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This statistic highlights GrowGeneration’s revenue breakdown by source, split across Distribution, E-commerce sales, and Sales at company-owned stores, reported on a quarterly basis from 2019 onwards.
|Revenue by Source||Q3 2020||Q2 2021||Q3 2021||Contribution in Q3 2021|
|Sales at company-owned stores||$52.08||$108.91||$100.80||87%|
(All values are in millions, except percentages)
The revenue in Q3 2021, amounting to $116 million, has exceeded the revenue generated in Q3 2020, amounting to $55.01 million, marking an incline of 112% on a year-on-year basis. But the revenue witnessed a decline of 7.85% on a quarter-on-quarter basis, when compared with the revenue of Q2 2021, which stood at $125.89 million.
The chain currently spans 800,000 sq. ft. of warehouse and retail space, across 12 states. Some of the garden centres have multi-functions, with added capabilities that include distribution, warehousing, and fulfilment for direct shipments of products to garden centre locations, pick, pack, and ship for our online platforms, and direct fulfilment to our commercial customers, thus creating a distributing and supply chain.
GrowGeneration’s revenue from distribution was null during the fiscal year 2020. Its sales started kicking in from Q1 2021, contributing $2.83 million to the company’s total revenue. The source doesn’t have enough data to show the YoY growth rate. In F.Y. 2021 it showed a decrease of 6% on a quarterly basis, from $4.99 million in Q2 2021 to $4.70 million in Q3 2021. Revenue from the distribution channel and supply chain of Q3 2021 consists of 4% of the total revenue generated in Q3 2021.
GrowGeneration’s operations include GrowGeneration.com and Agron.io, also a business-to-business (B2B) online portal for commercial growers. GrowGeneration.com is currently adding a “Buy online/Pick up in-store” same-day pick-up service.
The company’s e-commerce operations generated a revenue of $10.51 million in Q3 2021. This shows the year-on-year growth of 72%, equivalent to $7.58 million, growing from $2.93 million in Q3 2020 to $10.51 million in Q3 2021. Whereas the quarter-on-quarter growth comparison showed a decline of 14% from $11.99 million in the previous quarter of 2021 to the latest quarter. Also, revenue from e-commerce consists of 9% of the total revenue generated in Q3 2021.
Sales company-owned stores
Currently operating 52 garden centres/hydroponic centres focused on serving growers and cultivators, they aim to create sales to retail and commercial customers, including large multi-state operators and cultivators. The company also acquired 14 new locations in Q1 2021.
The company-owned stores generated a revenue of $100.80 million in Q3 2021. This source has been the major contributor to the total revenue of the company since Q1 2019 onward. Thus, the revenue from owned stores contributed 87% of the total revenue generated by the company in Q3 2021. Given an increase of 48% on a year-on-year, the revenue increased from $52.08 million in Q3 2020 to $100.8 million in Q3 2021. But, in the quarter-on-quarter growth index, there is a decline of 8% from $108.91 million in Q2 2021 to $100.8 million in Q3 2021.
GrowGeneration Corp. was established in 2014 in Colorado. It is the largest chain of hydroponic garden centers in North America and is a leading distributor and marketer of growing media, advanced indoor, greenhouse lighting, and nutrients. As opposed to soil, hydroponics is a specialized method of growing plants using mineral nutrient solutions in a water solvent. Their method uses indoor cultivation to give growers the ability to control and regulate air, light, water, humidity, temperature, and pest. Using hydroponics, the cultivator benefits from these techniques by producing crops faster and produce a higher yield per acre. Their major customer segment includes commercial growers in the plant-based medicine market and in retail, they target craft growers and vertical farmers who grow organically growth leafy vegetables and herbs.
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* Billed annually, local taxes extra.
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