Page 1

November 11 , 2021 Grow Generation ' WHERE THE PROS GO TO GROW GrowGeneration Reports Record Third Quarter 2021 Financial Results Record Revenue increased 111 % to $ 116.0 million • Adjusted EBITDA of $ 10.8 million for the third quarter • Comparable store sales for the quarter increased 15.7 % from prior year • Earnings of $ 0.07 per share in the quarter • 2021 Full Year revenue guidance updated to $ 435 to $ 440 million • Adjusted EBITDA guidance updated to $ 41 million to $ 43 million DENVER , Nov. 11 , 2021 / PRNewswire / - GrowGeneration Corp. ( NASDAQ : GRWG ) , ( " GrowGen " or the " Company " ) , the largest chain of specialty hydroponic and organic garden centers with 62 locations across 13 states , today reported record third quarter 2021 revenues of $ 116.0 million , versus $ 55.0 million in the same period last year . Grow GenerationⓇ WHERE THE PROS GO TO GROW The Company also reported third quarter 2021 GAAP net income of approximately $ 4.0 million compared to net income of $ 3.3 million in the same period last year . Diluted earnings per share was $ 0.07 compared to a $ 0.06 in the same period last year . Non - GAAP earnings before interest , taxes , depreciation , amortization , and share - based compensation ( Adjusted EBITDA ) of $ 10.8 million was a record for the third quarter , compared to $ 6.6 million in the same period last year , or $ 0.18 per share , versus $ 0.13 in the same period last year . Darren Lampert , GrowGen's Co - Founder and CEO stated , " The GrowGen team delivered a strong third quarter , with revenues up 111 % , compared to the same period last year in a difficult macro environment . Same - store sales at 25 locations increased 15.7 % from the prior year . At present , we have 62 retail locations in operation . We increased our inventory positions across all key product categories to get ahead of price increases , as well as expanded more private label purchases . Our private - label and proprietary products reached approximately 8.7 % of our overall sales in the third quarter . Our online marketplace , including Agron , is on pace to reach $ 35 million of revenue for 2021. We opened two locations in the Los Angeles metro area , and for next year , we are looking to open 15 to 20 locations . "