Good afternoon, everyone, and thank you for joining the 2026 H.C. Wainwright 28th Annual Global Investment Conference. My name is Dr. Katherine Degen, an Associate Research Analyst at H.C. Wainwright. It's my pleasure to introduce Darren Lampert, Co-Founder and Chief Executive Officer of GrowGeneration, a leading developer, marketer, retailer, and distributor of products for indoor and outdoor hydroponic and organic gardening. With that, I'll go ahead and turn it over to you, Darren. Thank you, Katherine. Good afternoon, and thank you everyone for joining us. I'd also like to thank H.C. Wainwright for extending an invitation for us to present today. For those who have followed GrowGen for a number of years, the most important thing I want you to take away today is that GrowGeneration is fundamentally a different company than we were several years ago. We built GrowGen into the largest specialty hydroponic retailer and distributor in the United States, but the industry changed. Cannabis changed, and we made the decision to change with it. Over the last three years, we have restructured the company, rationalized the retail footprint, reduced our cost base, strengthened our proprietary brands, and expanded our addressable market. Today, we are evolving from a hydroponic retailer into a branded cultivation solutions and infrastructure platform serving cannabis, controlled environmental agriculture, lawn and garden, specialty agriculture, and commercial cultivation. The transformation is the story I want to walk through with you today. I just want to start with our forward-looking statements. I ask everyone to review our forward-looking statements and non-GAAP disclosure in the presentation, as well as our SEC filings. I'm going to start off with the GrowGen story. GrowGeneration's history really breaks into three chapters. The first was 2014 through 2021, when we grew rapidly through both acquisition and organic expansion and reached peak revenue of approximately $430 million, with EBITDA approaching $35 million. The second chapter, from 2022 through 2024, was about adjusting to a very different cannabis market. The industry went through significant price compression, capital became scarce, cultivation expansion slowed, the excitement of federal legalization drifted, and the hydroponics retail model became overbuilt. Rather than hope and pray that the market would recover, we acted swiftly. We closed underperforming and redundant locations, 65 locations down to 19 today, reduced expenses by over 50%, cut inventory from $120 million to $35 million, and restructured the business around the parts of GrowGen where we believed we have a long-term competitive advantage. Along the way, we kept our balance sheet strong. We still have $41 million of cash. Now we're in the third chapter. 2025 and beyond is about transformation, profitability, proprietary brands, and market expansion beyond traditional cannabis hydroponics. We're taking the infrastructure, customer relationships, technical knowledge, and supply chain that we've built over more than a decade and applying them to a much larger market opportunity. People ask, "Why GrowGeneration?" There are five reasons we think the GrowGeneration investment story is becoming increasingly compelling. First, our proprietary brand portfolio. Proprietary brands represent almost 40% of Q2 revenue mix, versus next to zero in 2020. Second is margin. Our more capital efficient operating structure and growing proprietary mix helped drive 28.5% margins in the second quarter, and we believe there is plenty of room on the upside to our margin profile. Third, diversification. GrowGen is increasingly addressing customers across commercial cultivation, controlled environmental agriculture, and consumer lawn and garden. Fourth, our balance sheet. We finished Q2 with $41 million of cash and $35 million in inventory and no debt. Finally, we've substantially completed the hardest part of the transformation. We're operating from a much leaner cost structure, and we're beginning to demonstrate that the model can generate positive adjusted EBITDA. The investment thesis is no longer dependent upon reopening a dozen of retail stores or returning to the cannabis environment of 2021. It's about building a more scalable, higher-margin company from the assets and customer relations we already have. Strategic evolution. We're becoming increasingly B2B and commercially focused. Instead of relying primarily on customers walking into stores, we're building deeper direct relationships with commercial growers and increasingly taking the product, technical support, and supply chain directly to their facilities. The second pillar is proprietary products. Our objective is ultimately that proprietary brands represent over 40% of revenue. Proprietary brands give us greater control over product differentiation, pricing availability, customer retention, and ultimately, a larger share of the customer's cultivation spend. Third, we're continuing to improve operating efficiencies through retail consolidation. Fourth, we're broadening our leadership position from cannabis cultivation into the much larger TAM of controlled environmental agriculture market. Fifth, we're looking at both diversified domestic distribution and capital-light international expansion. We don't need to build hundreds of stores to grow this company again. The infrastructure increasingly exists. Our opportunity is to push significantly more revenue through that infrastructure. The growth flywheel and technical sales advantage. This slide may be the most important strategic slide in the presentation because it shows how the pieces connect. We start with the proprietary brands. We now have the products spanning many of the most important functions inside a cultivation facility: substrates, nutrients, lighting, controls, additives, benching, and post-harvest products. The proprietary portfolio gives our commercial organization something differentiated to take to customers, but an important part of our transition is the technical sales capability behind that portfolio. We are not simply selling products. Our commercial and technical team work directly with cultivators around the operating systems inside their facilities, including nutrients, substrates, irrigation, lighting, environmental systems, and infrastructure. That changes the nature of the customer relationship. Instead of being viewed only as a distributor, our objective is to become a solution partner that helps the grower make better technical and economic decisions. It is the mechanism that helps convert technical expertise into proprietary brand penetration, greater share of the wallet, reoccurring consumable revenue, and larger capital project opportunities. That creates an opportunity for stronger customer retention, broader product penetration, and deeper integration within the facility. The technical sales organization is what connects those pieces at the customer level. The flywheel is straightforward. Proprietary brands create differentiated products. Technical sales drive adoption and customer penetration. Supply chain creates reliability and reoccurring purchasing. Digital infrastructure makes the model scalable. A leaner footprint creates operating leverage. Ultimately, that should create a business capable of generating higher margin growth, sustainable profitability, and long-term value creation, and that's what you're seeing at GrowGen today. Proprietary brands. Our proprietary brands are the economic engine behind much of the transformation. Drip Hydro gives us a commercial nutrient platform. Char Coir gives us a proprietary substrate platform designed for consistent precision irrigation environments. ION and Dialed In give us lighting and control solutions. Power Si provides differentiated silica and specialty inputs. MMI gives GrowGen access to cultivation infrastructure through benching and racking systems. The Harvest Company expands our reach into harvesting, consumer gardening, and adjacent agricultural categories. Proprietary brands are not just a margin initiative. Proprietary brands drive customer relationships, pricing, product availability, differentiation, retention, and a larger share of the wallet. That is why the proprietary mix can change the quality of GrowGen's revenue, not just the gross margin percentage. Mainstream lawn and garden. Another important diversification initiative within GrowGen is lawn and garden. We acquired Viagrow in June of 2025 and subsequently began building The Harvest Company platform around that opportunity. What this does for GrowGeneration is take products and expertise that has historically lived primarily within hydroponics and specialty cultivation and move them into a far larger consumer and independent garden center market. Our relationship with Arett Sales provides access to thousands of independent garden centers. So instead of GrowGen needing to build a retail store to reach the customer, we are increasingly using wholesale distribution partners to bring our products into somebody else's store. That is a much more capital efficient growth model, and importantly, it opens distribution of products including The Harvest Company, Char Coir, and potentially additional GrowGen proprietary brands over time. Our supply chain advantage. Our supply chain is an asset that I don't think the market fully appreciates. We have spent years developing vendor relationships, purchasing capabilities, inventory systems, and distribution infrastructure. Our hubs allow us to offer customers and retail partners shop shipments, mixed pallets, just in time inventory, and local replenishment. For a commercial cultivator, that means GrowGen can increasingly function as an outsourced supply chain partner. When you combine that supply chain capability with our technical sales organization, the proposition becomes much stronger. We can help the customer evaluate products and systems, support implementation, and then help ensure the reoccurring consumables and replacement products are available when needed. For garden centers and distribution partners, it means access to a broad product assortment without carrying excess inventory. That capability becomes increasingly valuable as the proprietary brand products expands. Why GrowGen? Why now? We believe several factors are now converging. The first is the potential for improvement in cannabis industry economics and capital spending. Any meaningful federal regulatory progress that improves cultivators' cash flow could eventually translate into renewed investment in cultivation facilities and equipment. We already have commercial relationships in place, and the opportunity is to deepen those relationships by expanding the products, the technical support, and infrastructure solutions we provide. Importantly, our strategy does not require cannabis regulations to change. Controlled environmental agriculture continues expanding independently of cannabis policy. Greenhouse produce, specialty agriculture, food security, domestic production, and agricultural technology all create additional opportunities. The third catalyst is completely within our control, our cost structure. We spent three years restructuring the business. We built a B2B focused company designed around profitability, proprietary products, technical selling, supply chain leverage, and operating efficiencies. Because we've taken significant fixed costs out of the company, incremental gross profit from future revenue growth should have a very different impact on EBITDA than it did under the old store heavy model. Our leadership team. Michael and I founded GrowGeneration back in 2014, and have been operating in this market for more than a decade. We've managed the company through rapid expansion, unprecedented industry growth, and the most difficult contraction the hydroponic sector has experienced. Greg Sanders strengthens that team as our CFO, with substantial public company financial and accounting experience. We believe we have the organizational structure and management team appropriate for the next phase of growth at GrowGeneration. Financial results. The financial results are starting to demonstrate the transformation. When I look at those numbers, the most important thing isn't any singular quarter, it's the direction. Proprietary brand penetration is increasing, gross margin is improving, operating expenses are declining, and we're beginning to generate positive adjusted EBITDA. That's exactly the operating model we've spent the last several years building, and this is where operating leverage becomes important. We've taken substantial fixed costs out of the business, so as we grow commercial revenue, proprietary brand revenue, lawn and garden, distribution, and infrastructure opportunities, we believe the incremental gross profit can increasingly fall through to EBITDA without rebuilding the cost structure of the old GrowGen. Adjusted EBITDA reconciliation. This slide provides the reconciliation between GAAP net loss and adjusted EBITDA. Investment thesis. Investment scorecard. Why GrowGeneration? We have a growing portfolio of proprietary brands that represent nearly 40% of second quarter revenue. We're moving into larger and more diversified markets across controlled environmental agriculture, commercial cultivation, and consumer lawn and garden. We have $41 million in cash, $35 million in inventory, and no debt. After several years of restructuring, we're beginning to demonstrate positive adjusted EBITDA. To give you an understanding, we lost $16.5 million on an adjusted EBITDA basis in 2024, $6.5 million in 2025, and forecasting positive adjusted EBITDA of $2 million-$3 million for 2026. That's almost a $20 million swing in three years during a restructuring period. The company approved a $10 million share repurchase plan at the end of Q1 and bought back approximately 700,000 shares in Q2. Perhaps most importantly, the strategy is no longer theoretical. The cost reductions have happened. The brands exist, the infrastructure exists, the commercial relationships exist, the technical sales capability exists, and the supply chain platform exists. We believe those pieces increasingly work together as one system. Proprietary brands, plus technical sales, plus supply chain, plus commercial relationships, plus infrastructure solutions. This is the platform we're building. For investors, I think there are four things to watch over the coming quarters. First, proprietary brand penetration. Can we continue moving towards a 40%-50% objective? Second, gross margins. Can our changing revenue mix sustain and ultimately improve the economics of the business? Third, revenue growth without rebuilding the old cost structure. Can commercial, CEA, lawn and garden, and infrastructure expand to the platform we've already created? Fourth, adjusted EBITDA and cash generation, and incremental gross profit moves through a leaner cost structure. Can we demonstrate the operating leverage inherent in the new model? Those are the milestones we believe will increasingly define at GrowGeneration. My final message. The GrowGeneration of the next several years will look very different from the GrowGeneration of the last several years. We are moving from retailer to platform, from third-party products to increasingly proprietary brands, from transactional sales to technical solution-based commercial relationships, from one-time equipment sales towards a combination of CapEx plus reoccurring consumables, from one primary end market to multiple cultivation and agricultural markets, and from a high fixed cost retail structure towards a more capital efficient commercial and distribution model. The equation is increasingly simple. Lower fixed cost, plus higher proprietary mix, plus reoccurring consumables, plus CapEx opportunities, equals greater operating leverage. We believe that combination creates a significantly better business model and a compelling opportunity for investors and for us to create long-term shareholder value. Thank you, and have a good day. Thank you, Darren. That was a wonderful overview of the transition that GrowGeneration is making. I also want to take this time to thank you guys for coming to our conference this year and thank all of the presenters that are participating in this year's conference. I hope all of those who have tuned into this talk enjoy the remainder of their conference. Thank you. Thank you, Katherine.