)
|
Proceeds from disposals of assets |
0
|
63
|
Net cash and cash equivalents provided by (used in) investing activities |
4,997
|
19,313
|
Cash flows from financing activities: |
|
|
Principal payments on long term debt |
0
|
(16)
|
Common stock withheld for employee payroll taxes |
(28)
|
(70)
|
Net cash and cash equivalents provided by (used in) financing activities |
(28)
|
(86)
|
Net increase (decrease) in cash and cash equivalents |
1,293
|
22,684
|
Cash and cash equivalents at the beginning of period |
29,757
|
40,054
|
Cash and cash equivalents at the end of period |
31,050
|
62,738
|
Supplemental disclosures of non-cash activities: |
|
|
Cash paid for interest |
56
|
2
|
Cash paid for income taxes |
0
|
0
|
Right-of use assets obtained in exchange for new or modified operating lease liabilities |
$ 2,869
|
$ 1,310
|
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v3.24.1.u1
GENERAL
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
GENERAL |
1. GENERAL
GrowGeneration Corp. (together with its direct and indirect wholly-owned subsidiaries, collectively "GrowGeneration" or the "Company") was incorporated in Colorado in 2014. Since then, GrowGeneration has grown from a small chain of specialty retail hydroponic and organic garden centers to a multifaceted business with diverse assets. Today, GrowGeneration operates two major lines of business: its Cultivation and Gardening segment, composed of the Company's hydroponic and organic gardening business; and its Storage Solutions segment, composed of the Company's benching, racking, and storage solutions business.
As of March 31, 2024, GrowGeneration has 46 retail locations across 18 states in the U.S. The Company also operates an online superstore for cultivators at growgeneration.com, as well as a wholesale business for resellers, HRG Distribution, and a benching, racking, and storage solutions business, Mobile Media or MMI.
Basis of Presentation
The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Form 10-K"). There were no significant changes to the Company's significant accounting policies as disclosed in the 2023 Form 10-K. The results reported in these unaudited Condensed Consolidated Financial Statements are not necessarily indicative of results for the full fiscal year.
All amounts included in the accompanying footnotes to the Condensed Consolidated Financial Statements, except per share data, are in thousands (000).
Reclassifications
Certain amounts in the prior period Condensed Consolidated Financial Statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net income (loss) within the Condensed Consolidated Statements of Operations.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported revenues and expenses during the reporting period. Actual results could vary from the estimates that were used.
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v3.24.1.u1
RECENT ACCOUNTING PRONOUNCEMENTS
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
RECENT ACCOUNTING PRONOUNCEMENTS |
2. RECENT ACCOUNTING PRONOUNCEMENTS
From time to time, the Financial Accounting Standard Board ("FASB") or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update ("ASU"). The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements. In addition to the accounting pronouncements discussed below, no other new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material effect on the Company's consolidated financial statements or disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280) ("ASU 2023-07"), which requires an enhanced disclosure of segments on an annual and interim basis, including the title of the chief operating decision maker, significant segment expenses, and the composition of other segment items for each segment's reported profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and adoption of ASU 2023-07 should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this standard.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to income tax disclosures ("ASU 2023-09"), expanding the disclosures requirement for income taxes primarily by requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and adoption of ASU 2023-09 can be applied prospectively or retrospectively. The Company is currently evaluating the impact of this standard.
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v3.24.1.u1
FAIR VALUE MEASUREMENTS
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
3. FAIR VALUE MEASUREMENTS
Fair Value Measurements
Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
•Level 1—Quoted prices in active markets for identical assets or liabilities. •Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. •Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and all other current liabilities approximate fair values due to their short-term nature. The fair value of notes receivable approximates the outstanding balance net of reserves for expected credit loss. The marketable securities are classified as available-for-sale and are carried at fair value based on quoted market prices. Changes in fair value of marketable securities, principally derived from accretion of discounts, was $0.4 million and immaterial for the three months ended March 31, 2024 and 2023, respectively, and included in Interest income on the Condensed Consolidated Statements of Operations. | | | | | | | | | | | | | | | | | | | Level | | March 31, 2024 | | December 31, 2023 | Cash equivalents | 1 | | $ | 22,772 | | | $ | 17,300 | | Marketable securities | 2 | | $ | 30,280 | | | $ | 35,212 | |
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.1.u1
REVENUE RECOGNITION
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE RECOGNITION |
4. REVENUE RECOGNITION
Disaggregation of Revenues
Net sales are disaggregated by the Company's segments, which represent its principal lines of business, as well as by major product line, including proprietary brands, non-proprietary brands, and commercial fixtures, and by product type, including consumable and durable products. Refer to Note 13, Segments, for disaggregated revenue disclosures. Contract Assets and Liabilities
Depending on the timing of when title of product transfers to a customer and when a customer makes payments for such product, the Company recognizes an accounts receivable (contract asset) or a customer deposit (contract liability). The opening and closing balances of the Company's accounts receivables and customer deposits were as follows: | | | | | | | | | | | | | Accounts Receivable, Net | | Customer Deposits | Opening balance, January 1, 2024 | $ | 8,895 | | | $ | 5,359 | | Closing balance, March 31, 2024 | 7,832 | | | 3,880 | | Increase (decrease) | $ | (1,063) | | | $ | (1,479) | | | | | | Opening balance, January 1, 2023 | $ | 8,336 | | | $ | 4,338 | | Closing balance, March 31, 2023 | 7,569 | | | 3,916 | | Increase (decrease) | $ | (767) | | | $ | (422) | |
Of the total amount of customer deposit liability as of January 1, 2024, $2.9 million was reported as revenue during the three months ended March 31, 2024. Of the total amount of customer deposit liability as of January 1, 2023, $2.3 million was reported as revenue during the three months ended March 31, 2023.
Notes receivable at March 31, 2024 and December 31, 2023 were as follows: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Notes receivable | $ | 501 | | | $ | 2,031 | | Allowance for credit losses | (232) | | | (1,732) | | Notes receivable, net | $ | 269 | | | $ | 299 | |
The following table summarizes changes in notes receivable balances that have been deemed impaired. | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Notes receivable | $ | 232 | | | $ | 1,732 | | Allowance for credit losses | (232) | | | (1,732) | | Notes receivable, net | $ | — | | | $ | — | |
During the three months ended March 31, 2024, the Company received a $0.3 million settlement related to a $1.5 million note receivable, which had been fully reserved as of December 31, 2023. Refer to Note 12, Commitment and Contingencies, for additional information regarding the settlement.
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v3.24.1.u1
PROPERTY AND EQUIPMENT
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
5. PROPERTY AND EQUIPMENT
Property and equipment at March 31, 2024 and December 31, 2023 consisted of the following: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Vehicles | $ | 2,548 | | | $ | 2,558 | | Building and land | 2,121 | | | 2,121 | | Leasehold improvements | 11,881 | | | 11,920 | | Furniture, fixtures and equipment | 14,459 | | | 14,364 | | Capitalized software | 16,085 | | | 16,085 | | Construction-in-progress | 133 | | | — | | Total property and equipment, gross | 47,227 | | | 47,048 | | Accumulated depreciation and amortization | (21,891) | | | (19,996) | | Property and equipment, net | $ | 25,336 | | | $ | 27,052 | |
Depreciation and amortization expense related to property and equipment was $2.1 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.1.u1
GOODWILL AND INTANGIBLE ASSETS
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND INTANGIBLE ASSETS |
6. GOODWILL AND INTANGIBLE ASSETS
The carrying value of goodwill at March 31, 2024 and December 31, 2023 by segment was as follows:
| | | | | | | | | | | | | | | | | | | Cultivation and Gardening | | Storage Solutions | | Total | | | | | | | | | | | | | | | | | | | Balances, December 31, 2023 | $ | 5,920 | | | $ | 1,605 | | | $ | 7,525 | | | | | | | | | | | | | | Balances, March 31, 2024 | $ | 5,920 | | | $ | 1,605 | | | $ | 7,525 | |
Accumulated impairment for goodwill was $125.9 million as of March 31, 2024 and December 31, 2023.
The changes in intangible assets by segment for the quarter ended March 31, 2024 and year ended December 31, 2023 were as follows:
| | | | | | | | | | | | | | | | | | | Cultivation and Gardening | | Storage Solutions | | Total | | | | | | | | | | | | | | | | | | | | | | | | | Balance as of December 31, 2023 | $ | 13,501 | | | $ | 2,679 | | | $ | 16,180 | | Amortization | (1,482) | | | (195) | | | (1,677) | | | | | | | | | | | | | | Balance as of March 31, 2024 | $ | 12,019 | | | $ | 2,484 | | | $ | 14,503 | |
Intangible assets on the Company's Consolidated Balance Sheets consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Trade names | $ | 28,198 | | | $ | (17,850) | | | $ | 10,348 | | | $ | 28,198 | | | $ | (16,488) | | | $ | 11,710 | | Patents, trademarks | 69 | | | (69) | | | — | | | 69 | | | (69) | | | — | | Customer relationships | 13,192 | | | (9,106) | | | 4,086 | | | 13,192 | | | (8,813) | | | 4,379 | | Non-competes | 864 | | | (795) | | | 69 | | | 864 | | | (773) | | | 91 | | Intellectual property | 1,136 | | | (1,136) | | | — | | | 1,136 | | | (1,136) | | | — | | Total | $ | 43,459 | | | $ | (28,956) | | | $ | 14,503 | | | $ | 43,459 | | | $ | (27,279) | | | $ | 16,180 | |
Amortization expense for the three months ended March 31, 2024 and 2023 was $1.7 million and $2.2 million, respectively. Future amortization expense as of March 31, 2024 was as follows:
| | | | | | | | 2024 (remainder of the year) | $ | 5,028 | | 2025 | 6,339 | | 2026 | 2,231 | | 2027 | 799 | | 2028 | 82 | | Thereafter | 24 | | Total | $ | 14,503 | |
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v3.24.1.u1
INCOME TAXES
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
7. INCOME TAXES
For the three months ended March 31, 2024, the effective tax rate was (0.02)%, compared to 0.00% for the three months ended March 31, 2023. The effective tax rate for each of the three months ended March 31, 2024 and 2023 is lower than the U.S. federal statutory rate of 21.0% primarily due to the Company's valuation allowance against deferred tax assets. As of March 31, 2024, the Company concluded that its deferred tax assets are not expected to be realizable, based on positive and negative evidence, therefore it has assigned a full valuation allowance against them.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.24.1.u1
LEASES
|
3 Months Ended |
Mar. 31, 2024 |
Leases [Abstract] |
|
LEASES |
8. LEASES
The right-of-use assets and corresponding liabilities related to the Company's operating leases were as follows:
| | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Operating leases right-of-use assets | $ | 40,408 | | | $ | 39,933 | | | | | | Current maturities of operating lease liability | $ | 7,593 | | | $ | 8,021 | | Operating lease liability, net of current maturities | 35,431 | | | 34,448 | | Total lease liability | $ | 43,024 | | | $ | 42,469 | |
The weighted-average remaining lease terms and weighted-average discount rates for operating leases were as follows:
| | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | Weighted average remaining lease term | 5.99 years | | 6.46 years | Weighted average discount rate | 6.2 | % | | 5.8 | % |
Lease expense is recorded within the Company's Condensed Consolidated Statements of Operations based upon the nature of the operating lease right-of-use assets. Where assets are used to directly serve our customers, such as retail locations and distribution centers, lease costs are recorded in Store operations and other operational expenses. Facilities and assets which serve management and support functions are expensed through Selling, general, and administrative. The Company recorded sublease income of $0.3 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively, within Store operations and other operational expenses related to the sublease of a closed retail location. The components of lease expense were as follows:
| | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | Operating lease costs | $ | 2,563 | | | $ | 2,893 | | Variable lease costs | 664 | | | 599 | | Short-term lease costs | 85 | | | 167 | | Total operating lease costs | $ | 3,312 | | | $ | 3,659 | |
Future maturities of the Company's operating lease liabilities as of March 31, 2024 were as follows:
| | | | | | 2024 (remainder of the year) | $ | 7,516 | | 2025 | 9,658 | | 2026 | 8,410 | | 2027 | 6,420 | | 2028 | 5,948 | | Thereafter | 13,567 | | Total lease payments | 51,519 | | Less: imputed interest | (8,495) | | Operating lease liability at March 31, 2024 | $ | 43,024 | |
Supplemental and other information related to leases was as follows:
| | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | Cash paid for amounts included in the measurement of lease liabilities: | | | | Operating cash flow from operating leases | $ | 2,580 | | | $ | 2,826 | |
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.24.1.u1
EARNINGS PER SHARE
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
EARNINGS PER SHARE |
9. EARNINGS PER SHARE The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computation for the three months ended March 31, 2024 and 2023:
| | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | Net income (loss) | $ | (8,837) | | | $ | (6,134) | | Weighted average shares outstanding, basic | 61,499 | | | 61,028 | | Effect of dilutive outstanding restricted stock units, stock options, and warrants | — | | | — | | Adjusted weighted average shares outstanding, dilutive | 61,499 | | | 61,028 | | Basic earnings (loss) per share | $ | (0.14) | | | $ | (0.10) | | Dilutive earnings (loss) per share | $ | (0.14) | | | $ | (0.10) | |
Diluted earnings per share calculations for the three months ended March 31, 2024 excluded 0.5 million shares of common stock issuable upon exercise of stock options and 0.8 million of non-vested restricted stock units that would have been anti-dilutive. Diluted earnings per share calculations for the three months ended March 31, 2023 excluded 0.6 million shares of common stock issuable upon exercise of stock options, 0.7 million shares of non-vested restricted stock units, and 33 thousand shares of common stock issuable upon exercise of the stock purchase warrants that would have been anti-dilutive.
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v3.24.1.u1
SHARE-BASED PAYMENTS
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
SHARE-BASED PAYMENTS |
10. SHARE-BASED PAYMENTS The Company maintains long-term incentive plans for employees, non-employee members of its Board of Directors (the "Board"), and consultants. The plans allow the Company to grant equity-based compensation awards, including stock options, stock appreciation rights, performance share units, restricted stock units, restricted stock awards, common stock warrants, or a combination of awards (collectively, "share-based awards").
The Company accounts for share-based payments through the measurement and recognition of compensation expense for share-based awards made to employees, non-employee members of the Board, and consultants of the Company, including stock options and restricted stock units. The Company recorded share-based compensation expense of $0.8 million and $0.6 million in the three months ended March 31, 2024 and 2023, respectively.
Restricted Stock Units The Company issues restricted stock units to eligible employees, which are subject to forfeiture until the end of an applicable vesting period. The awards generally vest annually or biannually over three to four years following the date of grant, subject to the employee's continuing employment as of that date. Restricted stock units are valued using the market value on the grant date. Restricted stock unit activity for the three months ended March 31, 2024 is presented in the following table: | | | | | | | | | | | | | Units | | Weighted Average Grant Date Fair Value | Nonvested, December 31, 2023 | 904,834 | | | $ | 5.23 | | Granted | — | | | $ | — | | Vested | (35,417) | | | $ | 10.75 | | Forfeited | (37,250) | | | $ | 2.65 | | Nonvested, March 31, 2024 | 832,167 | | | $ | 5.12 | |
As of March 31, 2024, the Company had approximately $2.9 million of unrecognized share-based compensation related to restricted stock units, which are expected to be recognized over a weighted average period of approximately 1.6 years.
Stock Options
Stock option activity for the three months ended March 31, 2024 is presented in the following table: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term | | Weighted Average Grant Date Fair Value | Outstanding at December 31, 2023 | | 577,998 | | | $ | 4.01 | | | 0.95 | | $ | 2.25 | | Granted | | — | | | — | | | — | | | — | | Exercised | | — | | | — | | | — | | | — | | Forfeited or expired | | (68,332) | | | 2.76 | | | — | | | 1.82 | | Outstanding at March 31, 2024 | | 509,666 | | | $ | 4.17 | | | 0.78 | | $ | 2.31 | | Vested and exercisable at March 31, 2024 | | 509,666 | | | $ | 4.17 | | | 0.78 | | $ | 2.31 | |
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v3.24.1.u1
STOCKHOLDERS' EQUITY
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS' EQUITY |
11. STOCKHOLDERS' EQUITY
On March 20, 2024, the Board authorized a share repurchase program, whereby the Company could repurchase up to $6.0 million worth of its common stock in open market transactions pursuant to Rule 10b-18 of the Exchange Act and a 10b5-1 trading plan. The program began on April 1, 2024 and continues for up to one year. This share repurchase program is intended to enhance long-term shareholder value. The program does not obligate the Company to acquire any specific number of shares or to acquire any shares over any specific period of time. The timing and amount of any repurchases will depend on factors such as the stock price, trading volumes, market conditions, and regulatory requirements. The stock repurchase program may be amended, suspended, or discontinued at any time by the Company.
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v3.24.1.u1
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
12. COMMITMENTS AND CONTINGENCIES
Legal Matters
From time to time, the Company has been, and may again become involved in legal proceedings arising in the ordinary course of its business, including the initiation and defense of proceedings related to contract and employment disputes. It is the Company's opinion that these claims individually and in the aggregate are not expected to have a material adverse effect on its financial condition, results of operations or cash flows.
In December 2021, the Company was sued in the U.S. District Court for the Southern District of Texas related to a Promissory Note & Asset Acquisition Rights Option ("Note & Option") with TGC Systems, LLC ("Total Grow"). The case was dismissed and the parties submitted the matter to arbitration pursuant to the arbitration clause of the Note & Option. Among other claims, Total Grow alleged that the Company was liable to Total Grow for failing to consummate the acquisition of Total Grow by the Company. The Company asserted counterclaims for repayment of $1.5 million in principal loaned by the Company to Total Grow pursuant to the Note & Option, plus interest and certain costs. In July 2023, the arbitrator rendered an arbitration award denying all of Total Grow's claims and defenses and awarding the Company more than $2.0 million in total, consisting of principal, interest, and certain costs. Total Grow voluntarily filed for bankruptcy in October 2023. In February 2024, the Company received $0.3 million from the bankruptcy proceedings, which it recorded as a recovery on the $1.5 million Note & Option. The remainder of the Note & Option, which were fully reserved, were written off during the three months ended March 31, 2024.
There can be no assurance that future developments related to pending claims or claims filed in the future, whether as a result of adverse outcomes or as a result of significant defense costs, will not have a material effect on the Company's financial condition, results of operations or cash flows. The Company believes that its assessment of contingencies is reasonable and that the related accruals, in the aggregate, are adequate; however, there can be no assurance that the final resolution of these matters will not have a material effect on the Company's financial condition, results of operations or cash flows.
Indemnifications
In the ordinary course of its business, the Company makes certain indemnities under which it may be required to make payments in relation to certain transactions. As of March 31, 2024, the Company did not have any liabilities associated with indemnities.
In addition, the Company, as permitted under Colorado law and in accordance with its amended and restated certificate of incorporation and amended and restated bylaws, in each case, as amended to date, indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company's request in such capacity. The duration of these indemnifications varies. The Company has a director and officer insurance policy that may enable it to recover a portion of any future amounts paid. The Company accrues for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable. No such losses have been recorded to date.
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v3.24.1.u1
SEGMENTS
|
3 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
SEGMENTS |
13. SEGMENTS
During the fourth quarter of 2023, the Company realigned its operating and reportable segments to correspond with changes to its operating model, management structure, and internal reporting and to better align with how the chief operating decision maker ("CODM") makes operating decisions, allocates resources, and assesses performance. Accordingly, the Company identified two operating segments, each its own reportable segment, based on its major lines of business: the Cultivation and Gardening segment, composed of the Company's hydroponic and organic gardening business; and the Storage Solutions segment, composed of the Company's benching, racking, and storage solutions business. Comparative prior period disclosures have been recast to conform to the current segment presentation. In addition to sales by operating segment, which represent the Company's principal lines of business, the CODM evaluates the Company's operations by regularly reviewing sales by major product line, including proprietary brands, non-proprietary brands, and commercial fixtures, and by product type, including consumable and durable products. During the first quarter of 2024, the Company reviewed and reclassified certain item level designations as consumable or durable products. Comparative prior period disclosures have been recast to conform to the current presentation.
Disaggregated revenue by segment is presented in the following tables:
| | | | | | | | | | | | | Three Months Ended March 31, | Net sales | 2024 | | 2023 | Cultivation and Gardening | | | | Proprietary brand sales | $ | 9,726 | | | $ | 9,027 | | Non-proprietary brand sales | 33,382 | | | 40,100 | | Total Cultivation and Gardening | 43,108 | | | 49,127 | | Storage Solutions | | | | Commercial fixture sales | 4,780 | | | 7,700 | | Total Storage Solutions | 4,780 | | | 7,700 | | Total | $ | 47,888 | | | $ | 56,827 | |
| | | | | | | | | | | | | Three Months Ended March 31, | Net sales | 2024 | | 2023 | Cultivation and Gardening | | | | Consumables | $ | 30,181 | | | $ | 32,352 | | Durables | 12,927 | | | $ | 16,775 | | Total Cultivation and Gardening | 43,108 | | | $ | 49,127 | | Storage Solutions | | | | Durables | 4,780 | | | $ | 7,700 | | Total Storage Solutions | 4,780 | | | $ | 7,700 | | Total | $ | 47,888 | | | $ | 56,827 | |
Selected information by segment is presented in the following tables:
| | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | Net sales | | | | Cultivation and Gardening | $ | 43,108 | | | $ | 49,127 | | Storage Solutions | 4,780 | | | 7,700 | | Total net sales | 47,888 | | | 56,827 | | Gross profit | | | | Cultivation and Gardening | 10,325 | | | 13,229 | | Storage Solutions | 2,039 | | | 3,060 | | Total gross profit | 12,364 | | | 16,289 | | Segment operating profit | | | | Cultivation and Gardening | 1,064 | | | 1,803 | | Storage Solutions | 666 | | | 1,864 | | Total segment operating profit | 1,730 | | | 3,667 | | Corporate expenses | | | | Selling, general, and administrative | 7,908 | | | 6,838 | | Estimated credit losses | (488) | | | 317 | | Depreciation and amortization | 3,742 | | | 3,932 | | | | | | Income (loss) from operations | $ | (9,432) | | | $ | (7,420) | |
The Company does not evaluate segments by assets as it is not practical and does not inform any of its decision making processes. The CODM neither reviews nor requests this information.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.1.u1
GENERAL (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Form 10-K"). There were no significant changes to the Company's significant accounting policies as disclosed in the 2023 Form 10-K. The results reported in these unaudited Condensed Consolidated Financial Statements are not necessarily indicative of results for the full fiscal year.
All amounts included in the accompanying footnotes to the Condensed Consolidated Financial Statements, except per share data, are in thousands (000).
|
Reclassifications |
Reclassifications
Certain amounts in the prior period Condensed Consolidated Financial Statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net income (loss) within the Condensed Consolidated Statements of Operations.
|
Use of Estimates |
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported revenues and expenses during the reporting period. Actual results could vary from the estimates that were used.
|
Recently Issued Accounting Pronouncements Not Yet Adopted |
From time to time, the Financial Accounting Standard Board ("FASB") or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update ("ASU"). The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements. In addition to the accounting pronouncements discussed below, no other new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material effect on the Company's consolidated financial statements or disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280) ("ASU 2023-07"), which requires an enhanced disclosure of segments on an annual and interim basis, including the title of the chief operating decision maker, significant segment expenses, and the composition of other segment items for each segment's reported profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and adoption of ASU 2023-07 should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this standard.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to income tax disclosures ("ASU 2023-09"), expanding the disclosures requirement for income taxes primarily by requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and adoption of ASU 2023-09 can be applied prospectively or retrospectively. The Company is currently evaluating the impact of this standard.
|
Fair Value Measurements |
Fair Value Measurements
Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
•Level 1—Quoted prices in active markets for identical assets or liabilities. •Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. •Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and all other current liabilities approximate fair values due to their short-term nature. The fair value of notes receivable approximates the outstanding balance net of reserves for expected credit loss. The marketable securities are classified as available-for-sale and are carried at fair value based on quoted market prices. Changes in fair value of marketable securities, principally derived from accretion of discounts, was $0.4 million and immaterial for the three months ended March 31, 2024 and 2023, respectively, and included in Interest income on the Condensed Consolidated Statements of Operations. | | | | | | | | | | | | | | | | | | | Level | | March 31, 2024 | | December 31, 2023 | Cash equivalents | 1 | | $ | 22,772 | | | $ | 17,300 | | Marketable securities | 2 | | $ | 30,280 | | | $ | 35,212 | |
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v3.24.1.u1
REVENUE RECOGNITION (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of customer trade receivables and customer deposit liability |
| | | | | | | | | | | | | Accounts Receivable, Net | | Customer Deposits | Opening balance, January 1, 2024 | $ | 8,895 | | | $ | 5,359 | | Closing balance, March 31, 2024 | 7,832 | | | 3,880 | | Increase (decrease) | $ | (1,063) | | | $ | (1,479) | | | | | | Opening balance, January 1, 2023 | $ | 8,336 | | | $ | 4,338 | | Closing balance, March 31, 2023 | 7,569 | | | 3,916 | | Increase (decrease) | $ | (767) | | | $ | (422) | |
|
Schedule of long term trade receivables |
Notes receivable at March 31, 2024 and December 31, 2023 were as follows: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Notes receivable | $ | 501 | | | $ | 2,031 | | Allowance for credit losses | (232) | | | (1,732) | | Notes receivable, net | $ | 269 | | | $ | 299 | |
|
Schedule of notes receivable balances |
The following table summarizes changes in notes receivable balances that have been deemed impaired. | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Notes receivable | $ | 232 | | | $ | 1,732 | | Allowance for credit losses | (232) | | | (1,732) | | Notes receivable, net | $ | — | | | $ | — | |
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v3.24.1.u1
PROPERTY AND EQUIPMENT (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property and equipment |
Property and equipment at March 31, 2024 and December 31, 2023 consisted of the following: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Vehicles | $ | 2,548 | | | $ | 2,558 | | Building and land | 2,121 | | | 2,121 | | Leasehold improvements | 11,881 | | | 11,920 | | Furniture, fixtures and equipment | 14,459 | | | 14,364 | | Capitalized software | 16,085 | | | 16,085 | | Construction-in-progress | 133 | | | — | | Total property and equipment, gross | 47,227 | | | 47,048 | | Accumulated depreciation and amortization | (21,891) | | | (19,996) | | Property and equipment, net | $ | 25,336 | | | $ | 27,052 | |
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v3.24.1.u1
GOODWILL AND INTANGIBLE ASSETS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of goodwill |
The carrying value of goodwill at March 31, 2024 and December 31, 2023 by segment was as follows:
| | | | | | | | | | | | | | | | | | | Cultivation and Gardening | | Storage Solutions | | Total | | | | | | | | | | | | | | | | | | | Balances, December 31, 2023 | $ | 5,920 | | | $ | 1,605 | | | $ | 7,525 | | | | | | | | | | | | | | Balances, March 31, 2024 | $ | 5,920 | | | $ | 1,605 | | | $ | 7,525 | |
|
Schedule of intangible assets |
The changes in intangible assets by segment for the quarter ended March 31, 2024 and year ended December 31, 2023 were as follows:
| | | | | | | | | | | | | | | | | | | Cultivation and Gardening | | Storage Solutions | | Total | | | | | | | | | | | | | | | | | | | | | | | | | Balance as of December 31, 2023 | $ | 13,501 | | | $ | 2,679 | | | $ | 16,180 | | Amortization | (1,482) | | | (195) | | | (1,677) | | | | | | | | | | | | | | Balance as of March 31, 2024 | $ | 12,019 | | | $ | 2,484 | | | $ | 14,503 | |
Intangible assets on the Company's Consolidated Balance Sheets consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Trade names | $ | 28,198 | | | $ | (17,850) | | | $ | 10,348 | | | $ | 28,198 | | | $ | (16,488) | | | $ | 11,710 | | Patents, trademarks | 69 | | | (69) | | | — | | | 69 | | | (69) | | | — | | Customer relationships | 13,192 | | | (9,106) | | | 4,086 | | | 13,192 | | | (8,813) | | | 4,379 | | Non-competes | 864 | | | (795) | | | 69 | | | 864 | | | (773) | | | 91 | | Intellectual property | 1,136 | | | (1,136) | | | — | | | 1,136 | | | (1,136) | | | — | | Total | $ | 43,459 | | | $ | (28,956) | | | $ | 14,503 | | | $ | 43,459 | | | $ | (27,279) | | | $ | 16,180 | |
|
Schedule of future amortization expense |
Future amortization expense as of March 31, 2024 was as follows: | | | | | | | | 2024 (remainder of the year) | $ | 5,028 | | 2025 | 6,339 | | 2026 | 2,231 | | 2027 | 799 | | 2028 | 82 | | Thereafter | 24 | | Total | $ | 14,503 | |
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v3.24.1.u1
LEASES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Leases [Abstract] |
|
Schedule of lease balances within our condensed consolidated balance sheet |
The right-of-use assets and corresponding liabilities related to the Company's operating leases were as follows:
| | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Operating leases right-of-use assets | $ | 40,408 | | | $ | 39,933 | | | | | | Current maturities of operating lease liability | $ | 7,593 | | | $ | 8,021 | | Operating lease liability, net of current maturities | 35,431 | | | 34,448 | | Total lease liability | $ | 43,024 | | | $ | 42,469 | |
|
Schedule of other information related to leases |
The weighted-average remaining lease terms and weighted-average discount rates for operating leases were as follows:
| | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | Weighted average remaining lease term | 5.99 years | | 6.46 years | Weighted average discount rate | 6.2 | % | | 5.8 | % |
|
Schedule of operating lease assets |
The components of lease expense were as follows:
| | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | Operating lease costs | $ | 2,563 | | | $ | 2,893 | | Variable lease costs | 664 | | | 599 | | Short-term lease costs | 85 | | | 167 | | Total operating lease costs | $ | 3,312 | | | $ | 3,659 | |
|
Schedule of operating lease liabilities maturity |
Future maturities of the Company's operating lease liabilities as of March 31, 2024 were as follows:
| | | | | | 2024 (remainder of the year) | $ | 7,516 | | 2025 | 9,658 | | 2026 | 8,410 | | 2027 | 6,420 | | 2028 | 5,948 | | Thereafter | 13,567 | | Total lease payments | 51,519 | | Less: imputed interest | (8,495) | | Operating lease liability at March 31, 2024 | $ | 43,024 | |
|
Schedule of Supplemental and Other Information For Leases |
Supplemental and other information related to leases was as follows:
| | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | Cash paid for amounts included in the measurement of lease liabilities: | | | | Operating cash flow from operating leases | $ | 2,580 | | | $ | 2,826 | |
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v3.24.1.u1
EARNINGS PER SHARE (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Weighted Average Number of Shares |
The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computation for the three months ended March 31, 2024 and 2023:
| | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | Net income (loss) | $ | (8,837) | | | $ | (6,134) | | Weighted average shares outstanding, basic | 61,499 | | | 61,028 | | Effect of dilutive outstanding restricted stock units, stock options, and warrants | — | | | — | | Adjusted weighted average shares outstanding, dilutive | 61,499 | | | 61,028 | | Basic earnings (loss) per share | $ | (0.14) | | | $ | (0.10) | | Dilutive earnings (loss) per share | $ | (0.14) | | | $ | (0.10) | |
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v3.24.1.u1
SHARE-BASED PAYMENTS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of restricted stock units activity |
Restricted stock unit activity for the three months ended March 31, 2024 is presented in the following table: | | | | | | | | | | | | | Units | | Weighted Average Grant Date Fair Value | Nonvested, December 31, 2023 | 904,834 | | | $ | 5.23 | | Granted | — | | | $ | — | | Vested | (35,417) | | | $ | 10.75 | | Forfeited | (37,250) | | | $ | 2.65 | | Nonvested, March 31, 2024 | 832,167 | | | $ | 5.12 | |
|
Schedule of stock options |
Stock option activity for the three months ended March 31, 2024 is presented in the following table: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term | | Weighted Average Grant Date Fair Value | Outstanding at December 31, 2023 | | 577,998 | | | $ | 4.01 | | | 0.95 | | $ | 2.25 | | Granted | | — | | | — | | | — | | | — | | Exercised | | — | | | — | | | — | | | — | | Forfeited or expired | | (68,332) | | | 2.76 | | | — | | | 1.82 | | Outstanding at March 31, 2024 | | 509,666 | | | $ | 4.17 | | | 0.78 | | $ | 2.31 | | Vested and exercisable at March 31, 2024 | | 509,666 | | | $ | 4.17 | | | 0.78 | | $ | 2.31 | |
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v3.24.1.u1
SEGMENTS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
Schedule of disaggregation of revenues |
Disaggregated revenue by segment is presented in the following tables:
| | | | | | | | | | | | | Three Months Ended March 31, | Net sales | 2024 | | 2023 | Cultivation and Gardening | | | | Proprietary brand sales | $ | 9,726 | | | $ | 9,027 | | Non-proprietary brand sales | 33,382 | | | 40,100 | | Total Cultivation and Gardening | 43,108 | | | 49,127 | | Storage Solutions | | | | Commercial fixture sales | 4,780 | | | 7,700 | | Total Storage Solutions | 4,780 | | | 7,700 | | Total | $ | 47,888 | | | $ | 56,827 | |
| | | | | | | | | | | | | Three Months Ended March 31, | Net sales | 2024 | | 2023 | Cultivation and Gardening | | | | Consumables | $ | 30,181 | | | $ | 32,352 | | Durables | 12,927 | | | $ | 16,775 | | Total Cultivation and Gardening | 43,108 | | | $ | 49,127 | | Storage Solutions | | | | Durables | 4,780 | | | $ | 7,700 | | Total Storage Solutions | 4,780 | | | $ | 7,700 | | Total | $ | 47,888 | | | $ | 56,827 | |
|
Schedule of segment reporting information, by segment |
Selected information by segment is presented in the following tables:
| | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | Net sales | | | | Cultivation and Gardening | $ | 43,108 | | | $ | 49,127 | | Storage Solutions | 4,780 | | | 7,700 | | Total net sales | 47,888 | | | 56,827 | | Gross profit | | | | Cultivation and Gardening | 10,325 | | | 13,229 | | Storage Solutions | 2,039 | | | 3,060 | | Total gross profit | 12,364 | | | 16,289 | | Segment operating profit | | | | Cultivation and Gardening | 1,064 | | | 1,803 | | Storage Solutions | 666 | | | 1,864 | | Total segment operating profit | 1,730 | | | 3,667 | | Corporate expenses | | | | Selling, general, and administrative | 7,908 | | | 6,838 | | Estimated credit losses | (488) | | | 317 | | Depreciation and amortization | 3,742 | | | 3,932 | | | | | | Income (loss) from operations | $ | (9,432) | | | $ | (7,420) | |
The Company does not evaluate segments by assets as it is not practical and does not inform any of its decision making processes. The CODM neither reviews nor requests this information.
|
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v3.24.1.u1
FAIR VALUE MEASUREMENTS - Schedule of fair value of impaired notes receivable (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Fair Value, Inputs, Level 1 |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
$ 22,772
|
$ 17,300
|
Fair Value, Inputs, Level 2 |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Marketable securities |
$ 30,280
|
$ 35,212
|
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v3.24.1.u1
REVENUE RECOGNITION - Schedule of customer trade receivables and customer deposit liability (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Revenue Recognition, Customer Deposits [Roll Forward] |
|
|
Increase (decrease) |
$ (1,479)
|
$ (422)
|
Accounts Receivable, Net |
|
|
Revenue Recognition, Customer Deposits [Roll Forward] |
|
|
Opening balance |
8,895
|
8,336
|
Closing balance |
7,832
|
7,569
|
Increase (decrease) |
(1,063)
|
(767)
|
Customer Deposits |
|
|
Revenue Recognition, Customer Deposits [Roll Forward] |
|
|
Opening balance |
5,359
|
4,338
|
Closing balance |
3,880
|
3,916
|
Increase (decrease) |
$ (1,479)
|
$ (422)
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REVENUE RECOGNITION - Schedule of long term trade receivables (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Trade Accounts Receivable |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Notes receivable |
$ 501
|
$ 2,031
|
Allowance for credit losses |
(232)
|
(1,732)
|
Notes receivable, net |
269
|
299
|
Notes Receivable |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Notes receivable |
232
|
1,732
|
Allowance for credit losses |
(232)
|
(1,732)
|
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$ 0
|
$ 0
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PROPERTY AND EQUIPMENT - Schedule of property and equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment, gross |
$ 47,227
|
$ 47,048
|
Accumulated depreciation and amortization |
(21,891)
|
(19,996)
|
Property and equipment, net |
25,336
|
27,052
|
Vehicles |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment, gross |
2,548
|
2,558
|
Building and land |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment, gross |
2,121
|
2,121
|
Leasehold improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment, gross |
11,881
|
11,920
|
Furniture, fixtures and equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment, gross |
14,459
|
14,364
|
Capitalized software |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment, gross |
16,085
|
16,085
|
Construction-in-progress |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment, gross |
$ 133
|
$ 0
|
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v3.24.1.u1
GOODWILL AND INTANGIBLE ASSETS - Schedule of intangible assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 43,459
|
$ 43,459
|
Accumulated Amortization |
(28,956)
|
(27,279)
|
Net Carrying Amount |
14,503
|
16,180
|
Trade names |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
28,198
|
28,198
|
Accumulated Amortization |
(17,850)
|
(16,488)
|
Net Carrying Amount |
10,348
|
11,710
|
Patents, trademarks |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
69
|
69
|
Accumulated Amortization |
(69)
|
(69)
|
Net Carrying Amount |
0
|
0
|
Customer relationships |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
13,192
|
13,192
|
Accumulated Amortization |
(9,106)
|
(8,813)
|
Net Carrying Amount |
4,086
|
4,379
|
Non-competes |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
864
|
864
|
Accumulated Amortization |
(795)
|
(773)
|
Net Carrying Amount |
69
|
91
|
Intellectual property |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
1,136
|
1,136
|
Accumulated Amortization |
(1,136)
|
(1,136)
|
Net Carrying Amount |
$ 0
|
$ 0
|
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v3.24.1.u1
LEASES - Schedule of lease balances within our condensed consolidated balance sheet (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Leases [Abstract] |
|
|
Operating leases right-of-use assets |
$ 40,408
|
$ 39,933
|
Current maturities of operating lease liability |
7,593
|
8,021
|
Operating lease liability, net of current maturities |
35,431
|
34,448
|
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$ 43,024
|
$ 42,469
|
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v3.24.1.u1
LEASES - Schedule of future minimum rental payments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Leases [Abstract] |
|
|
2023 (remainder of the year) |
$ 7,516
|
|
2025 |
9,658
|
|
2026 |
8,410
|
|
2027 |
6,420
|
|
2028 |
5,948
|
|
Thereafter |
13,567
|
|
Total lease payments |
51,519
|
|
Less: imputed interest |
(8,495)
|
|
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$ 43,024
|
$ 42,469
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EARNINGS PER SHARE - Schedule of Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Earnings Per Share [Abstract] |
|
|
Net income (loss) |
$ (8,837)
|
$ (6,134)
|
Weighted average shares outstanding, basic (in shares) |
61,499
|
61,028
|
Effect of dilution (in shares) |
0
|
0
|
Adjusted weighted average shares outstanding, dilutive (in shares) |
61,499
|
61,028
|
Basic earnings (loss) per share (in dollars per share) |
$ (0.14)
|
$ (0.10)
|
Dilutive earnings (loss) per share (in dollars per share) |
$ (0.14)
|
$ (0.10)
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v3.24.1.u1
SHARE-BASED PAYMENTS - Schedule of stock options (Details) - $ / shares
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Shares |
|
|
Beginning balance, Outstanding (in shares) |
577,998
|
|
Granted (in shares) |
0
|
|
Exercised (in shares) |
0
|
|
Forfeited or expired (in shares) |
(68,332)
|
|
Ending balance, Outstanding (in shares) |
509,666
|
577,998
|
Weighted Average Exercise Price |
|
|
Weighted - Average Exercise Price, Outstanding beginning balance (in dollars per share) |
$ 4.01
|
|
Weighted - Average Exercise Price, Granted (in dollars per share) |
0
|
|
Weighted - Average Exercise Price, Exercised (in dollars per share) |
0
|
|
Weighted - Average Exercise Price, Forfeited or expired (in dollars per share) |
2.76
|
|
Weighted - Average Exercise Price, Outstanding ending balance (in dollars per share) |
$ 4.17
|
$ 4.01
|
Weighted - Average Remaining Contractual Term |
|
|
Weighted - Average Remaining Contractual Term, Outstanding beginning (in years) |
|
11 months 12 days
|
Weighted - Average Remaining Contractual Term, Outstanding ending (in years) |
9 months 10 days
|
|
Weighted - Average Grant Date Fair Value, Outstanding beginning balance (in dollars per share) |
$ 2.25
|
|
Weighted - Average Grant Date Fair Value, Granted (in dollars per share) |
0
|
|
Weighted - Average Grant Date Fair Value, Exercised (in dollars per share) |
0
|
|
Weighted - Average Grant Date Fair Value, Forfeited or expired (in dollars per share) |
1.82
|
|
Weighted - Average Grant Date Fair Value Outstanding ending balance (in dollars per share) |
$ 2.31
|
$ 2.25
|
Weighted - Average Exercise Price, Vested (in shares) |
509,666
|
|
Weighted - Average Exercise Price, Vested (in dollars per share) |
$ 4.17
|
|
Weighted-Average Remaining Contractual Term, Vested and exercisable (in years) |
9 months 10 days
|
|
Weighted - Average Grant Date Fair Value, Options Vested (in dollars per share) |
$ 2.31
|
|
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v3.24.1.u1
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands |
1 Months Ended |
3 Months Ended |
|
|
Feb. 29, 2024 |
Jul. 31, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2021 |
Loss Contingencies [Line Items] |
|
|
|
|
|
Notes receivable |
|
|
$ 215
|
$ 193
|
|
Proceeds from legal settlements |
$ 300
|
|
300
|
|
|
Notes receivable, allowance for credit loss, current |
|
|
$ 200
|
$ 1,700
|
|
Grow Generation Corp. vs TGC Systems, LLC |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Legal settlements |
|
$ 2,000
|
|
|
|
Grow Generation Corp. vs TGC Systems, LLC | Pending Litigation |
|
|
|
|
|
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$ 1,500
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v3.24.1.u1
SEGMENTS - Disaggregation of Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
Net sales |
$ 47,888
|
$ 56,827
|
Cultivation and Gardening |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Net sales |
43,108
|
49,127
|
Storage Solutions |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Net sales |
4,780
|
7,700
|
Proprietary brand sales | Cultivation and Gardening |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Net sales |
9,726
|
9,027
|
Non-proprietary brand sales | Cultivation and Gardening |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Net sales |
33,382
|
40,100
|
Commercial fixture sales | Storage Solutions |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Net sales |
4,780
|
7,700
|
Consumables | Cultivation and Gardening |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Net sales |
30,181
|
32,352
|
Durables | Cultivation and Gardening |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Net sales |
12,927
|
16,775
|
Durables | Storage Solutions |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Net sales |
$ 4,780
|
$ 7,700
|
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SEGMENTS - Schedule of Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Segment Reporting Information [Line Items] |
|
|
Net sales |
$ 47,888
|
$ 56,827
|
Gross profit |
12,364
|
16,289
|
Segment operating profit |
1,730
|
3,667
|
Selling, general, and administrative |
7,908
|
6,838
|
Estimated credit losses |
(488)
|
317
|
Depreciation and amortization |
3,742
|
3,932
|
Income (loss) from operations |
(9,432)
|
(7,420)
|
Cultivation and Gardening |
|
|
Segment Reporting Information [Line Items] |
|
|
Net sales |
43,108
|
49,127
|
Gross profit |
10,325
|
13,229
|
Segment operating profit |
1,064
|
1,803
|
Storage Solutions |
|
|
Segment Reporting Information [Line Items] |
|
|
Net sales |
4,780
|
7,700
|
Gross profit |
2,039
|
3,060
|
Segment operating profit |
$ 666
|
$ 1,864
|
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Growgeneration (NASDAQ:GRWG)
過去 株価チャート
から 5 2024 まで 6 2024
Growgeneration (NASDAQ:GRWG)
過去 株価チャート
から 6 2023 まで 6 2024