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HYDROFARM HOLDINGS GROUP, INC. [HYFM] reports annual net loss of $64,813,000.0
![HYDROFARM HOLDINGS GROUP, INC. [HYFM] reports annual net loss of $64,813,000.0](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FHYFM.png&w=3840&q=75)
Company Reports Revenue of $226.6 million
HYDROFARM HOLDINGS GROUP, INC. [HYFM] has reported a net loss of $64,813,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $226.6 million
Based in SHOEMAKERSVILLE, Pennsylvania, HYDROFARM HOLDINGS GROUP, INC. operates in the WHOLESALE sector.
In the financial report for the 12 months ended December 31, 2023, compared to the same period in 2022, the following key figures were observed:
- Net sales for the period were $226.58 million in 2023, down from $344.50 million in 2022, reflecting a decrease in revenue.
- Cost of goods sold in 2023 amounted to $188.97 million, compared to $315.17 million in 2022, indicating a reduction in expenses.
- Gross profit stood at $37.61 million in 2023, showing an increase from $29.34 million in 2022.
Moving on to the operating expenses:
- Selling, general, and administrative expenses were $87.31 million in 2023, lower than $118.60 million in 2022.
- There were no impairment costs recorded in 2023, unlike the significant $192.33 million recorded in 2022.
- The loss from operations in 2023 was $49.70 million, which represents an improvement from the loss of $281.60 million incurred in 2022.
Further down the statement:
- Interest expenses increased to $15.44 million in 2023 from $10.96 million in 2022.
- The net loss before tax was $65.03 million in 2023, a decrease from $291.86 million in 2022.
- Income tax benefit amounted to $0.21 million in 2023, a decline from $6.44 million in 2022.
- The net loss for the period was $64.81 million in 2023, showing an improvement from the net loss of $285.42 million in 2022.
Regarding earnings per share:
- The basic earnings per share were $(1.42) in 2023, compared to $(6.35) in 2022.
- Diluted earnings per share were also $(1.42) in 2023, showing an improvement from $(6.35) in 2022.
Lastly, the weighted-average shares of common stock outstanding in 2023 were 45.51 million shares for both basic and diluted calculations, compared to 44.97 million shares in 2022.
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