Restructuring Plan Pays Off For Ancillary Cannabis Co. Despite YoY Net Sales Drop In Q4 - Hydrofarm Holdings Group (NASDAQ:HYFM)
Hydrofarm Holdings Group, Inc. reported a 23% year-over-year decrease in net sales for the fourth quarter of 2023, amounting to $47.2 million. The company's successful restructuring plan and cost-saving initiatives led to positive Adjusted EBITDA and Free Cash Flow for the year. In Q4 2023, gross profit increased to $8.4 million, with a gross profit margin of 17.9%, compared to a loss in the same period in 2022. The net loss improved to $15.2 million, and Adjusted EBITDA showed a significant year-over-year improvement of 92%. For the full year 2023, net sales dropped to $226.6 million, bu...
Source: benzinga.com
