Here is what they reported, tell me 1 reason for the 33% drop in 2 days. I am loading here and you should too. of course you do your DD but this is a no brainer.
GRWG Financial Highlights for Second Quarter 2021 Compared to Second Quarter 2020
- Revenues rose 190% to $125.9 million for second quarter 2021, versus $43.5 million, for the same period last year.
- Same-store sales at 24 locations open for the same period in 2020 and 2021 were $62.1 million in second quarter 2021 versus $38.9 million for the same period last year, a 60% increase year over year.
- Gross profit margin for second quarter 2021 was 28.4% compared to 26.7% in the same quarter last year, an increase of 170 basis points.
- Income before tax was $9.6 million for the second quarter 2021 versus $2.7 million for the same period last year.
- Net income was $6.7 million, or $0.11 per share based on a diluted share count of 60.2 million.
- Adjusted EBITDA was $14.5 million for second quarter 2021 versus $4.4 million for the same period last year.
Financial Highlights for Six Months 2021 compared to the same period 2020
- Net revenue for the six months ended June 30,2021, was $215.9 million, compared to $76.4 million for the six months ended June 30, 2020, an increase of $139.5 million or 182%.
- Gross profit margin was 28.3% for the six months ended June 30, 2021 compared to 26.9% for the six months ended June 30, 2020.
- Net income for the six months ended June 30, 2021 was $12.9 million, compared to net income of $0.5 million for the six months ended June 30,2020.
2021 Revenue Guidance Raised to $455 to $475 Million
- The Company announced the addition of 52,000 square feet in downtown Los Angeles and 70,000 square feet in Rancho Dominguez, California, that will serve as distribution and fulfillment locations for the Company.
- The Company is in the process of building additional locations that will serve as fulfillment centers that include 25,000 square feet in Phoenix, Arizona and 58,000 square feet in Medley, Florida. These locations are expected to be opened by fall of 2021.