GrowLife, Inc. Reports Increase in Revenue YoY and Operating Profit in Q2 2021 Filing

Rhea-AI Summary

GrowLife (OTC: PHOT) announced impressive financial results for Q2 2021, reporting revenue of over $2.1 million—a 17% increase year-over-year. The company achieved a record operating profit of $204K and improved gross margins from 39% to 59%. Additionally, GrowLife bolstered its cash position to over $1.2 million, a rise of $700K compared to the previous year. CEO Marco Hegyi noted continued revenue growth despite the pandemic and expressed confidence in the cannabis sector's expansion.

Company Files Second Quarter 2021 Financial and Operational Results

Financial Summary:

• GrowLife reported more than $2.1 M in revenue for the quarter ending June 30, 2021, a 17% increase when compared to the same period in 2020
• GrowLife achieved $204K in operating profit for the quarter ending June 30, 2021, a record for the Company
• GrowLife increased its gross margins to 59% for the period, up from 39% in the same period of 2020
• GrowLife reports cash position in excess of $1.2 M, a $700k increase when compared to the same period in 2020

KIRKLAND, Wash., Aug. 23, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- GrowLife, Inc. (OTC: PHOT) (“GrowLife” or the “Company”), one of the nation’s most recognized indoor cultivation product and service providers, today announced financial results for the three-month period ending June 30, 2021.  

“While global economies continue to stabilize through the COVID-19 pandemic, GrowLife was able to continue to grow revenues while further cutting costs,” said GrowLife CEO Marco Hegyi. “We are excited to report a 9.4% operating profit as we enter the second half of this year and are ready to continue to capitalize on the expanding opportunity that is the cannabis sector. While the move towards nationwide legalization has been slower than anticipated, the industry continues to grow at an exponential pace. We are seeing new markets coming online almost monthly which only furthers the need for the products GrowLife provides. Our outlook remains strong and we plan to further identify ways to create a more profitable business overall.”

The Company generated $2.1M in revenue for the second quarter of 2021. Gross margins continued to increase, up from 39% in Q2 of 2020 to 59% in Q2 2021, and the Company’s cash position at the end of the period was $1.2 M.

About GrowLife, Inc.

GrowLife, Inc. (PHOT) aims to become the nation’s largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. Our mission is to help make our customers successful. GrowLife is headquartered in Kirkland, Washington and was founded in 2012.

Investor Relations Contact:
investors@growlifeinc.com
206-483-0059

FORWARD LOOKING STATEMENT:

This release contains statements that constitute 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. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of GrowLife, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words may, would, will, expect, estimate, can, believe, potential and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond GrowLife, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors.

FAQ

What were GrowLife's revenue figures for Q2 2021?

GrowLife reported revenue of over $2.1 million for Q2 2021, representing a 17% increase from the same period in 2020.

How much was GrowLife's operating profit for Q2 2021?

GrowLife achieved an operating profit of $204K for the quarter ending June 30, 2021, marking a record for the company.

What is GrowLife's cash position as of June 30, 2021?

As of June 30, 2021, GrowLife's cash position exceeded $1.2 million, which is a $700K increase compared to the same period in 2020.

What are the gross margins reported by GrowLife for Q2 2021?

GrowLife reported gross margins of 59% for Q2 2021, up from 39% in Q2 2020.

What did CEO Marco Hegyi say about the company's performance during the pandemic?

CEO Marco Hegyi stated that GrowLife continued to grow revenues and cut costs despite the ongoing COVID-19 pandemic.