By J Rodrigo Safdiye.
GrowGeneration Corp. (OTC: GRWG), a chain of specialty hydroponic and organic garden centers, reported third-quarter net income of $1,049,699 Monday.
That's a $1.8-million increase over the net loss of $784,573 that GrowGeneration reported in the same period last year.
Third-quarter adjusted EBITDA of $2,046,730 was a $2.1-million increase over an adjusted EBITDA loss of $71,584 one year ago.
Third-quarter GAAP earnings were 3 cents per share.
The retailer posted quarterly revenue of $13.4 million.
For the nine months ended Sept. 30, 2019, revenue was $54.3 million versus $19.9 million for the same period in 2018.
"The company's third-quarter financial results reflect our continued focus on revenue growth and EBITDA expansion. We continue to invest in technology and infrastructure while improving the financial performance of the company in all areas. Revenue was up 159% year over year to $21.8 million," co-founder and CEO Darren Lampert said in a press release.
GrowGeneration shares were down 3.56% at $4.60 at the time of publication.