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.
