- GrowLife reported $7.0M in revenue for the year
- GrowLife increased its gross margins to 42% for the year, up from 31% in 2019
- GrowLife lowered its General & Administrative Expenses by $2.7M in 2020, a 35% cut in spending from 2019
KIRKLAND, Wash., April 15, 2021 (GLOBE NEWSWIRE) -- GrowLife, Inc. (OTC: PHOT) (“GrowLife” or the “Company”), one of the nation’s most recognized indoor cultivation product and service providers, today announced financial results for the fiscal year 2020. Additionally, managed provided further insight into the company’s positioning in the Management Discussion and Analysis included in the filing, as well as in the below comment:
“As the world experienced unprecedented fluctuations in their business, I am proud to report that GrowLife was able to cut costs, while continuing to generate substantial revenues of over $7 million,” said GrowLife CEO Marco Hegyi. “We took a hard look at expenses in 2020 and were able to reduce our expenditures by over 30%. We are focused on building a profitable organization wherever possible. Our cash position is eight-fold what is was in the prior year and we have implemented a strategic plan that I believe will position GrowLife for the best future, looking past 2021 and beyond.”
The Company generated $7M in revenue for the fiscal year 2020 despite the ongoing COVID-19 pandemic. Further, as a result of the blended gross margins of 42% in 2020, up from 31% in 2019, gross profits reported a gain of $0.4M for 2020, even with the revenue decline. Finally, as a result of ongoing and effective cost reductions GrowLife lowered its General & Administrative Expenses from $7.6M in 2019 to $4.9M in 2020, a $2.7M, or 35% savings over last year.
About GrowLife, Inc.
GrowLife, Inc. (PHOT) aims to become the nation’s largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. Our mission is to help make our customers successful. Through a network of local representatives covering the United States and Canada, regional centers and its e-Commerce team, GrowLife provides essential goods and services including media, industry-leading hydroponics and soil, plant nutrients, and thousands of more products to specialty grow operations. GrowLife is headquartered in Kirkland, Washington and was founded in 2012.
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FORWARD LOOKING STATEMENT:
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of GrowLife, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words may, would, will, expect, estimate, can, believe, potential and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond GrowLife, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors.