GrowGeneration Corp (GRWG) 2026 Q1 法說會逐字稿

Hello, everyone, and welcome to GrowGeneration's First Quarter 2026 Earnings Conference Call. My name is Matthew, and I will be your operator for today's call. (Operator Instructions).

各位好，歡迎參加 GrowGeneration 2026 年第一季財報電話會議。我是 Matthew，將擔任今天會議的接線員。（接線員指示）。

This conference call is being recorded, and a replay of today's call will be available on the Investor Relations section of GrowGeneration's. Website.

本次電話會議將被錄音，今日會議的重播將可於 GrowGeneration 投資人關係專區的網站上取得。

I will now hand the call over to Phil Carlson with KCSA Strategic Communications for introductions and the reading of the Safe Harbor Statement.

接下來我將把電話交給 KCSA Strategic Communications 的 Phil Carlson 進行介紹並宣讀安全港聲明。

Please go ahead, Phil.

Phil，請開始。

Thank you, operator, and welcome, everyone, to GrowGeneration's first-quarter 2026 earnings results conference call.

謝謝接線員，也歡迎各位參加 GrowGeneration 2026 年第一季財報結果電話會議。

With us today from GrowGeneration are Darren Lampert, Co-Founder and Chief Executive Officer, and Greg Sanders, Chief Financial Officer.

今天與會的 GrowGeneration 代表包括共同創辦人兼執行長 Darren Lampert，以及財務長 Greg Sanders。

The company's first-quarter 2026 earnings test release was issued after a close of market today. A copy of this press release is available on the Investor Relations section of the GrowGeneration website at ir.growgeneration.com.

公司 2026 年第一季財報新聞稿已於今日收盤後發布。該新聞稿可於 GrowGeneration 網站投資人關係專區 ir.growgeneration.com 取得。

I'd like to remind everyone that certain comments made on this call include forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995.

提醒各位，本次電話會議中的部分評論包含前瞻性陳述，並受 1995 年《私人證券訴訟改革法》之安全港條款規範。

These forward-looking statements are based on management's current expectations and beliefs concerning. Future events and are subject to several risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.

這些前瞻性陳述係基於管理層目前的預期與信念，涉及未來事件，並受多項風險與不確定性影響，可能導致實際結果與這些前瞻性陳述所描述者出現重大差異。

Please refer to today's press release and other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from. And those expressed or implied in any of the forward-looking statements made today.

請參閱今日新聞稿及公司向 SEC 提交的其他文件，以取得可能導致實際結果與今日所作任何前瞻性陳述之明示或暗示內容出現重大差異之風險的詳細討論。

During the call, we'll use some non-GAAP financial measures as we describe business performance.

在本次電話會議中，我們將在描述業務表現時使用部分非 GAAP 財務衡量指標。

The SEC filing, as well as the earnings press release, which provide reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are all available on our website. Following prepared remarks, measured will be happy to take your questions.

SEC 申報文件以及財報新聞稿中，均提供非 GAAP 財務衡量指標與最直接可比 GAAP 指標之調節表，皆可於我們網站上取得。在事先準備的發言結束後，管理層將很樂意回答各位的提問。

We ask that you please limit yourself to one question and one follow-up. If you have additional questions, please re-enter the queue and we'll take them as time allows.

請各位每次僅限一個問題並可追問一次。若您還有其他問題，請重新排隊，我們將在時間允許下回答。

Now I will hand the call over to GrowGeneration's co-founder and CEO, Darren Lampert.

現在我將把電話交給 GrowGeneration 共同創辦人兼執行長 Darren Lampert。

Darren, please go ahead.

Darren，請開始。

Thanks, Phil.

謝謝你，Phil。

Good afternoon, everyone. Thank you for joining us to review GrowGeneration's first quarter 2026 financial results and to discuss our outlook for the rest 2026.

各位下午好。感謝各位參加本次會議，一同回顧 GrowGeneration 2026 年第一季財務結果，並討論我們對 2026 年其餘期間的展望。

Over the past several years, we have transformed GrowGeneration into a more focused and efficient business. Our first quarter results reflect our continued progress highlighted by our second consecutive quarter of year-over-year growth, improving profitability, and continued expansion of our proprietary brand mix.

過去幾年來，我們已將 GrowGeneration 轉型為更聚焦且更有效率的企業。第一季的結果反映我們持續推進的成果，亮點包括連續第二季年對年成長、獲利能力改善，以及自有品牌組合持續擴張。

While the first quarter is typically our seasonally slowest period. Revenue exceeded our expectations, driven by momentum in our commercial business and meaningful contribution from our storage solutions segment.

雖然第一季通常是我們季節性最淡的期間，營收仍超出我們預期，主要受商業業務動能帶動，並且儲存解決方案事業部也有顯著貢獻。

As we move through 2026, we remain focused on free priorities. Expanding our commercial B2B platform, growing our proprietary brands across additional channels, and continuing to improve operating efficiency through the cost reduction initiatives we have implemented over the past several years.

隨著我們邁入 2026 年，我們仍聚焦於三項優先事項。擴大我們的商業 B2B 平台、透過更多通路成長自有品牌，以及持續透過過去幾年已推動的成本削減措施來提升營運效率。

Together, these initiatives are helping improve revenue quality, support margin expansion over time, and position the business for more sustainable profitability. As I mentioned, our commercial B2B business remains the core driver of our growth strategy. Through GrowGen Pro, we continue to expand relationships with multi-site operators, greenhouse growers, and other commercial cultivation customers across North America.

綜合而言，這些措施正協助提升營收品質、長期支持毛利率擴張，並使公司更具備可持續的獲利能力。如我所提，我們的商業 B2B 業務仍是成長策略的核心驅動力。透過 GrowGen Pro，我們持續擴大與北美多據點營運商、溫室種植者及其他商業化栽培客戶的合作關係。

Within our commercial business, we continue to see increased adoption of proprietary brands, such as Charco and Drip Hydro, as customers standardize around reoccurring consumable programs.

在商業業務方面，我們持續看到客戶對自有品牌（如 Charco 與 Drip Hydro）的採用度提升，因為客戶正逐步標準化其可重複採購的耗材方案。

At the same time, we continue to reposition our legacy retail footprint into commercial sales and service centers. Allowing our technical sales team to deepen customer relationships and support larger commercial accounts more efficiently.

同時，我們也持續將既有的零售據點重新定位為商業銷售與服務中心，使我們的技術型銷售團隊能更深入經營客戶關係，並更有效率地支援更大型的商業客戶。

Beyond our core commercial business, we are also expanding our proprietary brands into adjacent channels and new customer categories. Because these brands were developed for professional cultivators, we believe they are well-positioned to expand into broader horticulture and consumer markets.

除核心商業業務外，我們也正將自有品牌拓展至相鄰通路與新的客戶類別。由於這些品牌是為專業栽培者所開發，我們相信其具備良好條件，可擴展至更廣泛的園藝與消費市場。

Early adoption has been very positive. During the quarter, we continue expanding distribution into lawn and garden channels through online big-box retail and our direct-to-consumer platform, The Harvest Company.

早期採用情況非常正面。本季期間，我們持續透過線上大型零售通路以及我們的直面消費者平台 The Harvest Company，擴大在草坪與園藝通路的經銷覆蓋。

We also continue expanding our commercial presence in Canada and advancing additional international distribution relationships. Importantly, these initiatives leverage the same proprietary brand portfolio. And supply chain infrastructure already supporting our commercial business, allowing us to pursue growth opportunities without materially increasing complexity across the organization.

我們也持續擴大在加拿大的商業布局，並推進更多國際經銷合作關係。重要的是，這些措施皆運用相同的自有品牌產品組合，以及既有支援商業業務的供應鏈基礎設施，使我們能在不顯著增加組織複雜度的情況下追求成長機會。

We also continue to benefit from the structural cost reduction initiatives implemented over the past several years. Much of this work is now reflected in our operating structure, positioning the business to generate improving profitability as revenue scales. We also continue to maintain a strong balance sheet, ending the quarter with $41.1 million in cash equivalents, and marketable securities, and no debt.

我們也持續受惠於過去幾年所推動的結構性成本削減措施。其中多數工作如今已反映在我們的營運架構中，使公司在營收擴張時能帶動獲利能力持續改善。我們也持續維持強健的資產負債表，本季末持有 4,110 萬美元的現金及約當現金與有價證券，且無負債。

This financial flexibility supports continued investment in our strategic priorities. While maintaining a disciplined approach to capital allocation, including our share repurchase.

這樣的財務彈性支持我們持續投資於策略優先事項，同時維持嚴謹的資本配置紀律，包括我們的庫藏股回購。

Turning to the quarter itself, first quarter revenue exceeded our expectations and marked our second consecutive quarter of year-over-year revenue growth, despite operating with a smaller and more efficient footprint.

回到本季表現，第一季營收超出我們預期，並在營運據點更精簡、更有效率的情況下，仍達成連續第二季年對年營收成長。

This performance was driven primarily by continued momentum in our commercial business, expanding proprietary brand penetration, and strong growth in our storage solutions segment. Proprietary brand sales represented 37% of cultivation and gardening revenue during the quarter, reflecting continued progress in shifting our sales mix towards higher value.

此一表現主要由商業業務動能延續、自有品牌滲透率提升，以及儲存解決方案事業部的強勁成長所帶動。本季自有品牌銷售占栽培與園藝營收的 37%，反映我們持續推進銷售組合朝向更高價值的

Recurring consumable proprietary branded products. We also saw strong performance from our Storage Solutions segment, where revenue increased 35.5% year-over-year. This segment continues to benefit from increasing capital investment activity across a broader range of end markets and contributed meaningfully to both revenue growth and profitability during the quarter.

可重複採購的耗材型自有品牌產品。我們也看到儲存解決方案事業部表現強勁，營收年對年成長 35.5%。該事業部持續受惠於更廣泛終端市場的資本投資活動增加，並在本季對營收成長與獲利能力皆有顯著貢獻。

Overall, we believe the quarter reflects continued progress against our strategy to build a more focused, commercially driven, and profitable business. From a profitability standpoint, our first quarter results highlight our continued progress in improving the quality and efficiency of our business.

整體而言，我們認為本季反映我們在策略上的持續進展，致力打造更聚焦、以商業驅動且更具獲利能力的企業。就獲利能力而言，我們第一季的結果凸顯我們在提升業務品質與效率方面的持續進步。

While gross margins were impacted by factors related to store consolidation activity and product mix during the quarter, we believe these pressures are largely short-term in nature. At the same time, we continue to see meaningful benefits from the cost reduction initiatives implemented over the past several years, which contributed to improved profitability during the quarter.

雖然本季毛利率受到與門市整併活動及產品組合相關因素影響，我們認為這些壓力多屬短期性質。同時，我們持續看到過去幾年所推動的成本削減措施帶來顯著效益，並促成本季獲利能力改善。

As we move through 2026, we expect improving gross margins, continued operating discipline, and increasing operating leverage.

隨著我們邁入 2026 年，我們預期毛利率將改善、營運紀律持續維持，且營運槓桿將逐步提升。

Looking to the second quarter, we expect revenue in the range of $42 million to $44 million, along with a return to positive adjusted EBITDA. For the full year, we remain focused on expanding proprietary brand penetration towards our approximately 40% target and achieving approximately break-even adjusted EBITDA for 2026.

展望第二季，我們預期營收將落在 4,200 萬至 4,400 萬美元區間，並可望回到正向的調整後 EBITDA。就全年而言，我們仍聚焦於將自有品牌滲透率提升至約 40% 的目標，並在 2026 年達成約略損益兩平的調整後 EBITDA。

Before I hand the call to Greg, I'd like to briefly comment on a regulatory environment.

在我把電話交給 Greg 之前，我想先簡要評論一下監管環境。

On April 22nd, the Acting Attorney General signed an order moving state-licensed medical cannabis to Schedule III of the Controlled Substance Act, providing immediate 280E tax relief to qualifying operators. This is a meaningful tailwind for our customers.

4 月 22 日，代理司法部長簽署命令，將州政府核發執照的醫療用大麻移列至《管制物質法》附表 III，為符合資格的營運商立即帶來 280E 稅務減免。這對我們的客戶而言是一項重要的利多因素。

And as their financial position strengthens, their capacity to invest in the cultivation infrastructure we provide grows with it. While the process remains ongoing, we believe GrowGeneration is well-positioned to support our customers as the industry continues to mature and evolve.

隨著其財務狀況增強，他們投資於我們所提供之種植基礎設施的能力也隨之提升。儘管該過程仍在進行中，我們相信 GrowGeneration 已具備良好條件，可在產業持續成熟與演進之際支持我們的客戶。

That concludes my remarks. Now, I'll turn the call over to our CFO, Greg Sanders.

以上是我的發言。現在，我將把電話交給我們的財務長 Greg Sanders。

Thank you, Darren, and good afternoon, everyone.

謝謝你，Darren，各位下午好。

I'll begin with a review of our first-quarter 2026 results, and then I'll provide additional context on our outlook for the year.

我將先回顧我們 2026 年第一季的業績，接著提供今年展望的更多背景說明。

Overall, our first-quarter performance was consistent with our expectations and reflected continued progress on our key operating priorities, including proprietary brand mix expansion, cost discipline, and improving adjusted EBITDA.

整體而言，我們第一季的表現符合預期，並反映我們在關鍵營運優先事項上持續取得進展，包括自有品牌組合擴張、成本紀律，以及改善調整後 EBITDA。

For the first quarter of 2026. GrowGeneration reported net sales of $38.4 million, up 7.5% compared to $35.7 million during the same period last year. This year-over-year revenue growth was led by our commercial B2B business. Net sales in our cultivation and gardening segment were $31.9 million for the quarter, compared to $30.9 million in the same period last year.

就 2026 年第一季而言。GrowGeneration 的淨銷售額為 3,840 萬美元，較去年同期的 3,570 萬美元成長 7.5%。此一年對年營收成長主要由我們的商業 B2B 業務帶動。本季我們的種植與園藝部門淨銷售額為 3,190 萬美元，去年同期為 3,090 萬美元。

Proprietary brand sales represented 37% of cultivation and gardening revenue, up from 32% in the prior year. This was largely driven by our strategic initiatives to increase our sales mix of higher-margin proprietary products, which remains one of the primary drivers of our margin expansion and long-term profitability strategy.

自有品牌銷售占種植與園藝營收的 37%，高於前一年的 32%。這主要受惠於我們提升高毛利自有品牌產品銷售占比的策略性舉措；此舉仍是推動毛利率擴張與長期獲利策略的主要動能之一。

In our storage solutions segment, net sales were $6.5 million for the quarter, up from $4.8 million in the first quarter of 2025. Growth in this segment is being driven by increasing capital investment across a broader set of end markets, as customers continue to invest in infrastructure, automation, and facility expansion.

在我們的儲存解決方案部門，本季淨銷售額為 650 萬美元，高於 2025 年第一季的 480 萬美元。該部門的成長來自更廣泛終端市場的資本投資增加，因客戶持續投入基礎設施、自動化與廠房擴建。

This trend is supporting both volume growth and a more diversified demand profile. Gross profit was $9.7 million for the first quarter of 2026, consistent with the same period last year. In cultivation and gardening, gross profit declined year-over-year, primarily due to inventory-related charges from four-store closures and a higher mix of lower-margin durable products.

此一趨勢同時支撐銷量成長，並帶來更為多元的需求結構。2026 年第一季毛利為 970 萬美元，與去年同期持平。在種植與園藝方面，毛利年對年下滑，主要因四家門市關閉所產生的存貨相關費用，以及較低毛利的耐用品占比提高。

Excluding these items, margins would have been generally in line with the prior year. This was partially offset by strengthened storage solutions. Where higher volume and a 200-basis-point improvement in gross margin to 39.6% drove a 42.7% increase in gross profit dollars.

若排除上述項目，毛利率大致與前一年一致。此影響部分被儲存解決方案業務的強勁表現所抵銷。在該部門中，更高的銷量與毛利率提升 200 個基點至 39.6%，帶動毛利金額增加 42.7%。

Total company gross margin was 25.4% for the quarter compared to 27.2% in the prior-year period.

本季公司整體毛利率為 25.4%，去年同期為 27.2%。

Now turning to expenses, in the first quarter of 2026, store and other operating expenses declined by approximately 27.2% to $6.4 million compared to $8.8 million in the first quarter of 2025, reflecting the benefits of our cost reduction initiatives.

接著談費用，2026 年第一季，門市及其他營運費用較 2025 年第一季的 880 萬美元下降約 27.2% 至 640 萬美元，反映我們降本措施帶來的效益。

Selling, general, and administrative expenses were $6.9 million, a 2.6% improvement compared to $7.1 million last year. Total operating expenses decreased by $4.6 million, or 23.4%, to $15 million compared to $19.6 million in the comparable 2025 period.

銷售、一般及行政費用為 690 萬美元，較去年的 710 萬美元改善 2.6%。總營運費用較 2025 年同期的 1,960 萬美元減少 460 萬美元（或 23.4%）至 1,500 萬美元。

Depreciation and amortization totaled $1.6 million, down $2 million, or 55.1%, compared to $3.6 million in the same period last year. The decrease primarily reflects asset retirements related to cost reduction initiatives and certain intangible assets reaching the end of their useful lives.

折舊與攤銷合計 160 萬美元，較去年同期的 360 萬美元減少 200 萬美元（或 55.1%）。此下降主要反映與降本措施相關的資產除列，以及部分無形資產已達使用年限終點。

GAAP net loss decreased to $4.9 million, or negative $0.08 per share, a $4.5 million improvement, compared to a net loss of $9.4 million, or negative $0.16 per share, in the prior-year period. The improvement was primarily driven by higher revenues, reduced operating expenses, lower depreciation and amortization, partially offset by lower gross margin percent.

GAAP 淨損縮小至 490 萬美元（每股 -0.08 美元），較去年同期淨損 940 萬美元（每股 -0.16 美元）改善 450 萬美元。改善主要由營收增加、營運費用降低及折舊與攤銷減少所帶動，但部分被毛利率百分比下降所抵銷。

Non-GAAP adjusted EBITDA, as defined in our press release, was a loss of $1.6 million, a $2.4 million year-over-year improvement compared to a loss of $4 million in the prior year, primarily reflecting the impact of our cost reduction initiatives and improved operating leverage.

依我們新聞稿所定義之非 GAAP 調整後 EBITDA 為虧損 160 萬美元，較前一年虧損 400 萬美元年對年改善 240 萬美元，主要反映降本措施的影響及營運槓桿改善。

Now turning to the balance sheet, we ended the quarter with $41.1 million of cash. Cash equivalents, and marketable securities, and no debt. This reflects our continued focus on liquidity, working capital discipline, and inventory quality. Our balance sheet strength provides us with the financial flexibility to execute our strategic priorities while maintaining A disciplined approach to capital allocation.

接著看資產負債表，我們在季末持有 4,110 萬美元現金。現金等價物及有價證券，且無負債。這反映我們持續聚焦於流動性、營運資金紀律與存貨品質。我們強健的資產負債表使我們在維持嚴謹資本配置方針的同時，具備執行策略優先事項的財務彈性。

During the first quarter, our Board of Directors authorized a share repurchase program of up to $10 million of the company's outstanding common stock, reflecting our view that the current share price does not reflect the long-term value of the business.

第一季期間，我們董事會核准一項最多 1,000 萬美元的庫藏股回購計畫，用以回購公司流通在外普通股，反映我們認為目前股價未能反映公司長期價值。

We intend to execute the program opportunistically, subject to market conditions, capital allocation priorities, and the applicable securities laws.

我們將在符合市場狀況、資本配置優先順序及適用證券法規的前提下，伺機執行該計畫。

Now, turning to our outlook.

接下來談我們的展望。

We are reaffirming our full-year 2026 guidance. We continue to expect net revenue in the range of $162 to $168 million and approximately break-even adjusted EBITDA for the full year.

我們重申 2026 全年指引。我們仍預期全年淨營收介於 1.62 億至 1.68 億美元之間，且全年調整後 EBITDA 約為損益兩平。

Our outlook reflects a continued focus on. Revenue quality, proprietary brand mix, and disciplined cost management. For the second quarter, we expect net revenue in the range of $42 million to $44 million with a return to positive adjusted EBITDA.

我們的展望反映持續聚焦於。營收品質、自有品牌組合，以及嚴謹的成本管理。就第二季而言，我們預期淨營收介於 4,200 萬至 4,400 萬美元，且調整後 EBITDA 將回到正值。

To summarize, Our year-over-year revenue growth in the first quarter was driven by continued strength in our commercial business and a meaningful contribution from our storage solutions segment. We also delivered improved profitability, reflecting the impact of our cost reduction initiatives and a more efficient operating structure.

總結來說，我們第一季的年對年營收成長，來自商業業務的持續強勁表現，以及儲存解決方案部門的顯著貢獻。我們也實現獲利能力改善，反映降本措施的影響與更有效率的營運架構。

We ended the quarter with a strong liquidity position and no debt, providing flexibility as we continue to execute our strategy. Looking ahead, we remain focused on driving revenue quality, expanding proprietary brand penetration toward our approximately 40% year-end target, and delivering break-even adjusted EBITDA for the full year.

我們在季末維持強勁的流動性部位且無負債，為持續執行策略提供彈性。展望未來，我們仍專注於提升營收品質、將自有品牌滲透率擴大至年底約 40% 的目標，並在全年達成調整後 EBITDA 損益兩平。

With that, I'll turn the call. Back to Darren for closing remarks.

接下來，我將把電話。交回 Darren 進行結語。

Thanks, Greg, and thank you again to everyone for joining us today.

謝謝你，Greg，也再次感謝各位今天加入我們。

In closing, we believe the first quarter reflected continued progress against the strategic and operational priorities we have been focused on over the past several years.

最後，我們認為第一季反映我們在過去數年所聚焦的策略與營運優先事項上持續取得進展。

We delivered another quarter of year-over-year revenue growth, continued expanding proprietary brand penetration. Improved profitability, and maintained a strong balance sheet.

我們再度交出一季年對年營收成長，持續提升自有品牌滲透率。改善獲利能力，並維持強健的資產負債表。

As we move through 2026, we remain focused on growing our commercial platform, expanding higher-margin proprietary brand sales, driving operating leverage, and executing with discipline across the organization.

在 2026 年接下來的時間，我們仍專注於擴大商業平台、提升高毛利自有品牌銷售、推動營運槓桿，並在全公司以紀律執行。

We believe these initiatives position the company well to continue improving profitability. And creating long-term shareholder value. We appreciate your continued support and look forward to updating you on our progress throughout the year.

我們相信這些舉措使公司處於有利位置，可持續提升獲利能力。並創造長期股東價值。感謝各位持續支持，我們也期待在今年持續向各位更新我們的進展。

That concludes our prepared remarks.

以上為我們事先準備的發言。

Operator, please open the line for questions.

接線員，請開放提問。

Thank you (Operator Instructions).

謝謝（接線員指示）。

Aaron Grey - Alliance Global Partners.

Aaron Grey - Alliance Global Partners。

Hi, good evening, and thank you very much for the questions.

嗨，晚安，非常感謝讓我提問。

First question for me, just on the rescheduling news. I want to talk about maybe some of the more near-term impacts and through the mindset of maybe durables and some of the delays and refreshes, just given some of the tough cash flow issues and balance sheet issues some operators have had.

我的第一個問題是關於重新分級（rescheduling）的消息。我想談談一些較近端的影響，並從耐用品（durables）以及一些延遲與汰換/更新（refreshes）的角度來看，考量到部分營運商一直面臨嚴峻的現金流與資產負債表問題。

It might be a bit too early, but could you talk about some potential impacts of now getting clarity on the 280E, on the go-forward, and potentially getting some forgiveness on the legacy taxes owed, and what impact that could have to open up to refreshes and your durables business?

可能現在談還有點早，但你能否談談：現在對 280E 的後續走向更清楚了，以及可能對過去積欠的稅款給予一些豁免，這些潛在影響會如何促使設備更新，並帶動你們的耐用品業務？

Thank you.

謝謝。

Yeah, we've been talking about this for a while. We certainly think it's a meaningful tailwind for our customers, as their financial position strengthened and their capacity to, reinvest money in the infrastructure.

是的，我們談這件事已經有一段時間了。我們確實認為，這對我們的客戶而言是一股重要的順風，因為他們的財務狀況轉強後，就更有能力把資金再投資到基礎設施上。

We believe we'll, provide GrowGen with a probably a long-term, durable. Mix going forward into the future. We're starting to see it now. We have never been, we haven't been this active since 2021, bidding out lighting.

我們相信，這將為 GrowGen 帶來可能是長期、具持續性的耐用品組合。往後的產品組合會朝這個方向發展。我們現在已經開始看到這個趨勢。自 2021 年以來，我們從未像現在這麼積極地參與照明設備的投標。

Dehumidification and infrastructure for facilities. So we're pretty excited about it. And as we focus on the B2B side of our business, we're in a beautiful spot right now, and we are able to finance. So, we think you will see, continued movement, the durable side of the business throughout the year. There's some important, certainly important.

還有除濕與設施基礎建設。所以我們對此相當興奮。而且隨著我們聚焦在 B2B 業務端，我們目前的位置非常好，也具備提供融資的能力。因此，我們認為你會看到耐用品業務在全年持續推進。這當中有一些重要的、確實很重要的因素。

Conversations coming up in June on the recreational side of it. But the money that's coming back to these balance sheets will be spent. A lot of facilities right now need refurbishing. So we're pretty excited, and we saw the mix starting even in the first quarter.

在娛樂用（recreational）那一塊，6 月會有一些重要的討論。但回流到這些資產負債表上的資金會被花出去。目前很多設施都需要翻新。所以我們相當興奮，而且第一季我們就已經看到產品組合開始變化。

But right now, our pipeline hasn't been this strong from since '21, and we certainly are looking for a long-term boom on the durable side of it, which also comes into play on the consumable side of it also.

但就目前而言，我們的案源（pipeline）自 2021 年以來從未這麼強勁；我們也確實期待耐用品端出現長期的景氣上行，而這同樣也會帶動耗材（consumable）端的表現。

Okay, great. That's helpful color, Darren.

好的，很好。這些補充資訊很有幫助，Darren。

Second question for me, just as we look at 2Q and for the remainder of the year, is as we think about some sequencing of the gross margin, you talked about 2Q being positive EBITDA, and how should we think about the role of gross margin, potential step change there, and then how we think it sequencing through the year to get to the full-year guide?

我的第二個問題是：當我們看 2Q 以及今年剩餘期間時，關於毛利率的節奏安排，你提到 2Q 會是正的 EBITDA；那我們應該如何看待毛利率在其中扮演的角色、是否可能出現階梯式改善，以及全年要達到全年指引時，毛利率在年度內的推進節奏？

Thanks.

謝謝。

Aaron, thanks for the question. So we were happy with the first quarter results coming in at $38 million against our full-year goal of $162 million to $168 million in sales.

Aaron，謝謝你的問題。我們對第一季的結果感到滿意，營收為 3,800 萬美元，對照我們全年 1.62 億至 1.68 億美元的銷售目標。

As we look at Q2, Q3, we see the business ramping, Q2 $42 million to $44 million in sales and margin profile back into that 27% to 29% range. I think what you saw in the first quarter was we closed four stores and it had a 0.5 impact on margin, so slightly lower than expectation. But I think the good news is, as we look at the remainder of the year.

展望 Q2、Q3，我們看到業務逐步爬升；Q2 營收預期為 4,200 萬至 4,400 萬美元，毛利率結構回到 27% 至 29% 的區間。第一季你看到的情況是我們關閉了四家門市，對毛利率有 0.5 個百分點的影響，因此略低於預期。但好消息是，當我們看今年剩餘期間。

We have less store closures scheduled as of this point in time, so we expect less impact in future reporting periods from the closure activity. And we think with, $100 to $25 million to $130 million in revenue remaining in our full-year guidance, that we'll be able to position the business back into that 27% to 29% range for the full year.

截至目前，我們排定的門市關閉數量較少，因此預期未來各期因關店活動造成的影響會更小。而且我們認為，在全年指引之下仍有約 1.25 億至 1.30 億美元的營收要完成，我們有能力讓全年毛利率回到 27% 至 29% 的區間。

Yeah, on the other side of that also, in the first quarter, as we transition this company into a business-to-business opposed to business-to-consumer, our private label brands are growing certainly quicker than we have expected, and we believe you'll see those in the 40s before the fourth quarter this year.

另外一方面，第一季在我們把公司從 B2C 轉型為 B2B 的過程中，自有品牌的成長速度確實比我們預期更快；我們相信在今年第四季之前，你會看到自有品牌占比來到 40% 多（40s）。

We have had some inventory issues with some products that have been sitting around that have become obsolete and slow-moving, not our brands, but other brands. So we have gotten a little more aggressive in the first quarter.

我們在部分庫存上遇到一些問題，有些產品放太久變得過時、周轉緩慢——不是我們的品牌，而是其他品牌。因此第一季我們採取了更積極的作法。

Marking some products and selling some products at discounts. And, you'll see that moving, you'll see that, moving positively through the end of the, through the rest of this year. So you will see margins start ticking back up.

對部分產品進行降價標示，並以折扣出售一些產品。而你會看到這些狀況在今年剩餘期間持續改善、朝正向發展。因此你會看到毛利率開始回升。

Okay, great. Darren, appreciate the detail.

好的，很好。Darren，感謝你提供這些細節。

I'll go and jump back in the queue.

我先回到提問隊列。

Thank you.

謝謝。

Brian Nagel - Oppenheimer & Co.

Brian Nagel - Oppenheimer & Co.

Hey, guys. Good afternoon.

嗨，各位。下午好。

Thanks, progress, sir. Congrats.

謝謝，進展很不錯，先生。恭喜。

Thank you.

謝謝。

There are a few questions, Darren.

有幾個問題想請教你，Darren。

I guess I want to go back to the question we just asked. And look, I'm recognizing there's a lot of moving parts happening, both at ProGen within the sector.

我想回到剛才那個問題。而且我也理解，無論是 GrowGen 本身或整個產業，都有很多變動因素正在發生。

Did you think about, you mentioned in response to the prior question that, you've seen this, the most build out, I could be not probably not using the right words, most build out to be since 21.

你在回應上一個問題時提到，你們看到這是自 21 年以來最多的擴建/建置（build out）——我可能用詞不太精準——自 21 年以來最多的建置。

Do you think, is that a function of, I guess this, the rescheduling or is there another factor of players, some combination factors?

你認為這主要是重新分級（rescheduling）所帶來的結果，還是還有其他因素，或是多種因素的組合？

I think there's a couple of different functions, Brian, to start with, a lot of the facilities do need to be refurbished. Like GrowGen, a lot of our customers have been extremely concerned about their balance sheets as we have, and they have pushed refurbishment and building, out another year or a year longer than they could have.

我認為有幾個不同的因素，Brian。首先，很多設施確實需要翻新。就像 GrowGen 一樣，我們很多客戶一直非常擔心他們的資產負債表——我們也是——因此他們把翻新與擴建再往後延了一年，甚至更久，超過他們原本能承受的延後幅度。

So I think, everyone's been managing balance sheets. But on the other side of it, we do believe that, with rescheduling, the amount of money coming back into this industry, anywhere between a billion and two back onto balance sheets. I mean, people are looking for, more efficient ways to grow, and there are more efficient products out there today.

所以我認為，大家一直都在管理資產負債表。但另一方面，我們確實相信，隨著重新分級，將有大量資金回流到這個產業，約在 10 億到 20 億美元之間回到資產負債表上。我的意思是，人們正在尋找更有效率的種植方式，而現在市場上也確實有更有效率的產品。

Most of our customers, are growing much more efficiently than they used to, getting many more, getting more pounds. Per light than they use two more ounces per light. So, it's this trade-off that you're starting to see. But on the other side of it also, GrowGen is well positioned from a balance sheet side to lend money to our customers and to help them, refurbish facilities.

我們大多數客戶的種植效率比過去高得多，產量更高——每盞燈的磅數更高，比以前每盞燈多出更多盎司。所以你開始看到這種取捨與替換（trade-off）。但同時，GrowGen 在資產負債表面也具備優勢，能夠借款給客戶，協助他們翻新設施。

So, I think it's coming from everywhere, which we're also starting to see, as you probably heard from the MSOs, that supply demand is starting to come into balance with rescheduling on the medical side. There is talk about some certain of our companies, the MSOs, exporting cannabis over into the European markets, which will bring, again, less supply offline here.

所以我認為這是多方因素共同推動；而且我們也開始看到——你可能也從 MSO 那邊聽到——供需正在開始趨於平衡，尤其在醫療用（medical）端隨著重新分級的推進。也有人在談，某些公司、這些 MSO，可能把大麻出口到歐洲市場，這將再次使得本地供給減少、部分供給退出市場。

So hopefully, prices stabilize to start going back up. So we haven't seen the industry in this shape since 2021. And I'm a firm believer right now. Most of the companies that are in business that are doing well, that have retained balance sheets, they're going to be around for a long time to come, and you're going to see a tremendous sea change in this.

因此希望價格能夠穩定，並開始回升。所以我們自 2021 年以來，沒有看過產業處於現在這種狀態。而我目前非常相信，大多數仍在營運、表現良好且保有資產負債表韌性的公司，將會長期存在；你也會看到這個產業出現巨大的結構性轉變。

And I do believe from our side of it, from the equipment side of it, GrowGen is going to lead it. We have changed this business tremendously. We have hired facility advisors, technical advisors. We have groups of GrowGen employees going into facilities on a daily basis, helping with grows, recommending different products to our customers.

而且我確實相信，從我們這一端、從設備端來看，GrowGen 將會引領這一切。我們已經大幅改變了這門生意。我們聘請了設施顧問、技術顧問。我們有一群 GrowGen 員工每天進入各個設施，協助種植、並向客戶推薦不同的產品。

So the business is just tremendously different. We're down to 19 facilities right now from 60. And what you saw in the first quarter was year-over-year growth with 12 left facilities. And I think we've been pretty transparent that usually when we close facilities, we've been losing up to 50% of walk-in business.

所以這個業務已經截然不同。我們目前從 60 家降到 19 家門市。而你在第一季看到的是，在只剩 12 家門市的情況下，仍然實現了年對年成長。而且我想我們也相當透明地說過，通常當我們關閉門市時，臨櫃（walk-in）業務最多會流失達 50%。

So, you're still seeing revenue growth on that side, with many less stores. So, the revenue growth that you're seeing in the first quarter, albeit small, was really greater than it looks. And we believe you'll see this growth throughout the year.

所以，在門市大幅減少的情況下，你仍然看到那一端的營收成長。因此，你在第一季看到的營收成長，雖然不大，但其實比表面看起來更強。我們相信你會在全年都看到這樣的成長。

One of the exciting parts even in the United. You're seeing, on the expense side, the expenses coming down, but you're seeing revenues starting to go up. And we think we're just, we think this is a reset like anything else, Brian. We spent from 2021 to 2026 resetting GrowGen.

其中一個令人振奮的部分，即使在美國也是如此。你會看到在費用端，費用正在下降，但同時營收開始上升。我們認為這就像其他事情一樣，是一次重置，Brian。我們從 2021 年到 2026 年都在重置 GrowGen。

We believe right now, we're in that position right now where you'll see quarters overgrowth and you'll see GrowGen. Returning to where it was back in the early 2020s.

我們相信現在我們正處於這樣的位置：你會看到季度對季度的成長，你也會看到 GrowGen。回到 2020 年代初期的水準。

It's very helpful there.

這非常有幫助。

And so my second question, and you just touched on there, again, if I make sure I'm looking at the numbers correctly, but the revenue, this is your second quarter of revenue, you told the company you run your revenue growth.

那我的第二個問題，你剛剛也提到了——我再確認一下我是否正確解讀數字——但營收方面，這是你們營收的第二個季度，你告訴市場你們在推動營收成長。

And it looks, I mean, if I'm reading the numbers right, the revenue growth accelerated rather significantly. The rate of growth accelerated rather significantly in Q4 and Q1, that's correct.

而且看起來——我是說，如果我沒看錯數字——營收成長明顯加速了。成長率在第四季和第一季顯著加速，對吧。

So what's that? I mean, how should we. Think about what happened basically between those two quarters.

那是什麼原因？我是說，我們應該如何。看待這兩個季度之間基本上發生了什麼？

I think there's twofold. One is year-over-year revenue growth that you saw two quarters in a row around, Brian. We usually see revenue growth in fourth quarter to first quarter, and then you'll see tremendous revenue growth in second and third quarters, which are usually our strongest quarters. But we're looking year-over-year growth. And when you look at last year, first quarter.

我認為有兩個層面。第一是你連續兩個季度看到的年對年營收成長，Brian。我們通常會在第四季到第一季看到營收成長，然後在第二季和第三季看到大幅營收成長，這兩季通常是我們最強的季度。但我們現在看的是年對年成長。而當你回看去年第一季。

We had 31 stores. We're down to 19 stores, 19 locations right now. And you're still seeing revenue growth, which falls less locations.

我們當時有 31 家門市。我們現在降到 19 家門市、19 個據點。而你仍然看到營收成長，儘管據點更少。

That's awesome. I appreciate it.

太棒了。感謝你的說明。

Thank you.

謝謝。

Thank you, Brian.

謝謝你，Brian。

Mark Smith - Lake Street Capital Markets, LLC.

Mark Smith - Lake Street Capital Markets, LLC。

Hi guys, I wanted to dig in just a little bit more on some of the inventory. In the closed locations and sales, I realize this puts some pressure on gross profit margin, as you're clearing some of this out, but I'm curious if you can quantify it all, maybe, how much of the sales kind of came from this closed locations inventory, and if there's still some inventory out there to work through in Q2?

嗨，各位，我想再更深入問一點關於部分庫存的問題。在關閉據點與銷售方面，我知道你們在清理這些庫存時會對毛利率造成一些壓力，但我想知道你們是否能量化一下：也許有多少銷售是來自這些已關閉據點的庫存？以及第二季是否還有一些庫存需要消化？

Yeah, Mark, so in the first quarter, we closed four locations.

是的，Mark，所以在第一季我們關閉了四個據點。

And with that, we include some level of detail on the adjusted EBITDA add-back schedule. We estimate that the actual impact on gross margin was about a point and a half to kind of push us back in the guidance range if we hadn't closed those locations from activity that's really twofold.

而針對這點，我們在調整後 EBITDA 的加回（add-back）明細表中提供了一定程度的細節。我們估計，對毛利率的實際影響大約是 1.5 個百分點；如果沒有關閉這些據點，這會把我們推回到指引區間內，而這些活動的影響主要有兩個面向。

One is what ends up getting discarded, and two is what's liquidated throughout the course of the pre-closing activity. And then there's incremental freight and certain things potentially as well in terms of moving the inventory. From those activities.

第一是最後被報廢的部分，第二是在關店前的活動期間被清算（liquidated）掉的部分。此外，在搬運庫存方面，可能也會有額外的運費及某些增量成本。來自這些活動。

And I think when you look at the business and maybe the outlook for the rest of 2026, I don't think you'll see as many closures as we had in the first quarter in the next three quarters combined. So we expect lesser activity on that end from a closure perspective.

我認為當你看整體業務以及 2026 年剩餘期間的展望時，我不認為你會在接下來三個季度合計看到像第一季那麼多的關店。所以從關店角度來看，我們預期那方面的活動會減少。

And outside of that, we expect business as usual. We have sufficient reserves in place on our inventory right now. So we don't expect quite the impact that we had in Q1 throughout the duration of 2026.

除此之外，我們預期一切照常。我們目前已對庫存提列了足夠的準備（reserves）。因此，我們不預期在 2026 年剩餘期間會再出現像第一季那樣的影響。

Mark, also on the other side of it, there was certain margin pressures from tariffs in the first quarter.

Mark，另外一方面，第一季也有一些關稅帶來的毛利壓力。

One of our largest product or largest internal product is ChartCorp, and we were dealing with 50% tariffs, in the first quarter. So, again, products that came in, usually third, fourth quarter had a very large tariff on it. So those will start dissipating also going into the second quarter as new product comes into GrowGen.

我們最大的產品之一、或最大的自有產品是 ChartCorp，而我們在第一季面臨 50% 的關稅。所以，再次強調，通常在第三、第四季進來的產品被課了非常高的關稅。因此，隨著新產品在第二季開始進入 GrowGen，這些影響也會開始消退。

So, besides what you saw margin, degradation with closed stores and some inventory, you also saw some tariff impact in the first quarter.

所以，除了你看到因關閉門市與部分庫存造成的毛利率下滑之外，你在第一季也看到了部分關稅影響。

Perfect, and tariffs was actually my next question.

很好，而關稅其實正是我的下一個問題。

Just kind of curious, impact in tariffs, what you're looking at today, and if you can quantify at all, Greg, maybe any potential refund that you get on IEPA tariffs?

我想了解一下：關稅的影響、你們目前看到的情況，以及 Greg，你是否能量化一下，可能會拿到的 IEPA 關稅退稅（refund）？

Yeah, we're I mean, like all companies right now that had tariff impact over the last year or so, we're actively, pursuing claims that could be refundable to the business.

是的，我們——我的意思是，像目前所有在過去一年左右受到關稅影響的公司一樣——我們正積極提出可能可退還給公司的索賠（claims）。

It's too early to comment on what the impact might be. I think all companies are wrestling with, kind of the forward-looking expectations through the federal government. But we are pursuing, our IEPA refunds.

現在評論可能的影響還太早。我想所有公司都在因應聯邦政府在前瞻性預期方面的不確定性。但我們正在推進我們的 IEPA 退稅申請。

And are hopeful that things will progress in a way that will help the business throughout the back half of the year or into 2027, depending on timing and how things continue to progress.

並希望事情能以有利的方式推進，從而在今年下半年或進入 2027 年時（取決於時程）對業務有所幫助，並視後續進展而定。

Great.

很好。

Thank you, guys.

謝謝各位。

Thank you. And there are no further questions at this time.

謝謝。目前沒有進一步的提問。

I'd now like to turn the call back over to Darren Lampert, Chairman, Co-Founder, and CEO, for closing comments.

接下來我想把電話交回給董事長、共同創辦人兼執行長 Darren Lampert，請他做結語。

Thank you.

謝謝。

I'd like to thank our shareholders for their continued support, and we look forward to updating you on our second-quarter results in August.

我要感謝我們股東持續的支持，我們也期待在 8 月向各位更新第二季的業績結果。

Thank you very much, and have a beautiful night.

非常感謝，祝各位有個美好的夜晚。

Ladies and gentlemen, this is Lucy Dave's conference.

各位女士先生，這裡是 Lucy Dave 的電話會議。

We thank you for participating and ask that you please disconnect your lines.

感謝各位參與，並請各位掛斷電話線。