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GrowLife, Inc. Reports 80% Increase in Year-Over-Year Revenue in Year End 2019 Financial Results and Operational Highlights Filing

Company Files Annual Report on Financial Results and Operational Highlights from 2019

Summary:

  • GrowLife experienced revenue growth of 80% year-over-year in 2019 as compared to year end 2018, to $8,218k from $4,573k
  • GrowLife increased gross profit over 444% year-over-year in 2019 as compared to year end 2018, to $2,549k from $468k
  • GrowLife increased profit margin to 31% at year-end 2019 from 10.2% at year-end 2018
  • GrowLife announced its strategic move into the CBD-rich hemp clone market, creating expanded revenue opportunities in the new year
  • GrowLife completed strategic financial transactions including a stock reverse increasing access to investment and the retirement of over one-half billion stock warrant shares

GrowLife Cannabis Stock Pot Stock Hemp Stock NewsKIRKLAND, Wash., April 02, 2020 (GLOBE NEWSWIRE) — GrowLife, Inc. (PHOT) (“GrowLife” or the “Company”), one of the nation’s most recognized indoor cultivation product and service providers, today announced financial results for the quarter and year ending Dec. 31, 2019, and provided an overview of recent operational highlights. The Company reported continued growth in its revenue, reporting $8,218k for the period ending Dec. 31, 2019, an increase of 80% year-over-year when compared to the same period in 2018. Additionally, with a focus on increasing profitability, the company reported $2,549k in gross profit for the period ending Dec. 31, 2019, an increase of $2.1m year-over-year when compared to the same period in 2018. This increase can be attributed to the high-margins provided by the Company’s most recent acquisition EZ-CLONE, where overall gross margins for the Company increased to 31% for the period ending Dec. 31, 2019, up from just 10% in the previous year in the same period.

“Our team, along with our customers and partners, put it all together to make 2019 a great year. An 80% revenue growth is exciting and our second-best year ever. However, the real story is the record-setting gross margins of $2.5 million. It would take all of our gross margins combined over the past five years to surpass what we generated in just this last year alone… and we are just getting started with clones, which is another high-margin business,” said GrowLife CEO Marco Hegyi. “When we kicked off 2019, we focused our management team on expanding our EZ-CLONE business, which is what drove up our gross margins. In 2020, we will continue to drive EZ-CLONE while entering the CBD-rich hemp clone space with equally strong gross margins.”

Hegyi continued, “In 2019 we did a great deal of work in getting ready to build on our partnerships, offerings and sales programs, preparing us to enter the rapidly expanding CBD market. Today, with our exclusive genetic and propagation partners, we have built the infrastructure to supply millions of high-quality, CBD-rich hemp clones among the key states, even faster than we imagined. We are not only continuing to supply industry-leading propagation equipment with EZ-CLONE but also offering the best genetic clones available. Yes, 2019 was a great year for GrowLife.”

Best Hemp and Cannabis Stock Investment

Operation Highlights for 2019 Included:

Executed on a Solid Fiscal Strategy

Entered New Markets in Hemp and Expanded Product Offering

Expanded Intellectual Property Portfolio

Participated in Trade Shows and Speaking Engagements

YEAR-END 2019 FINANCIAL RESULTS
 
Net Revenue: For the period ending Dec. 31, 2019, GrowLife showed net revenue of $8,217,562, as compared to revenue of $4,573,461 for the period that ended December 31, 2018 – an increase of 79.7%.

Gross Profit: For the period ending Dec. 31, 2019, GrowLife had Gross Profit of $2,549,127 as compared to $468,289 for the period ending Dec. 31, 2018 – an increase of 444%.

Net Loss: For the period ending Dec. 31, 2019, GrowLife had a Net Loss of $7,285,445 as compared to $11,473,136 for the period ending Dec. 31, 2018.

Cash Flow used in Operations: For the period ending Dec. 31, 2019, GrowLife had Cash Flow Used in Operations of $2,909,811 as compared to $3,854,505 for the year ending Dec. 31, 2018.

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.

Public Relations Contact:

CMW Media
Cassandra Dowell, 858-264-6600
cassandra@cmwmedia.com
www.cmwmedia.com

Investor Relations Contact:
investors@growlifeinc.com
206-483-0059

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.

GrowLife, Inc. Reports 80% Increase in Year-Over-Year Revenue in Year End 2019 Financial Results and Operational Highlights Filing


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