GrowGeneration Corp. Q3 2026 Earnings Recap

GrowGeneration’s shares fell 19.7% after it withdrew full-year adjusted EBITDA guidance, citing further store closures and restructuring that introduce near-term uncertainty. Revenue guidance was narrowed, while management said the actions are intended to lower costs and improve profitability in 2027.

Key Takeaways

• Q3 net sales were $44.8 million, gross margin was 32.4%, and adjusted EBITDA was $2.3 million.
• Full-year revenue guidance was refined to $163 million–$165 million from $162 million–$168 million; the company withdrew its full-year adjusted EBITDA guidance.
• Proprietary brand sales rose approximately 19% year over year to $14.5 million, surpassing 40% of cultivation and gardening net revenue.
• Store and other operating expenses declined approximately 12% year over year to $6.4 million. GrowGeneration expects to close another 4–5 locations in Q4 as part of its restructuring.
• MMI storage solutions generated $9.2 million in Q3 revenue, ahead of management’s expectations. The company ended the quarter with $41.8 million in cash, cash equivalents and marketable securities, no debt, and repurchased 700,000 shares for $1 million.