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.

賓夕法尼亞州舒梅克斯維爾，2026年5月15日（全球新聞稿）—— Hydrofarm Holdings Group, Inc.（“Hydrofarm” 或 “公司”）（納斯達克：HYFM）是一家領先的獨立品牌水培設備和供應品製造商及分銷商，專注於受控環境農業，今天公佈了截至2026年3月31日的第一季度財務業績。

Comparison of First Quarter vs. Prior Year Period:

第一季度與去年同期的比較：

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.

淨銷售額下降至 2850 萬美元，較去年同期的 4050 萬美元減少。
毛利率下降至淨銷售額的 6.4%，而去年同期為 17.0%。
調整後毛利率 (1) 下降至淨銷售額的 15.8%，而去年同期為 21.0%。
銷售、一般和行政（SG&A）費用及調整後 SG&A(1) 費用分別下降了 40.8% 和 23.1%。
淨虧損增加至 1460 萬美元，而去年同期為 1440 萬美元。
調整後息税折舊攤銷前利潤 (1) 為負 390 萬美元，而去年同期為負 240 萬美元。
經營活動使用的現金和自由現金流 (1) 均為負 80 萬美元，而去年同期分別為負 1180 萬美元和負 1200 萬美元。

(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) 調整後毛利、調整後毛利率、調整後 SG&A、調整後 SG&A 佔淨銷售額的百分比、調整後息税折舊攤銷前利潤和自由現金流為非公認會計原則（non-GAAP）指標。有關我們非 GAAP 指標的描述，請參見本公告附帶的“ 非 GAAP 指標” 部分； 有關 GAAP 與非 GAAP 指標的調節，請參見本公告附帶的“ 非 GAAP 指標調節” 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 首席執行官 William Toler 表示：“在第一季度，我們繼續執行我們的戰略優先事項。我們已將美國製造設施整合到一個地點。在本季度，我們的調整後 SG&A 費用較去年減少了 23.1%，這是我們連續第 15 個季度實現顯著的同比費用減少。第一季度的自由現金流也較去年有了顯著改善。我們專注於將業務定位為推動高質量的收入來源、改善盈利能力，並增強我們的財務狀況。”

First Quarter 2026 Financial Results

2026 年第一季度財務業績

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.

淨銷售額較去年同期下降 29.6%，降至 2850 萬美元，主要由於行業過剩導致的產品銷售量/組合下降。

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 萬美元，佔淨銷售額的 6.4%，而去年同期為 690 萬美元，佔淨銷售額的 17.0%。毛利和毛利率受到第一季度 170 萬美元重組費用的負面影響。調整後毛利 (1) 下降至 450 萬美元，佔淨銷售額的 15.8%，而去年同期為 850 萬美元，佔淨銷售額的 21.0%。毛利、毛利率、調整後毛利 (1) 和調整後毛利率 (1) 的下降主要是由於淨銷售額下降以及製造設施的生產量和生產效率降低。

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.

銷售、一般和行政（SG&A）費用改善至 1060 萬美元，而去年同期為 1790 萬美元，調整後 SG&A(1) 費用改善至 840 萬美元，而去年同期為 1100 萬美元。較低的攤銷費用有助於 SG&A 的減少。此外，SG&A 和調整後 SG&A(1) 費用的下降主要是由於公司的重組行動和節省成本的舉措，主要歸因於 120 萬美元的員工薪酬成本減少。

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.

淨虧損為 1460 萬美元，或每股稀釋虧損 3.07 美元，而去年同期淨虧損為 1440 萬美元，或每股稀釋虧損 3.12 美元。淨虧損的減少主要是由於淨銷售額下降、毛利下降和利息費用上升，部分被 SG&A 的減少所抵消。

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.

調整後息税折舊攤銷前利潤 (1) 下降至負 390 萬美元，而去年同期為負 240 萬美元。減少與淨銷售額下降和調整後毛利 (1) 下降有關，部分被調整後 SG&A(1) 費用的減少所抵消。

Balance Sheet, Liquidity and Cash Flow

資產負債表、流動性和現金流

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，公司擁有 480 萬美元現金和 50 萬美元受限現金。公司在第一季度結束時，長期貸款的本金餘額為 1.144 億美元，融資租賃為 770 萬美元，其他債務為 10 萬美元。

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.

經營活動使用的現金為負 80 萬美元，公司在資本支出方面投資不足 10 萬美元，導致截至2026年3月31日的三個月自由現金流 (1) 為負 80 萬美元。自由現金流 (1) 較去年改善了 1120 萬美元。

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，公司選擇推遲支付約 280 萬美元的長期貸款利息。因此，由於公司未能在寬限期內支付利息，長期貸款發生違約。由於違約，長期貸款被重新分類為長期債務的當前部分。2026年4月8日，公司與長期貸款貸方簽署了一項寬限協議，要求某些條款和報告義務，包括 100 萬美元的最低流動性閾值和定期預算批准。截至本財報發佈之日，寬限協議仍在繼續。公司及其董事會正在探索戰略選擇，以增強公司的流動性和資本結構，並與長期貸款貸方進行持續討論。

Strategic Priorities

戰略優先事項

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 始終致力於其戰略優先事項：推動高質量的收入來源、改善利潤率和增強財務狀況。在保持對客户服務的承諾的同時，我們專注於降低成本和提高組織內的生產力。我們的舉措包括實施運營變更、整合設施佈局、減少員工人數，以及將銷售重點放在我們自主品牌的產品上。

(1) 調整後的毛利潤、調整後的毛利潤率、調整後的銷售及管理費用、調整後的銷售及管理費用佔淨銷售額的百分比、調整後的息税折舊攤銷前利潤（EBITDA）和自由現金流為非公認會計原則（non-GAAP）指標。有關我們非 GAAP 指標的描述，請參見本公告附帶的 “非 GAAP 指標” 部分；有關 GAAP 與非 GAAP 指標的調節，請參見本公告附帶的 “非 GAAP 指標的調節” 部分。

About Hydrofarm Holdings Group, Inc.

關於 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 是一家領先的獨立品牌水培設備和供應品的製造商和分銷商，專注於受控環境農業，包括生長燈、氣候控制解決方案、生長介質和營養品，以及一系列創新的自主品牌產品。40 多年來，Hydrofarm 一直幫助種植者使種植變得更簡單、更高效。公司的使命是賦能種植者、農民和栽培者，提供能夠提高其種植項目質量、效率、一致性和速度的產品。

Cautionary Note Regarding Forward-Looking Statements

關於前瞻性聲明的警示説明

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:

本新聞稿中包含的聲明，除歷史事實外，涉及公司預期或預計將來可能發生的活動、事件和發展，包括但不限於有關公司未來經濟表現和財務狀況的信息、公司管理層的計劃和目標，以及公司對這些表現和計劃的假設，均為美國聯邦證券法意義上的 “前瞻性聲明”，這些聲明面臨風險和不確定性。這些前瞻性聲明通常可以通過包含 “指導”、“展望”、“預測”、“相信”、“目標”、“預測”、“估計”、“預測”、“戰略”、“可能”、“目標”、“期望”、“預期”、“打算”、“計劃”、“預見”、“可能”、“將”、“應該” 或其他類似詞語或短語的聲明來識別。由於多種因素，實際結果可能與本公告中的前瞻性信息存在重大差異，包括但不限於：

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.

公司的持續經營能力；公司的負債水平；公司所處的市場受到農業和大麻行業的條件的重大不利影響，包括產品的過剩和終端客户銷售產品價格的下降，這反過來又對公司的銷售和其他經營結果產生了實質性的負面影響，並可能在未來繼續如此；如果行業條件惡化或持續較長時間，公司可能被迫採取額外的減值費用和/或存貨和應收賬款準備金，這可能是相當可觀的，最終，公司可能面臨流動性挑戰；公司的當前和未來債務融資可能限制公司的業務運營，包括限制其直接向大麻行業銷售產品的能力；儘管可能有股權融資可用，但公司的當前股價處於低迷水平，任何此類融資都可能導致股權稀釋；公司的供應鏈中斷可能對預期的銷售增長和運營產生不利影響；價格上漲和通貨膨脹可能對公司的業績和財務結果產生不利影響；全球政治和經濟條件，包括潛在關税的實施，可能增加公司的產品成本，並對公司的產品競爭力和財務結果產生不利影響；公司可能無法恢復合規並繼續滿足納斯達克的持續上市標準；公司的重組活動可能增加我們的費用和現金支出，並可能未能實現預期的成本節約效果；公司市場的高度競爭性可能對其維持或增長收入的能力產生不利影響；公司的某些產品可能被用於新興行業或細分市場，包括大麻行業，並且/或者可能受到不一致和快速變化的法律、法規、行政和執法方法以及消費者認知的影響，這可能對公司的產品市場產生不利影響；公司的產品市場受到影響其客户的條件的影響，包括相關作物價格、氣候變化和其他影響種植者的因素；遵守政府法律和法規，包括環境和其他公共健康法規，或這些法規或監管執法優先事項的變化，可能增加公司的經營成本或限制公司營銷所有產品的能力；公司聲譽或其產品或代表第三方營銷的產品的聲譽受損可能對其業務產生不利影響；如果公司無法有效執行其電子商務業務，其聲譽和經營結果可能受到損害；如果公司的信息技術系統未能充分發揮作用，或如果遭遇數據泄露或網絡攻擊，公司的運營可能受到影響；公司可能無法充分保護其對公司業務至關重要的知識產權和其他專有權利；收購、其他戰略聯盟和投資可能導致運營和整合困難、股權稀釋和其他有害後果，可能對公司的業務和經營結果產生不利影響。有關可能導致實際結果與本公告中包含的前瞻性信息顯著不同的重要因素的更多詳細信息，可以在公司的年度、季度和其他報告中輕鬆獲得。公司不承擔更新這些風險因素的發展或公開宣佈對本公告中包含的任何前瞻性聲明進行修訂的義務，或進行更正以反映未來事件或發展，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.
簡明合併經營報表（未經審計）
**（以千為單位，除每股和每股金額外）

	截至 3 月 31 日的三個月
	2026			2025
淨銷售額	$	28,524			$	40,534
銷售成本		26,687				33,657
毛利潤		1,837				6,877
運營費用：
銷售、一般和行政費用		10,568				17,863
營業損失		(8,731	)			(10,986	)
利息費用		(5,866	)			(3,377	)
其他（費用）收入，淨額		(122	)			60
税前損失		(14,719	)			(14,303	)
所得税收益（費用）		108				(82	)
淨損失	$	(14,611	)		$	(14,385	)

每股淨損失：
基本	$	(3.07	)		$	(3.12	)
稀釋	$	(3.07	)		$	(3.12	)
普通股加權平均流通股數：
基本		4,763,731				4,614,510
稀釋		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.
簡明合併資產負債表（未經審計）
（以千為單位，除每股和每股金額外）

	2026年3月31日			2025年12月31日
資產
流動資產：
現金及現金等價物	$	4,811			$	6,309
限制性現金		537				—
應收賬款，淨額		12,082				8,186
存貨		28,806				33,324
預付費用及其他流動資產		2,885				3,622
待售資產		1,415				—
流動資產總計		50,536				51,441
不動產、廠房及設備，淨額		27,649				30,334
租賃使用權資產		35,559				37,765
無形資產，淨額		2,801				2,801
其他資產		1,215				1,463
資產總計	$	117,760			$	123,804
負債及股東權益赤字
流動負債：
應付賬款	$	14,526			$	9,752
應計費用及其他流動負債		12,196				7,688
遞延收入		1,755				2,742
租賃負債的流動部分		7,576				7,543
融資租賃負債的流動部分		451				455
長期債務的流動部分		114,419				111,853
流動負債總計		150,923				140,033
長期租賃負債		30,645				32,800
長期融資租賃負債		7,263				7,381
長期債務		44				50
遞延所得税負債		2,131				2,130
其他長期負債		4,889				4,706
負債總計		195,895				187,100
承諾與或有事項
股東權益赤字
普通股（面值$0.0001；授權 300,000,000 股；截至2026年3月31日和2025年12月31日已發行並流通 4,764,612 股和 4,667,004 股）		—				—
額外實收資本		791,380				791,227
累計其他綜合損失		(7,653	)			(7,272	)
累計赤字		(861,862	)			(847,251	)
股東權益總計		(78,135	)			(63,296	)
負債及股東權益總計	$	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 指標的調節
**（以千為單位，除每股和每股金額外）
（未經審計）

	截至 3 月 31 日的三個月
	2026		2025
調整後毛利潤的調節：
毛利潤（GAAP）	$	1,837		$	6,877
折舊、耗竭和攤銷		991			1,313
重組費用 1		1,689			342
調整後毛利潤（非 GAAP）	$	4,517		$	8,532

佔淨銷售額的百分比：
毛利潤率（GAAP）		6.4	%		17.0	%
調整後毛利潤率（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 日的三個月
	2026		2025
調整後銷售、一般和行政費用的調節：
銷售、一般和行政費用（GAAP）	$	10,568		$	17,863
折舊、耗竭和攤銷		40			5,996
重組費用 1		808			20
其他 2		41			184
基於股票的補償 3		170			475
債務交易和戰略選擇 4		1,060			208
調整後銷售、一般和行政費用（非 GAAP）	$	8,449		$	10,980

佔淨銷售額的百分比：
銷售、一般和行政費用（GAAP）		37.0	%		44.1	%
調整後銷售、一般和行政費用（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 日的三個月		2026	2025
調整後 EBITDA 的調節：
淨虧損（GAAP）	$	(14,611	)	$	(14,385	)
利息支出		5,866			3,377
所得税（收益）費用		(108	)		82
折舊、耗竭和攤銷		1,031			7,309
重組費用 1		2,497			362
其他 2		41			184
基於股票的補償 3		170			475
債務交易和戰略選擇 4		1,060			208
其他費用（收入），淨 5		122			(60	)
調整後 EBITDA（非 GAAP）	$	(3,932	)	$	(2,448	)

佔淨銷售額的百分比：
淨虧損（GAAP）		(51.2	)%		(35.5	)%
調整後 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 日的三個月		2026	2025
自由現金流的調節：
經營活動中使用的淨現金（GAAP）：	$	(759	)	$	(11,763	)
資本支出（物業、廠房和設備）（GAAP）		(19	)		(244	)
自由現金流（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 與非 GAAP 調節的説明（調整後毛利潤、調整後 SG&A、調整後 EBITDA 和自由現金流）：

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日的三個月，重組費用主要與非現金庫存減值和為搬遷和終止某些設施而產生的現金費用有關。截止2025年3月31日的三個月，重組費用主要與搬遷和終止某些設施而產生的費用以及與製造設施整合相關的非現金庫存減值有關。
截至2026年3月31日的三個月，其他費用主要由某些法律費用組成。截止2025年3月31日的三個月，其他費用主要與2025年2月12日實施的 1 比 10 反向股票拆分相關的法律費用以及遣散費用有關。
包括基於股票的補償及相關的僱主工資税。
截至2026年3月31日的三個月，債務交易和戰略選擇費用包括與債務交易相關的法律和顧問服務，包括寬容協議。截止2025年3月31日的三個月，債務交易和戰略選擇費用包括潛在收購、剝離或戰略組合的諮詢、交易服務和法律費用。這些金額之前在標題為 “收購和整合費用” 的項目中列示。
截至2026年3月31日的三個月，其他費用淨額主要與公司循環信貸額度終止時記錄的債務清償損失有關。截止2025年3月31日的三個月，其他收入淨額主要與外匯匯率的損益及其他非經營性收入和費用有關。

Non-GAAP Financial Measures

非 GAAP 財務指標

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.

我們根據美國公認會計原則（“GAAP”）報告我們的財務結果。管理層認為，某些非 GAAP 財務指標為投資者提供了額外的有用信息，以評估我們的業績，並且排除某些可能在頻率和幅度上大幅波動的項目，從淨虧損中提供了有用的補充指標，幫助評估我們產生收益的能力，並更容易地比較這些指標在過去和未來期間之間。這些非 GAAP 財務指標可能與其他公司使用的類似標題的指標不同。

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.

為了補充我們根據 GAAP 編制的簡明合併財務報表，我們使用 “調整後 EBITDA”、“調整後毛利潤”、“調整後 SG&A”、“自由現金流”、“淨債務” 和 “流動性” 等非 GAAP 財務指標。我們還將這些非 GAAP 指標中的某些指標以淨銷售額的百分比呈現。我們的非 GAAP 財務指標不應孤立於 GAAP 編制的財務信息之外，或作為其替代品。與最接近的 GAAP 指標相比，使用我們的非 GAAP 財務指標存在若干限制。

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.

我們將 調整後 EBITDA（非 GAAP）定義為淨虧損（GAAP）減去利息支出、所得税、折舊、耗竭和攤銷、包括僱主工資税的基於股票的補償、重組費用、減值、遣散費、資產處置損失、其他收入/費用淨額以及其他非現金、異常和/或不頻繁的費用（即收購和整合費用），我們在評估持續經營業績時不考慮這些費用。

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.

我們將 調整後 EBITDA（非 GAAP）佔淨銷售額的百分比 定義為調整後 EBITDA（如上所定義）除以相應期間的淨銷售額。

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.

我們將 調整後毛利潤（非 GAAP）定義為毛利潤（GAAP）減去折舊、耗竭和攤銷、重組費用、遣散費和其他費用，以及其他非現金、異常和/或不頻繁的費用，我們在評估持續經營業績時不考慮這些費用。

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.

我們將 調整後毛利率（非 GAAP）定義為淨銷售額的百分比，即調整後毛利（如上所定義）除以相應期間的淨銷售額。

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.

我們將 調整後銷售和管理費用（非 GAAP）定義為銷售和管理費用（GAAP）減去折舊、耗竭和攤銷、包括僱主在股票薪酬上的工資税、重組費用、遣散費及其他費用，以及其他非現金、異常和/或不頻繁的成本（即收購和整合費用），這些費用在我們評估持續經營表現時不予考慮。

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.

我們將 調整後銷售和管理費用（非 GAAP）定義為淨銷售額的百分比，即調整後銷售和管理費用（如上所定義）除以相應期間的淨銷售額。

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.

我們將 自由現金流（非 GAAP）定義為來自（用於）經營活動的淨現金減去用於物業、廠房和設備的資本支出。我們認為這提供了對公司產生現金和維持流動性的能力的額外洞察。然而，自由現金流並不代表可用於投資或其他自由支配用途的資金，因為它不扣除用於償還債務的現金或其他融資活動或投資活動的現金流。

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

我們將 流動性 定義為總現金、現金等價物和受限現金（如適用）。

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.

我們將 淨債務 定義為未償還的總債務本金加上融資租賃負債和其他債務，減去現金、現金等價物和受限現金（如適用）。

Contacts:Investor Contactir@hydrofarm.com

 聯繫人：投資者聯繫 ir@hydrofarm.com

Hydrofarm Holdings Group 公佈 2026 年第一季度財報 | HYFM 股票新聞