GrowGeneration Corp 2025年度报告

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Actduring the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements ofthe registrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any corrections of an error to previously issued financial statements are restatements that required arecovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recoveryperiod pursuant to §240.10D-1(b). State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to theprice at which the common equity was last sold, or the average bid and asked price of such common equity, as of June30, 2025: As of March16, 2026, the Company had 60,090,905 shares of its common stock issued and outstanding, par value $0.001 per share. Document Incorporated by Reference Portions of a Definitive Proxy Statement for the registrant's 2026 Annual Meeting of Shareholders, which will be filed with theSecurities and Exchange Commission within 120 days after the close of the fiscal year covered by this Form 10-K, are incorporated into Part III of this Form 10-K. PART I Forward-Looking Information This Annual Report of GrowGeneration Corp.on Form 10-K contains forward-looking statements within the meaning of Section 27Aof the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject torisks and uncertainties. Forward-looking statements generally can be identified through the use of words such as “guidance,”“outlook,” “projected,” “may,” “likely,” “anticipates,” “believes,” “expects,” “estimates,” “plans,” “intends,” “objectives,” andsimilar expressions. These statements reflect management’s best judgment based on factors known at the time of such statements.Actual events or results may differ materially from those discussed herein. The forward-looking statements contained in this AnnualReport on Form 10-K have been compiled by our management on the basis of assumptions made by management and considered bymanagement to be reasonable. Our future operating results, however, are impossible to predict and no representation, guaranty, orwarranty is to be inferred from those forward-looking statements. The assumptions used for purposes of the forward-looking Use of Certain Terms Unless the context otherwise requires, the terms “Company”, “we”, “our”, “ours” “us” and “GrowGeneration” as used in thisAnnualReport on Form 10-K refer to GrowGeneration Corp.and its subsidiaries,including GrowGeneration USA,Inc.,GrowGeneration Canada Corp., GrowGeneration Proprietary Brands, Inc., and GGen Distribution Corp., on a combined basis. Public Announcements Wemay announce material business and financial information to our investors using our investor relations website(https://ir.growgeneration.com/). We therefore encourage investors and others interested in GrowGeneration to review the informationthat we make available on our website, in addition to following our filings with the Securities and Exchange Commission (“SEC”), We file annual, quarterly, and current reports, proxy statements, and other information with the SEC electronically through the SEC’sElectronic Data Gathering, Analysis, and Retrieval (“EDGAR”) system. The SEC maintains a website, www.sec.gov, that containsreports, proxy and information statements, and other information regarding companies that file electronically with the SEC through We also make available free of charge through our investor relations website our Annual Reports on Form 10-K, Quarterly Reports onForm 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) ofthe Exchange Act as soon as rea