{"url_path":"/sec/hyfm/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1695295/0001437749-26-017373-index.html","accession_number":"0001437749-26-017373","cik":"0001695295","ticker":"HYFM","issuer_name":"HYDROFARM HOLDINGS GROUP, INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1695295/0001437749-26-017373-index.html","primary_entity_key":"0001695295","primary_entity_name":"HYDROFARM HOLDINGS GROUP, INC."},"word_count":1748,"has_tables":true,"body_markdown":"hyfm20260331_10q.htm\n\n0001695295\nHYDROFARM HOLDINGS GROUP, 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of Contents](#toc)\n\n \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n \n\n**FORM 10-Q**\n\n \n\n \n\n**(Mark One)**\n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the period ended March 31, 2026**\n\n \n\n**OR**\n\n \n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For transition period from to**\n\n \n\n**Commission File Number: 001-39773**\n\n \n\n \n\n**Hydrofarm Holdings Group, Inc.**\n\n \n\n(Exact name of registrant as specified in its charter)\n\n \n\n**Former Name or Former Address, if changed since last report: Not Applicable**\n\n \n\n \n\n**Delaware**\n\n**81-4895761**\n\n(State or other jurisdiction of\n\nincorporation or organization)​\n\n(I.R.S. Employer\n\nIdentification Number)\n\n \n\n**​1510 Main Street**\n\n**Shoemakersville, Pennsylvania 19555**\n\n**(707) 765-9990**\n\n(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)\n\n \n\n \n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n \n\n**Title of each class**\n\n**Trading Symbol**\n\n**Name of each exchange on which registered**\n\n**Common Stock, $0.0001 par value per share**\n\n**HYFM**\n\n**Nasdaq Stock Market LLC**\n\n \n\nIndicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐\n\n \n\n[Table of Contents](#toc)\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n​\n\n​\n\nEmerging growth company\n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒\n\n \n\nAs of May 11, 2026, the registrant had 4,764,612 shares of common stock, $0.0001 par value per share, outstanding.\n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n \n\n \n\n​\n\n**Page**\n\n[**Part I - Financial Information**](#part1)\n\n[Item 1.](#financialstmts)\n\n[Unaudited Financial Statements](#financialstmts)\n\n[1](#financialstmts)\n\n \n\n[Condensed Consolidated Balance Sheets](#balancesheets)\n\n[1](#balancesheets)\n\n \n\n[Condensed Consolidated Statements of Operations](#operationsstmts)\n\n[2](#operationsstmts)\n\n \n\n[Condensed Consolidated Statements of Comprehensive Loss](#complossstmts)\n\n[3](#complossstmts)\n\n \n\n[Condensed Consolidated Statements of Changes in Stockholders' Equity](#equitystmts)\n\n[4](#equitystmts)\n\n \n\n[Condensed Consolidated Statements of Cash Flows](#cashflowsstmts)\n\n[5](#cashflowsstmts)\n\n \n\n[Notes to the Condensed Consolidated Financial Statements](#notes)\n\n[6](#notes)\n\n[Item 2.](#mda)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#mda)\n\n[25](#mda)\n\n[Item 3.](#quantitative)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#quantitative)\n\n[34](#quantitative)\n\n[Item 4.](#controls)\n\n[Controls and Procedures](#controls)\n\n[35](#controls)\n\n \n\n \n\n \n\n[**Part II - Other Information**](#part2)\n\n[Item 1.](#legal)\n\n[Legal Proceedings](#legal)\n\n[36](#legal)\n\n[Item 1A.](#risk)\n\n[Risk Factors](#risk)\n\n[36](#risk)\n\n[Item 2.](#unregistered)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#unregistered)\n\n[36](#unregistered)\n\n[Item 3.](#defaults)\n\n[Defaults Upon Senior Securities](#defaults)\n\n[36](#defaults)\n\n[Item 4.](#mine)\n\n[Mine Safety Disclosures](#mine)\n\n[36](#mine)\n\n[Item 5.](#otherinfo)\n\n[Other Information](#otherinfo)\n\n[36](#otherinfo)\n\n[Item 6.](#exhibits)\n\n[Exhibits](#exhibits)\n\n[37](#exhibits)\n\n \n\n[Signatures](#signatures)\n\n[38](#signatures)\n\n \n\n[Table of Contents](#toc)\n\n \n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\n \n\nThis Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements concerning our business strategy and plans, future operating results and financial position, as well as our objectives and expectations for our future operations, are forward-looking statements.\n\n \n\nIn some cases, you can identify forward-looking statements by such terminology as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect” and similar expressions that convey uncertainty of future events or outcomes, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, statements about:\n\n \n\n \n\n•\n\nour ability to continue as a going concern;\n\n \n\n \n\n•\n\nour current level of indebtedness and our compliance with the terms of the forbearance agreement that we entered into with our lenders under our term loan on April 8, 2026 (the “Forbearance Agreement”);\n\n \n\n \n\n•\n\nthe results of and expectations regarding our acquisitions, dispositions and strategic alliances, and our ability to effect strategic transactions in the future;\n\n \n\n \n\n•\n\nindustry conditions, including oversupply and decreasing prices of our customers' products which, in turn, have materially adversely impacted our sales and other results of operations and which may continue to do so in the future;\n\n \n\n \n\n•\n\npotential tariffs or interruptions to global trade;\n\n \n\n \n\n•\n\nthe potential for future charges associated with the impairment of our long-lived assets, inventory allowances and purchase commitment losses, and accounts receivable reserves;\n\n \n\n \n\n•\n\nour liquidity and our ability to resolve claims from unsecured creditors in the ordinary course of business;\n\n \n\n \n\n•\n\nour ability and intent to access bankruptcy courts, receivership or similar processes, or otherwise wind-up our business and liquidate;\n\n \n\n \n\n•\n\nour ability to meet the continued listing standards of The Nasdaq Capital Market (\"Nasdaq\");\n\n \n\n \n\n•\n\nthe anticipated impact of our restructuring activities on our expenses and cash expenditures;\n\n \n\n \n\n•\n\npotential dilution that may result from equity financings while our stock prices are depressed;\n\n \n\n \n\n•\n\nthe conditions impacting our customers, including related crop prices and other factors impacting growers;\n\n \n\n \n\n•\n\nthe adverse effects of public health epidemics, including the COVID-19 pandemic, on our business, results of operations and financial condition;\n\n \n\n \n\n•\n\ninterruptions in our supply chain;\n\n \n\n \n\n•\n\nfederal and state legislation and regulations pertaining to agricultural products and the use and cultivation of cannabis in the United States and Canada;\n\n \n\n \n\n•\n\npublic perceptions and acceptance of cannabis use;\n\n \n\n \n\n•\n\nfluctuations in the price of various crops and other factors affecting growers;\n\n \n\n \n\n•\n\nour long-term non-cancellable leases under which many of our facilities operate, and our ability to renew or terminate our leases;\n\n \n\n \n\n•\n\nour reliance on, and relationships with, a limited base of key suppliers for certain products;\n\n \n\n \n\n•\n\nour ability to keep pace with technological advances;\n\n \n\n \n\n•\n\nour ability to execute our e-commerce business;\n\n \n\n \n\n•\n\nthe costs of being a public company;\n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\n•\n\nour ability to successfully identify appropriate acquisition targets, successfully acquire identified targets or successfully integrate the business of acquired companies;\n\n \n\n \n\n•\n\nthe success of our marketing activities;\n\n \n\n \n\n•\n\nthe potential for a disruption or breach of our information technology systems or cyber-attack;\n\n \n\n \n\n•\n\nour dependence on third parties, or the performance of third parties on which we depend;\n\n \n\n \n\n•\n\nany change to our reputation or to the reputation of our products;\n\n \n\n \n\n•\n\nthe fluctuation in the prices of the products we distribute;\n\n \n\n \n\n•\n\ncompetitive industry pressures;\n\n \n\n \n\n•\n\nthe consolidation of businesses within our industry;\n\n \n\n \n\n•\n\ncompliance with environmental, health and safety laws;\n\n \n\n \n\n•\n\nour ability to protect and defend against litigation, including claims related to intellectual property rights;\n\n \n\n \n\n•\n\nproduct shortages and relationships with key suppliers;\n\n \n\n \n\n•\n\nour ability to attract and retain key employees;\n\n \n\n \n\n•\n\nthe volatility of the price of our common stock;\n\n \n\n \n\n•\n\nthe marketability of our common stock; and\n\n \n\n \n\n•\n\nother risks and uncertainties, including those listed herein as well as under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 27, 2026 (the “2025 Annual Report”).\n\n \n\nWe have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, and financial needs. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. We disclaim any intention or obligation to publicly update or revise any forward-looking statements for any reason or to conform such statements to actual results or revised expectations, except as required by law.\n\n \n\n \n\nSPECIAL NOTE REGARDING USE OF TRADE NAMES AND TRADEMARKS\n\n \n\n“Hydrofarm” and other trade names and trademarks of ours appearing in this Quarterly Report on Form 10-Q are our property. This Quarterly Report on Form 10-Q contains trade names and trademarks of other companies, which are the property of their respective owners. We do not intend our use or display of other companies’ trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.\n\n \n\n \n\nSPECIAL NOTE REGARDING CERTAIN TERMINOLOGY IN THIS ANNUAL REPORT ON FORM 10-Q\n\n \n\nUnless the context otherwise indicates, references in this Quarterly Report on Form 10-Q to the terms “Hydrofarm,” “the Company,” “we,” “our” and “us” refer to Hydrofarm Holdings Group, Inc. and its subsidiaries.\n\n \n\n[Table of Contents](#toc)\n\n**PART I - FINANCIAL INFORMATION**"}