SHOEMAKERSVILLE, Pa., May 15, 2026 (GLOBE NEWSWIRE) -- Hydrofarm Holdings Group, Inc. (“Hydrofarm” or the “Company”) (Nasdaq: HYFM), a leading independent manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture, today announced financial results for its first quarter ended March 31, 2026.

宾夕法尼亚州舒梅克斯维尔，2026年5月15日（全球新闻稿）—— Hydrofarm Holdings Group, Inc.（“Hydrofarm” 或 “公司”）（纳斯达克：HYFM）是一家领先的独立品牌水培设备和供应品制造商及分销商，专注于受控环境农业，今天公布了截至2026年3月31日的第一季度财务业绩。

Comparison of First Quarter vs. Prior Year Period:

第一季度与去年同期的比较：

Net sales decreased to $28.5 million compared to $40.5 million.
Gross Profit Margin decreased to 6.4% of net sales compared to 17.0%.
Adjusted Gross Profit Margin(1) decreased to 15.8% of net sales compared to 21.0%.
SG&A expense and Adjusted SG&A(1) expense decreased by 40.8% and 23.1%, respectively.
Net loss increased to $14.6 million compared to $14.4 million.
Adjusted EBITDA(1) of $(3.9) million compared to $(2.4) million.
Cash used in operating activities and Free Cash Flow(1) were each $(0.8) million, compared to $(11.8) million and $(12.0) million, respectively, in the prior year.

净销售额下降至 2850 万美元，较去年同期的 4050 万美元减少。
毛利率下降至净销售额的 6.4%，而去年同期为 17.0%。
调整后毛利率 (1) 下降至净销售额的 15.8%，而去年同期为 21.0%。
销售、一般和行政（SG&A）费用及调整后 SG&A(1) 费用分别下降了 40.8% 和 23.1%。
净亏损增加至 1460 万美元，而去年同期为 1440 万美元。
调整后息税折旧摊销前利润 (1) 为负 390 万美元，而去年同期为负 240 万美元。
经营活动使用的现金和自由现金流 (1) 均为负 80 万美元，而去年同期分别为负 1180 万美元和负 1200 万美元。

(1) Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted SG&A, Adjusted SG&A as a percent of net sales, Adjusted EBITDA, and Free Cash Flow are non-GAAP measures. For a description of our non-GAAP measures see the“ Non-GAAP Measures” section accompanying this release; and for reconciliations of GAAP to non-GAAP measures see the“ Reconciliation of Non-GAAP Measures” accompanying this release.

(1) 调整后毛利、调整后毛利率、调整后 SG&A、调整后 SG&A 占净销售额的百分比、调整后息税折旧摊销前利润和自由现金流为非公认会计原则（non-GAAP）指标。有关我们非 GAAP 指标的描述，请参见本公告附带的“ 非 GAAP 指标” 部分； 有关 GAAP 与非 GAAP 指标的调节，请参见本公告附带的“ 非 GAAP 指标调节” 部分。

William Toler Chief Executive Officer of Hydrofarm, said, "In the first quarter, we continued to execute on our strategic priorities. We have completed the consolidation of our U.S. manufacturing facilities into one location. During the quarter, we significantly reduced Adjusted SG&A expense by 23.1% compared to the prior year, representing our 15th consecutive quarter of meaningful year-over-year expense reductions. Free Cash Flow in the first quarter was also a significant improvement over the prior year. We are focused on positioning the business to drive high quality revenue streams, improved profitability, and strengthen our financial position."

Hydrofarm 首席执行官 William Toler 表示：“在第一季度，我们继续执行我们的战略优先事项。我们已将美国制造设施整合到一个地点。在本季度，我们的调整后 SG&A 费用较去年减少了 23.1%，这是我们连续第 15 个季度实现显著的同比费用减少。第一季度的自由现金流也较去年有了显著改善。我们专注于将业务定位为推动高质量的收入来源、改善盈利能力，并增强我们的财务状况。”

First Quarter 2026 Financial Results

2026 年第一季度财务业绩

Net sales decreased 29.6% to $28.5 million compared to $40.5 million in the prior year period. This was due to a decline in volume/mix of products sold primarily related to industry oversupply.

净销售额较去年同期下降 29.6%，降至 2850 万美元，主要由于行业过剩导致的产品销售量/组合下降。

Gross Profit decreased to $1.8 million, or 6.4% of net sales, compared to $6.9 million, or 17.0% of net sales, in the prior year period. Gross profit and gross profit margin were negatively impacted by $1.7 million of restructuring expenses in the first quarter. Adjusted Gross Profit(1) decreased to $4.5 million, or 15.8% of net sales, compared to $8.5 million, or 21.0% of net sales, in the prior year period. The decreases in Gross Profit, Gross Profit Margin, Adjusted Gross Profit(1) and Adjusted Gross Profit Margin(1) were primarily due to lower net sales as well as lower production volumes and productivity at manufacturing facilities.

毛利下降至 180 万美元，占净销售额的 6.4%，而去年同期为 690 万美元，占净销售额的 17.0%。毛利和毛利率受到第一季度 170 万美元重组费用的负面影响。调整后毛利 (1) 下降至 450 万美元，占净销售额的 15.8%，而去年同期为 850 万美元，占净销售额的 21.0%。毛利、毛利率、调整后毛利 (1) 和调整后毛利率 (1) 的下降主要是由于净销售额下降以及制造设施的生产量和生产效率降低。

Selling, general and administrative (“SG&A”) expense improved to $10.6 million, compared to $17.9 million in the prior year period, and Adjusted SG&A(1) expense improved to $8.4 million compared to $11.0 million in the prior year period. Lower amortization expense contributed to the reduction in SG&A. In addition, both SG&A and Adjusted SG&A(1) expenses decreased primarily as a result of the Company's restructuring actions and cost saving initiatives, primarily attributable to a $1.2 million decrease in employee compensation costs.

销售、一般和行政（SG&A）费用改善至 1060 万美元，而去年同期为 1790 万美元，调整后 SG&A(1) 费用改善至 840 万美元，而去年同期为 1100 万美元。较低的摊销费用有助于 SG&A 的减少。此外，SG&A 和调整后 SG&A(1) 费用的下降主要是由于公司的重组行动和节省成本的举措，主要归因于 120 万美元的员工薪酬成本减少。

Net loss was $14.6 million, or $(3.07) per diluted share, compared to net loss of $14.4 million, or $(3.12) per diluted share in the prior year period. Net loss declined primarily due to lower net sales, lower gross profit, and higher interest expense, partially offset by SG&A reductions.

净亏损为 1460 万美元，或每股稀释亏损 3.07 美元，而去年同期净亏损为 1440 万美元，或每股稀释亏损 3.12 美元。净亏损的减少主要是由于净销售额下降、毛利下降和利息费用上升，部分被 SG&A 的减少所抵消。

Adjusted EBITDA(1) decreased to $(3.9) million, compared to $(2.4) million in the prior year period. The reduction was related to lower net sales and lower Adjusted Gross Profit(1), partially offset by Adjusted SG&A(1) expense reductions.

调整后息税折旧摊销前利润 (1) 下降至负 390 万美元，而去年同期为负 240 万美元。减少与净销售额下降和调整后毛利 (1) 下降有关，部分被调整后 SG&A(1) 费用的减少所抵消。

Balance Sheet, Liquidity and Cash Flow

资产负债表、流动性和现金流

As of March 31, 2026, the Company had $4.8 million in cash and $0.5 million in restricted cash. The Company ended the first quarter with $114.4 million in principal balance on its Term Loan outstanding, $7.7 million in finance leases, and $0.1 million in other debt outstanding.

截至2026年3月31日，公司拥有 480 万美元现金和 50 万美元受限现金。公司在第一季度结束时，长期贷款的本金余额为 1.144 亿美元，融资租赁为 770 万美元，其他债务为 10 万美元。

Cash used in operating activities was $(0.8) million and the Company invested less than $0.1 million in capital expenditures, yielding Free Cash Flow(1) of $(0.8) million during the three months ended March 31, 2026. Free Cash Flow(1) improved by $11.2 million compared to the prior year.

经营活动使用的现金为负 80 万美元，公司在资本支出方面投资不足 10 万美元，导致截至2026年3月31日的三个月自由现金流 (1) 为负 80 万美元。自由现金流 (1) 较去年改善了 1120 万美元。

On February 4, 2026, the Company elected to defer making the interest payment of approximately $2.8 million on the Term Loan. As a result of the Company’s failure to pay the interest within the grace period, an event of default occurred with respect to the Term Loan. As a result of the event of default, the Term Loan was reclassified to current portion of long-term debt from long-term debt. On April 8, 2026, the Company entered into a Forbearance Agreement with the Term Loan lenders requiring certain provisions and reporting obligations, including a $1 million minimum liquidity threshold and regular budget approvals. As of the date of this earnings release, the Forbearance Agreement is continuing. The Company and its Board of Directors are exploring strategic alternatives to strengthen the Company’s liquidity and capital structure, and are engaged in ongoing discussions with the Term Loan lenders.

2026年2月4日，公司选择推迟支付约 280 万美元的长期贷款利息。因此，由于公司未能在宽限期内支付利息，长期贷款发生违约。由于违约，长期贷款被重新分类为长期债务的当前部分。2026年4月8日，公司与长期贷款贷方签署了一项宽限协议，要求某些条款和报告义务，包括 100 万美元的最低流动性阈值和定期预算批准。截至本财报发布之日，宽限协议仍在继续。公司及其董事会正在探索战略选择，以增强公司的流动性和资本结构，并与长期贷款贷方进行持续讨论。

Strategic Priorities

战略优先事项

Hydrofarm remains committed to its strategic priorities: drive high-quality revenue streams, improve profit margins and strengthen financial position. While maintaining our dedication to customer service, we are focused on reducing costs and improving productivity within the organization. Our initiatives include implementing operational changes, consolidating our facility footprint, reducing headcount, and focusing our sales efforts on our proprietary brand offerings.

Hydrofarm 始终致力于其战略优先事项：推动高质量的收入来源、改善利润率和增强财务状况。在保持对客户服务的承诺的同时，我们专注于降低成本和提高组织内的生产力。我们的举措包括实施运营变更、整合设施布局、减少员工人数，以及将销售重点放在我们自主品牌的产品上。

(1) 调整后的毛利润、调整后的毛利润率、调整后的销售及管理费用、调整后的销售及管理费用占净销售额的百分比、调整后的息税折旧摊销前利润（EBITDA）和自由现金流为非公认会计原则（non-GAAP）指标。有关我们非 GAAP 指标的描述，请参见本公告附带的 “非 GAAP 指标” 部分；有关 GAAP 与非 GAAP 指标的调节，请参见本公告附带的 “非 GAAP 指标的调节” 部分。

About Hydrofarm Holdings Group, Inc.

关于 Hydrofarm Holdings Group, Inc.

Hydrofarm is a leading independent manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture, including grow lights, climate control solutions, grow media and nutrients, as well as a broad portfolio of innovative proprietary branded products. For over 40 years, Hydrofarm has helped growers make growing easier and more productive. The Company’s mission is to empower growers, farmers and cultivators with products that enable greater quality, efficiency, consistency and speed in their grow projects.

Hydrofarm 是一家领先的独立品牌水培设备和供应品的制造商和分销商，专注于受控环境农业，包括生长灯、气候控制解决方案、生长介质和营养品，以及一系列创新的自主品牌产品。40 多年来，Hydrofarm 一直帮助种植者使种植变得更简单、更高效。公司的使命是赋能种植者、农民和栽培者，提供能够提高其种植项目质量、效率、一致性和速度的产品。

Cautionary Note Regarding Forward-Looking Statements

关于前瞻性声明的警示说明

Statements contained in this press release, other than statements of historical fact, which address activities, events and developments that the Company expects or anticipates will or may occur in the future, including, but not limited to, information regarding the future economic performance and financial condition of the Company, the plans and objectives of the Company’s management, and the Company’s assumptions regarding such performance and plans are “forward-looking statements” within the meaning of the U.S. federal securities laws that are subject to risks and uncertainties. These forward-looking statements generally can be identified as statements that include phrases such as “guidance,” “outlook,” “projected,” “believe,” “target,” “predict,” “estimate,” “forecast,” “strategy,” “may,” “goal,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “should” or other similar words or phrases. Actual results could differ materially from the forward-looking information in this release due to a variety of factors, including, but not limited to:

本新闻稿中包含的声明，除历史事实外，涉及公司预期或预计将来可能发生的活动、事件和发展，包括但不限于有关公司未来经济表现和财务状况的信息、公司管理层的计划和目标，以及公司对这些表现和计划的假设，均为美国联邦证券法意义上的 “前瞻性声明”，这些声明面临风险和不确定性。这些前瞻性声明通常可以通过包含 “指导”、“展望”、“预测”、“相信”、“目标”、“预测”、“估计”、“预测”、“战略”、“可能”、“目标”、“期望”、“预期”、“打算”、“计划”、“预见”、“可能”、“将”、“应该” 或其他类似词语或短语的声明来识别。由于多种因素，实际结果可能与本公告中的前瞻性信息存在重大差异，包括但不限于：

The Company's ability to continue as a going concern; The Company's level of indebtedness; The market in which the Company operates has been substantially adversely impacted by conditions of the agricultural and cannabis industries, including oversupply and decreasing prices of the products the Company's end customers sell, which, in turn, has materially adversely impacted the Company's sales and other results of operations and which may continue to do so in the future; If industry conditions worsen or are sustained for a lengthy period, the Company could be forced to take additional impairment charges and/or inventory and accounts receivable reserves, which could be substantial, and, ultimately, the Company may face liquidity challenges; The Company’s current and future debt facilities may limit the operation of the Company’s business including restricting its ability to sell products directly to the cannabis industry; Although equity financing may be available, the Company's current stock prices are at depressed levels and any such financing would be dilutive; Interruptions in the Company's supply chain could adversely impact expected sales growth and operations; Increased prices and inflation could adversely impact the Company's performance and financial results; Global political and economic conditions including the imposition of potential tariffs could increase the costs of the Company's products and adversely impact the competitiveness of the Company's products and the Company's financial results; The Company may be unable to regain compliance and continue to meet the continued listing standards of Nasdaq; The Company's restructuring activities may increase our expenses and cash expenditures, and may not have the intended cost saving effects; The highly competitive nature of the Company’s markets could adversely affect its ability to maintain or grow revenues; Certain of the Company’s products may be purchased for use in new or emerging industries or segments, including the cannabis industry, and/or be subject to varying, inconsistent, and rapidly changing laws, regulations, administrative and enforcement approaches, and consumer perceptions which may adversely impact the market for the Company’s products; The market for the Company’s products has been impacted by conditions impacting its customers, including related crop prices, climate change, and other factors impacting growers; Compliance with government laws and regulations including environmental and other public health regulations or changes in such regulations or regulatory enforcement priorities could increase the Company’s costs of doing business or limit the Company’s ability to market all of its products; Damage to the Company’s reputation or the reputation of its products or products it markets on behalf of third parties could have an adverse effect on its business; If the Company is unable to effectively execute its e-commerce business, its reputation and operating results may be harmed; The Company’s operations may be impaired if its information technology systems fail to perform adequately or if it is the subject of a data breach or cyber-attack; The Company may not be able to adequately protect its intellectual property and other proprietary rights that are material to the Company’s business; Acquisitions, other strategic alliances and investments could result in operating and integration difficulties, dilution and other harmful consequences that may adversely impact the Company’s business and results of operations. Additional detailed information concerning a number of the important factors that could cause actual results to differ materially from the forward-looking information contained in this release is readily available in the Company’s annual, quarterly and other reports. The Company disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments except as otherwise required by law.

公司的持续经营能力；公司的负债水平；公司所处的市场受到农业和大麻行业的条件的重大不利影响，包括产品的过剩和终端客户销售产品价格的下降，这反过来又对公司的销售和其他经营结果产生了实质性的负面影响，并可能在未来继续如此；如果行业条件恶化或持续较长时间，公司可能被迫采取额外的减值费用和/或存货和应收账款准备金，这可能是相当可观的，最终，公司可能面临流动性挑战；公司的当前和未来债务融资可能限制公司的业务运营，包括限制其直接向大麻行业销售产品的能力；尽管可能有股权融资可用，但公司的当前股价处于低迷水平，任何此类融资都可能导致股权稀释；公司的供应链中断可能对预期的销售增长和运营产生不利影响；价格上涨和通货膨胀可能对公司的业绩和财务结果产生不利影响；全球政治和经济条件，包括潜在关税的实施，可能增加公司的产品成本，并对公司的产品竞争力和财务结果产生不利影响；公司可能无法恢复合规并继续满足纳斯达克的持续上市标准；公司的重组活动可能增加我们的费用和现金支出，并可能未能实现预期的成本节约效果；公司市场的高度竞争性可能对其维持或增长收入的能力产生不利影响；公司的某些产品可能被用于新兴行业或细分市场，包括大麻行业，并且/或者可能受到不一致和快速变化的法律、法规、行政和执法方法以及消费者认知的影响，这可能对公司的产品市场产生不利影响；公司的产品市场受到影响其客户的条件的影响，包括相关作物价格、气候变化和其他影响种植者的因素；遵守政府法律和法规，包括环境和其他公共健康法规，或这些法规或监管执法优先事项的变化，可能增加公司的经营成本或限制公司营销所有产品的能力；公司声誉或其产品或代表第三方营销的产品的声誉受损可能对其业务产生不利影响；如果公司无法有效执行其电子商务业务，其声誉和经营结果可能受到损害；如果公司的信息技术系统未能充分发挥作用，或如果遭遇数据泄露或网络攻击，公司的运营可能受到影响；公司可能无法充分保护其对公司业务至关重要的知识产权和其他专有权利；收购、其他战略联盟和投资可能导致运营和整合困难、股权稀释和其他有害后果，可能对公司的业务和经营结果产生不利影响。有关可能导致实际结果与本公告中包含的前瞻性信息显著不同的重要因素的更多详细信息，可以在公司的年度、季度和其他报告中轻松获得。公司不承担更新这些风险因素的发展或公开宣布对本公告中包含的任何前瞻性声明进行修订的义务，或进行更正以反映未来事件或发展，除非法律另有要求。



Hydrofarm Holdings Group, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except share and per share amounts)

	Three months ended March 31,
	2026			2025
Net sales	$	28,524			$	40,534
Cost of goods sold		26,687				33,657
Gross profit		1,837				6,877
Operating expenses:
Selling, general and administrative		10,568				17,863
Loss from operations		(8,731	)			(10,986	)
Interest expense		(5,866	)			(3,377	)
Other (expense) income, net		(122	)			60
Loss before tax		(14,719	)			(14,303	)
Income tax benefit (expense)		108				(82	)
Net loss	$	(14,611	)		$	(14,385	)

Net loss per share:
Basic	$	(3.07	)		$	(3.12	)
Diluted	$	(3.07	)		$	(3.12	)
Weighted-average shares of common stock outstanding:
Basic		4,763,731				4,614,510
Diluted		4,763,731				4,614,510



Hydrofarm Holdings Group, Inc.
简明合并经营报表（未经审计）
**（以千为单位，除每股和每股金额外）

	截至 3 月 31 日的三个月
	2026			2025
净销售额	$	28,524			$	40,534
销售成本		26,687				33,657
毛利润		1,837				6,877
运营费用：
销售、一般和行政费用		10,568				17,863
营业损失		(8,731	)			(10,986	)
利息费用		(5,866	)			(3,377	)
其他（费用）收入，净额		(122	)			60
税前损失		(14,719	)			(14,303	)
所得税收益（费用）		108				(82	)
净损失	$	(14,611	)		$	(14,385	)

每股净损失：
基本	$	(3.07	)		$	(3.12	)
稀释	$	(3.07	)		$	(3.12	)
普通股加权平均流通股数：
基本		4,763,731				4,614,510
稀释		4,763,731				4,614,510



Hydrofarm Holdings Group, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share and per share amounts)

	March 31, 2026			December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	4,811			$	6,309
Restricted cash		537				—
Accounts receivable, net		12,082				8,186
Inventories		28,806				33,324
Prepaid expenses and other current assets		2,885				3,622
Assets held for sale		1,415				—
Total current assets		50,536				51,441
Property, plant and equipment, net		27,649				30,334
Operating lease right-of-use assets		35,559				37,765
Intangible assets, net		2,801				2,801
Other assets		1,215				1,463
Total assets	$	117,760			$	123,804
Liabilities and stockholders’ deficit
Current liabilities:
Accounts payable	$	14,526			$	9,752
Accrued expenses and other current liabilities		12,196				7,688
Deferred revenue		1,755				2,742
Current portion of operating lease liabilities		7,576				7,543
Current portion of finance lease liabilities		451				455
Current portion of long-term debt		114,419				111,853
Total current liabilities		150,923				140,033
Long-term operating lease liabilities		30,645				32,800
Long-term finance lease liabilities		7,263				7,381
Long-term debt		44				50
Deferred tax liabilities		2,131				2,130
Other long-term liabilities		4,889				4,706
Total liabilities		195,895				187,100
Commitments and contingencies
Stockholders’ deficit
Common stock ($0.0001 par value; 300,000,000 shares authorized; 4,764,612 and 4,667,004 shares issued and outstanding at March 31, 2026, and December 31, 2025, respectively)		—				—
Additional paid-in capital		791,380				791,227
Accumulated other comprehensive loss		(7,653	)			(7,272	)
Accumulated deficit		(861,862	)			(847,251	)
Total stockholders’ deficit		(78,135	)			(63,296	)
Total liabilities and stockholders’ deficit	$	117,760			$	123,804



Hydrofarm Holdings Group, Inc.
简明合并资产负债表（未经审计）
（以千为单位，除每股和每股金额外）

	2026年3月31日			2025年12月31日
资产
流动资产：
现金及现金等价物	$	4,811			$	6,309
限制性现金		537				—
应收账款，净额		12,082				8,186
存货		28,806				33,324
预付费用及其他流动资产		2,885				3,622
待售资产		1,415				—
流动资产总计		50,536				51,441
不动产、厂房及设备，净额		27,649				30,334
租赁使用权资产		35,559				37,765
无形资产，净额		2,801				2,801
其他资产		1,215				1,463
资产总计	$	117,760			$	123,804
负债及股东权益赤字
流动负债：
应付账款	$	14,526			$	9,752
应计费用及其他流动负债		12,196				7,688
递延收入		1,755				2,742
租赁负债的流动部分		7,576				7,543
融资租赁负债的流动部分		451				455
长期债务的流动部分		114,419				111,853
流动负债总计		150,923				140,033
长期租赁负债		30,645				32,800
长期融资租赁负债		7,263				7,381
长期债务		44				50
递延所得税负债		2,131				2,130
其他长期负债		4,889				4,706
负债总计		195,895				187,100
承诺与或有事项
股东权益赤字
普通股（面值$0.0001；授权 300,000,000 股；截至2026年3月31日和2025年12月31日已发行并流通 4,764,612 股和 4,667,004 股）		—				—
额外实收资本		791,380				791,227
累计其他综合损失		(7,653	)			(7,272	)
累计赤字		(861,862	)			(847,251	)
股东权益总计		(78,135	)			(63,296	)
负债及股东权益总计	$	117,760			$	123,804



Hydrofarm Holdings Group, Inc. RECONCILIATION OF NON-GAAP MEASURES (In thousands, except share and per share amounts) (Unaudited)

	Three months ended March 31,
	2026		2025
Reconciliation of Adjusted Gross Profit:
Gross Profit (GAAP)	$	1,837		$	6,877
Depreciation, depletion and amortization		991			1,313
Restructuring expenses1		1,689			342
Adjusted Gross Profit (Non-GAAP)	$	4,517		$	8,532

As a percent of net sales:
Gross Profit Margin (GAAP)		6.4	%		17.0	%
Adjusted Gross Profit Margin (Non-GAAP)		15.8	%		21.0	%



Hydrofarm Holdings Group, Inc.
非 GAAP 指标的调节
**（以千为单位，除每股和每股金额外）
（未经审计）

	截至 3 月 31 日的三个月
	2026		2025
调整后毛利润的调节：
毛利润（GAAP）	$	1,837		$	6,877
折旧、耗竭和摊销		991			1,313
重组费用 1		1,689			342
调整后毛利润（非 GAAP）	$	4,517		$	8,532

占净销售额的百分比：
毛利润率（GAAP）		6.4	%		17.0	%
调整后毛利润率（非 GAAP）		15.8	%		21.0	%


	Three months ended March 31,
	2026		2025
Reconciliation of Adjusted SG&A:
Selling, general and administrative (GAAP)	$	10,568		$	17,863
Depreciation, depletion and amortization		40			5,996
Restructuring expenses1		808			20
Other2		41			184
Stock-based compensation3		170			475
Debt transactions and strategic alternatives4		1,060			208
Adjusted SG&A (Non-GAAP)	$	8,449		$	10,980

As a percent of net sales:
SG&A (GAAP)		37.0	%		44.1	%
Adjusted SG&A (Non-GAAP)		29.6	%		27.1	%


	截至 3 月 31 日的三个月
	2026		2025
调整后销售、一般和行政费用的调节：
销售、一般和行政费用（GAAP）	$	10,568		$	17,863
折旧、耗竭和摊销		40			5,996
重组费用 1		808			20
其他 2		41			184
基于股票的补偿 3		170			475
债务交易和战略选择 4		1,060			208
调整后销售、一般和行政费用（非 GAAP）	$	8,449		$	10,980

占净销售额的百分比：
销售、一般和行政费用（GAAP）		37.0	%		44.1	%
调整后销售、一般和行政费用（非 GAAP）		29.6	%		27.1	%


	Three months ended March 31,
	2026		2025
Reconciliation of Adjusted EBITDA:
Net loss (GAAP)	$	(14,611	)	$	(14,385	)
Interest expense		5,866			3,377
Income tax (benefit) expense		(108	)		82
Depreciation, depletion and amortization		1,031			7,309
Restructuring expenses1		2,497			362
Other2		41			184
Stock-based compensation3		170			475
Debt transactions and strategic alternatives4		1,060			208
Other expense (income), net5		122			(60	)
Adjusted EBITDA (Non-GAAP)	$	(3,932	)	$	(2,448	)

As a percent of net sales:
Net loss (GAAP)		(51.2	)%		(35.5	)%
Adjusted EBITDA (Non-GAAP)		(13.8	)%		(6.0	)%


	截至 3 月 31 日的三个月		2026	2025
调整后 EBITDA 的调节：
净亏损（GAAP）	$	(14,611	)	$	(14,385	)
利息支出		5,866			3,377
所得税（收益）费用		(108	)		82
折旧、耗竭和摊销		1,031			7,309
重组费用 1		2,497			362
其他 2		41			184
基于股票的补偿 3		170			475
债务交易和战略选择 4		1,060			208
其他费用（收入），净 5		122			(60	)
调整后 EBITDA（非 GAAP）	$	(3,932	)	$	(2,448	)

占净销售额的百分比：
净亏损（GAAP）		(51.2	)%		(35.5	)%
调整后 EBITDA（非 GAAP）		(13.8	)%		(6.0	)%


	Three months ended March 31,
	2026		2025
Reconciliation of Free Cash Flow:
Net cash used in operating activities (GAAP):	$	(759	)	$	(11,763	)
Capital expenditures of Property, plant and equipment (GAAP)		(19	)		(244	)
Free Cash Flow (Non-GAAP):	$	(778	)	$	(12,007	)


	截至 3 月 31 日的三个月		2026	2025
自由现金流的调节：
经营活动中使用的净现金（GAAP）：	$	(759	)	$	(11,763	)
资本支出（物业、厂房和设备）（GAAP）		(19	)		(244	)
自由现金流（非 GAAP）：	$	(778	)	$	(12,007	)

Notes to GAAP to Non-GAAP reconciliations presented above (Adjusted Gross Profit, Adjusted SG&A, Adjusted EBITDA, and Free Cash Flow):

上述 GAAP 与非 GAAP 调节的说明（调整后毛利润、调整后 SG&A、调整后 EBITDA 和自由现金流）：

For the three months ended March 31, 2026, restructuring expenses primarily related to non-cash inventory markdowns, and cash charges incurred to relocate and terminate certain facilities. For the three months ended March 31, 2025, restructuring charges primarily related to charges incurred to relocate and terminate certain facilities, and non-cash inventory markdowns associated with manufacturing facility consolidations.
For the three months ended March 31, 2026, other charges was primarily comprised of certain legal charges. For the three months ended March 31, 2025, other charges primarily related to legal costs related to the 1-for-10 reverse stock split effected on February 12, 2025, as well as severance charges.
Includes stock-based compensation and related employer payroll taxes on stock-based compensation for the periods presented.
For the three months ended March 31, 2026, debt transactions and strategic alternatives charges include legal and advisory services associated with debt transactions, including the forbearance agreement. For the three months ended March 31, 2025, debt transactions and strategic alternatives charges include consulting, transaction services and legal fees for potential acquisitions, divestitures, or strategic combinations. Such amounts were previously presented in the line item titled “Acquisition and integration expenses.”
For the three months ended March 31, 2026, other expense, net related primarily to a loss on debt extinguishment recorded in conjunction with the termination of the Company's Revolving Credit Facility. For the three months ended March 31, 2025, other income, net related primarily to foreign currency exchange rate gains and losses and other non-operating income and expenses.

截至2026年3月31日的三个月，重组费用主要与非现金库存减值和为搬迁和终止某些设施而产生的现金费用有关。截止2025年3月31日的三个月，重组费用主要与搬迁和终止某些设施而产生的费用以及与制造设施整合相关的非现金库存减值有关。
截至2026年3月31日的三个月，其他费用主要由某些法律费用组成。截止2025年3月31日的三个月，其他费用主要与2025年2月12日实施的 1 比 10 反向股票拆分相关的法律费用以及遣散费用有关。
包括基于股票的补偿及相关的雇主工资税。
截至2026年3月31日的三个月，债务交易和战略选择费用包括与债务交易相关的法律和顾问服务，包括宽容协议。截止2025年3月31日的三个月，债务交易和战略选择费用包括潜在收购、剥离或战略组合的咨询、交易服务和法律费用。这些金额之前在标题为 “收购和整合费用” 的项目中列示。
截至2026年3月31日的三个月，其他费用净额主要与公司循环信贷额度终止时记录的债务清偿损失有关。截止2025年3月31日的三个月，其他收入净额主要与外汇汇率的损益及其他非经营性收入和费用有关。

Non-GAAP Financial Measures

非 GAAP 财务指标

We report our financial results in accordance with generally accepted accounting principles in the U.S. (“GAAP”). Management believes that certain non-GAAP financial measures provide investors with additional useful information in evaluating our performance and that excluding certain items that may vary substantially in frequency and magnitude period-to-period from net loss provides useful supplemental measures that assist in evaluating our ability to generate earnings and to more readily compare these metrics between past and future periods. These non-GAAP financial measures may be different than similarly titled measures used by other companies.

我们根据美国公认会计原则（“GAAP”）报告我们的财务结果。管理层认为，某些非 GAAP 财务指标为投资者提供了额外的有用信息，以评估我们的业绩，并且排除某些可能在频率和幅度上大幅波动的项目，从净亏损中提供了有用的补充指标，帮助评估我们产生收益的能力，并更容易地比较这些指标在过去和未来期间之间。这些非 GAAP 财务指标可能与其他公司使用的类似标题的指标不同。

To supplement our condensed consolidated financial statements which are prepared in accordance with GAAP, we use "Adjusted EBITDA", "Adjusted Gross Profit", "Adjusted SG&A", "Free Cash Flow", "Net Debt", and "Liquidity" which are non-GAAP financial measures. We also present certain of these non-GAAP metrics as a percentage of net sales. Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. There are several limitations related to the use of our non-GAAP financial measures as compared to the closest comparable GAAP measures.

为了补充我们根据 GAAP 编制的简明合并财务报表，我们使用 “调整后 EBITDA”、“调整后毛利润”、“调整后 SG&A”、“自由现金流”、“净债务” 和 “流动性” 等非 GAAP 财务指标。我们还将这些非 GAAP 指标中的某些指标以净销售额的百分比呈现。我们的非 GAAP 财务指标不应孤立于 GAAP 编制的财务信息之外，或作为其替代品。与最接近的 GAAP 指标相比，使用我们的非 GAAP 财务指标存在若干限制。

We define Adjusted EBITDA (non-GAAP) as net loss (GAAP) excluding interest expense, income taxes, depreciation, depletion and amortization, stock-based compensation including employer payroll taxes on stock-based compensation, restructuring expenses, impairments, severance, loss on asset disposition, other income/expense, net, and other non-cash, unusual and/or infrequent costs (i.e., acquisition and integration expenses), which we do not consider in our evaluation of ongoing operating performance.

我们将 调整后 EBITDA（非 GAAP）定义为净亏损（GAAP）减去利息支出、所得税、折旧、耗竭和摊销、包括雇主工资税的基于股票的补偿、重组费用、减值、遣散费、资产处置损失、其他收入/费用净额以及其他非现金、异常和/或不频繁的费用（即收购和整合费用），我们在评估持续经营业绩时不考虑这些费用。

We define Adjusted EBITDA(non-GAAP) as a percent of net sales as Adjusted EBITDA (as defined above) divided by net sales in the respective period.

我们将 调整后 EBITDA（非 GAAP）占净销售额的百分比 定义为调整后 EBITDA（如上所定义）除以相应期间的净销售额。

We define Adjusted Gross Profit (non-GAAP) as Gross Profit (GAAP) excluding depreciation, depletion, and amortization, restructuring expenses, severance and other expenses, and other non-cash, unusual and/or infrequent costs, which we do not consider in our evaluation of ongoing operating performance.

我们将 调整后毛利润（非 GAAP）定义为毛利润（GAAP）减去折旧、耗竭和摊销、重组费用、遣散费和其他费用，以及其他非现金、异常和/或不频繁的费用，我们在评估持续经营业绩时不考虑这些费用。

We define Adjusted Gross Profit Margin(non-GAAP) as a percent of net sales as Adjusted Gross Profit (as defined above) divided by net sales in the respective period.

我们将 调整后毛利率（非 GAAP）定义为净销售额的百分比，即调整后毛利（如上所定义）除以相应期间的净销售额。

We define Adjusted SG&A (non-GAAP) as SG&A (GAAP) excluding depreciation, depletion, and amortization, stock-based compensation including employer payroll taxes on stock-based compensation, restructuring expenses, severance and other expenses, and other non-cash, unusual and/or infrequent costs (i.e., acquisition and integration expenses), which we do not consider in our evaluation of ongoing operating performance.

我们将 调整后销售和管理费用（非 GAAP）定义为销售和管理费用（GAAP）减去折旧、耗竭和摊销、包括雇主在股票薪酬上的工资税、重组费用、遣散费及其他费用，以及其他非现金、异常和/或不频繁的成本（即收购和整合费用），这些费用在我们评估持续经营表现时不予考虑。

We define Adjusted SG&A(non-GAAP) as a percent of net sales as Adjusted SG&A (as defined above) divided by net sales in the respective period.

我们将 调整后销售和管理费用（非 GAAP）定义为净销售额的百分比，即调整后销售和管理费用（如上所定义）除以相应期间的净销售额。

We define Free Cash Flow (non-GAAP) as Net cash from (used in) operating activities less capital expenditures for property, plant and equipment. We believe this provides additional insight into the Company's ability to generate cash and maintain liquidity. However, Free Cash Flow does not represent funds available for investment or other discretionary uses since it does not deduct cash used to service our debt or other cash flows from financing activities or investing activities.

我们将 自由现金流（非 GAAP）定义为来自（用于）经营活动的净现金减去用于物业、厂房和设备的资本支出。我们认为这提供了对公司产生现金和维持流动性的能力的额外洞察。然而，自由现金流并不代表可用于投资或其他自由支配用途的资金，因为它不扣除用于偿还债务的现金或其他融资活动或投资活动的现金流。

We define Liquidity as total cash, cash equivalents and restricted cash, if applicable.

我们将 流动性 定义为总现金、现金等价物和受限现金（如适用）。

We define Net Debt as total debt principal outstanding plus finance lease liabilities and other debt, less cash, cash equivalents and restricted cash, if applicable.

我们将 净债务 定义为未偿还的总债务本金加上融资租赁负债和其他债务，减去现金、现金等价物和受限现金（如适用）。

Contacts:Investor Contactir@hydrofarm.com

 联系人：投资者联系 ir@hydrofarm.com

Hydrofarm Holdings Group 公布 2026 年第一季度财报 | HYFM 股票新闻