News

GrowLife, Inc. Reports Increase in Revenue YoY and Operating Profit in Q2 2021 Filing

Company Files Second Quarter 2021 Financial and Operational

Results
 

Financial Summary:

·        

GrowLife

reported more than $2.1 M in revenue for the quarter ending June 30, 2021, a

17% increase when compared to the same period in 2020

·        

GrowLife

achieved $204K in operating profit for the quarter ending June 30, 2021, a record

for the Company

·        

GrowLife

increased its gross margins to 59% for the period, up from 39% in the same

period of 2020

·        

GrowLife

reports cash position in excess of $1.2 M, a $700k increase when compared to

the same period in 2020
 

KIRKLAND, Wash. – (NewMediaWire) – August 23, 2021 – 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 three-month period ending June 30, 2021.  

“While

global economies continue to stabilize through the COVID-19 pandemic, GrowLife

was able to continue to grow revenues while further cutting costs,” said

GrowLife CEO Marco Hegyi. “We are excited to report a 9.4% operating

profit as we enter the second half of this year and are ready to continue to

capitalize on the expanding opportunity that is the cannabis sector. While the

move towards nationwide legalization has been slower than anticipated, the

industry continues to grow at an exponential pace. We are seeing new markets

coming online almost monthly which only furthers the need for the products

GrowLife provides. Our outlook remains strong and we plan to further identify

ways to create a more profitable business overall.”

The

Company generated $2.1M in revenue for the second quarter of 2021. Gross margins

continued to increase, up from 39% in Q2 of 2020 to 59% in Q2 2021, and the

Company’s cash position at the end of the period was $1.2 M.

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. GrowLife is headquartered in

Kirkland, Washington and was founded in 2012.

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. 

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The post GrowLife, Inc. Reports Increase in Revenue YoY and Operating Profit in Q2 2021 Filing first appeared on Smallcaps Daily.

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