GrowGeneration Corp. (NASDAQ: GRWG) net revenue decreased $144.3 million, or 34.2%, to $278.2 million for the full year ended December 31, 2022, compared to $422.5 million for the full year ended December 31, 2021. The decline was driven primarily by a 51.6% decrease in same-store sales.
Q4 2022 Financial Highlights
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Net revenue was $54.5 million, a decrease of 40% compared to 90.6 million in Q4 2021.
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Gross profit decreased to $9.6 million, or 17.6% of net revenues, from $23.1 million, or 25.5% of net revenues in Q4 2021.
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Net loss was $15.0 million, or $(0.25) per diluted share, compared to net loss of $4.1 million, or $(0.07) per diluted share in Q4 2021.
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Adjusted EBITDA was a loss of $10.2 million, compared to a loss of $1.7 million in Q4 2021.
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Cash and short-term securities were $71.9 million as of December 31, 2022
Full Year 2022 Highlights Compared to Prior Year
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Gross profit was $70.3 million for the full year 2022, a decrease of $48.0 million, compared to gross profit of $118.2 million for the full …