Welcome to our dedicated page for Hydrofarm Holdings Group news (Ticker: HYFM), a resource for investors and traders seeking the latest updates and insights on Hydrofarm Holdings Group stock.
Hydrofarm Holdings Group, Inc. (symbol: HYFM) stands as a prominent distributor and manufacturer of high-quality hydroponics equipment and supplies, making it the nation's oldest and largest entity in this sector. The company's diverse product portfolio includes lighting solutions, growing media like premium soils and alternatives, nutrients, and various agriculture supplies. These products are marketed under proprietary, exclusive/preferred, or non-exclusive/distributed brands and are found in hundreds of stores and catalogs across North America.
Organized into two key operating segments, the U.S. and Canada, Hydrofarm continually aims to empower growers, farmers, and cultivators with products that enhance quality, efficiency, consistency, and speed in their growing projects. The company's mission is not only to make growing more productive but also to make it easier for enthusiasts of all levels.
Hydrofarm's recent initiatives emphasize sustainability and eco-friendly living. For instance, the company recently featured its innovative products like the SunBlaster Mini Greenhouse Kit and Growlight Gardens on 'The Balancing Act,' showcasing their user-friendliness and efficiency. Additionally, Hydrofarm highlighted its Gaia Green Organics fertilizers and Roots Organics Original Soil, which are celebrated for their environmental benefits and quality. This aligns with Hydrofarm’s vision of promoting indoor gardening as a fun, family-oriented activity that also educates younger generations about food origins.
The latest news reveals continuous improvements in key operating metrics, driven by significant cost savings, enhancing Hydrofarm's financial performance. By staying committed to innovation and customer satisfaction, Hydrofarm remains a significant player in the agricultural sector, contributing to sustainable living and indoor gardening advancements.
Investor Contact: Anna Kate Heller / ICR
Email: ir@hydrofarm.com
Hydrofarm Holdings Group (HYFM) reported Q3 2024 results with net sales decreasing 18.8% to $44.0 million compared to $54.2 million in Q3 2023. Gross Profit Margin improved to 19.4% from 6.1%, while Adjusted Gross Profit Margin increased to 24.3% from 23.0%. Net loss improved to $13.1 million from $19.9 million. The company reaffirmed its 2024 outlook, expecting net sales to decrease in low to high teens percentage, with positive Adjusted EBITDA and Free Cash Flow. The decline in sales was primarily attributed to a 13.7% decline in volume/mix due to cannabis industry oversupply and a 4.9% decrease in price.
Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) has announced a leadership succession plan effective January 1, 2025. Bill Toler, current Chairman and CEO, will retire from his CEO position and become Executive Chairman. John Lindeman, current EVP and CFO, will assume the role of CEO. Other leadership changes include:
- Mark Parker, current EVP of Sales and Business Development, will be promoted to President
- Kevin O'Brien, current Chief Accounting Officer, will be promoted to CFO
- Erica Ackerman, current Corporate Controller, will assume the additional role of CAO
Toler, 65, expressed confidence in the transition plan and the company's future direction. Lindeman, with his extensive experience in finance and leadership, looks forward to enhancing value and driving growth for Hydrofarm.
Hydrofarm Holdings Group, a leading independent manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture (CEA), has announced its participation in a fireside chat with Water Tower Research (WTR). The Company was featured on the WTR Small-Cap Spotlight with Jesse Redmond, Head of Cannabis at WTR.
The episode is now available for replay on various platforms including Apple Podcasts, Spotify, and all podcast platforms. Additionally, it can be accessed on the WTR website and on Hydrofarm's investor relations website under the "News & Events" section.
This fireside chat provides an opportunity for investors and interested parties to gain insights into Hydrofarm's business and industry trends in the CEA sector.
Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM), a leading manufacturer and distributor of hydroponics equipment, has received a 180-day extension from Nasdaq to regain compliance with the Bid Price Rule. The new deadline is March 10, 2025. The rule requires the company's stock to close at $1.00 or higher for at least 10 consecutive business days. Hydrofarm is considering options to meet this requirement, including a potential reverse stock split. This extension does not immediately affect the listing or trading of HYFM shares on the Nasdaq Capital Market.
Hydrofarm Holdings Group (Nasdaq: HYFM) reported a net sales decrease of 13.1% to $54.8 million for Q2 2024, down from $63.1 million in Q2 2023. The company also experienced a net loss increase to $23.5 million from $12.9 million. Gross profit margin dropped to 19.8% from 23.0%, and Adjusted EBITDA decreased to $1.7 million from $2.5 million.
Despite declines, Hydrofarm achieved positive Adjusted EBITDA for the fourth time in five quarters, improving Adjusted Gross Profit Margin sequentially. SG&A expenses were reduced by 20% due to restructuring and cost-saving measures. The company completed an asset sale in May 2024, expecting further cost savings and productivity improvements.
As of June 30, 2024, Hydrofarm held $30.3 million in cash and $20 million in borrowing capacity. It reaffirmed its 2024 outlook with expectations of positive Adjusted EBITDA and Free Cash Flow.
Hydrofarm Holdings Group (Nasdaq: HYFM), a leading manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture (CEA), has announced its upcoming second quarter 2024 earnings release and conference call. The company will release its Q2 2024 results before the market opens on Thursday, August 8, 2024. A conference call to discuss the results is scheduled for 8:30 AM ET on the same day.
Investors and interested parties can access the call by dialing 1-800-267-6316 and entering the conference ID: HYFMQ2. Additionally, a live webcast of the call will be available on the company's website at www.hydrofarm.com under the 'Investors' section, where it will also be archived for future reference.
Hydrofarm Holdings Group announced its first quarter 2024 results, highlighting a decrease in net sales to $54.2 million from $62.2 million year-over-year.
Gross profit margin increased to 20.2%, and adjusted gross profit margin rose to 23.4%. Net loss improved to $12.6 million, and adjusted EBITDA turned positive at $0.3 million.
Cash used in operating activities and free cash flow improved by $6.7 million and $6.9 million, respectively.
The company is selling assets related to certain durable equipment products for $8.7 million, expecting improved profitability for its IGE branded products. Hydrofarm reaffirms its 2024 guidance for positive adjusted EBITDA and free cash flow despite forecasted net sales decline.
Hydrofarm Holdings Group, Inc. will announce its first quarter 2024 results on May 14, 2024. The company is a leading manufacturer and distributor of hydroponics equipment for controlled environment agriculture. The conference call to review the results will be held at 8:30 AM ET.
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