GrowGeneration Cuts 45% Q4 Expenses, Narrows 2025 Loss to $24M
GrowGeneration Corp’s 2025 sales dipped to $161.7 million, while Q4 revenue rose to $37.8 million and gross margin expanded to 26.8%. The company cut Q4 expenses 45% to $16.7 million, narrowed its loss to $24 million, authorized a $10 million share buyback and finished with $46.1 million cash, zero debt.
1. Full-Year Financial Results
GrowGeneration’s 2025 net sales declined to $161.7 million from $188.9 million in 2024, while gross margin improved by 370 basis points to 26.8%. GAAP net loss narrowed to $24 million from $49.5 million, and adjusted EBITDA loss improved to $6 million from $14.5 million.
2. Q4 Operational Highlights
In Q4 2025, revenue rose slightly to $37.8 million from $37.4 million a year earlier, driving gross profit up to $9.1 million versus $6.1 million. Proprietary brand penetration increased to 35.8% of cultivation and gardening revenue, and operating expenses fell 45% to $16.7 million.
3. Capital Allocation and Balance Sheet
The company ended 2025 with $46.1 million in cash and no debt after consolidating eight stores to a total of 23 locations. Management authorized a $10 million share repurchase program, prioritizing buybacks over acquisitions while remaining open to future M&A opportunities.