GrowGeneration Corp 2025年季度报告

i GROWGENERATION CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS GROWGENERATION CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSMarch31, 2025 1. GENERAL GrowGeneration Corp. (together with its direct and indirect wholly-owned subsidiaries, collectively "GrowGeneration" or the"Company") was incorporated in Colorado in 2014. Since then, GrowGeneration has grown from a small chain of specialty retailhydroponic and organic garden centers to a multifaceted business with diverse assets. Today, GrowGeneration operates two major linesof business: its Cultivation and Gardening segment, composed of the Company's hydroponic and organic gardening business; and its As of March31, 2025, GrowGeneration has31retail locations across12states in the U.S. The Company also operates an onlinesuperstore at growgeneration.com, as well as a wholesale distribution business for resellers, and a benching, racking, and storage Basis of Presentation The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared in accordance withaccounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of theSecurities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by U.S.GAAP for complete financial statements.In the opinion of management, all adjustments (consisting of normal recurring adjustments) All amounts included in the accompanying notes to the Condensed Consolidated Financial Statements, except per share data, are inthousands (000). Reclassifications Certain amounts in the prior period Condensed Consolidated Financial Statements have been reclassified to conform to the currentperiod presentation. These reclassifications had no effect on reported net loss within the Condensed Consolidated Statements of Use of Estimates The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to makeestimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at 2. RECENT ACCOUNTING PRONOUNCEMENTS From time to time, the Financial Accounting Standard Board ("FASB") or other standard setting bodies issue new accountingpronouncements. Updates to the FASB Accounting Standards Codification are communicated through the issuance of an AccountingStandards Update ("ASU"). The Company has implemented all new accounting pronouncements that are in effect and that may impact Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09,Income Taxes (Topic 740) - Improvements to income tax disclosures("ASU2023-09"), expanding the disclosures requirement for income taxes primarily by requiring more detailed disclosure for income taxespaid and the effective tax rate reconciliation. ASU 2023-09 is effective for annual periods beginning after GROWGENERATION CORP. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSMarch31, 2025 December15, 2024. Early adoption is permitted, and adoption of ASU 2023-09 can be applied prospectively or retrospectively. TheCompany is currently evaluating the impact of this standard. InNovember 2024,the FASB issued ASU No.2024-03,Income Statement—Reporting Comprehensive Income—ExpenseDisaggregation Disclosures (Subtopic 220-40)("ASU 2024-03"), which requires disclosure on an annual and interim basis ofdisaggregated information about certain income statement expense line items in the notes to the financial statements. ASU 2024-03 iseffective for fiscal years beginning after December15, 2026, and interim periods beginning after December15, 2027. Early adoption 3. FAIR VALUE MEASUREMENTS Fair Value Measurements Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in theprincipal or most advantageous market for the asset or liability in an orderly transaction between market participants on themeasurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fairvalue hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level1—Quoted prices in active markets for identical assets or liabilities.•Level2—Observable inputs (other than Level1 quoted prices), such as quoted prices in active markets for similar assets orliabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that areobservable or can be corroborated by observable market data.•Level3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the