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GrowGeneration vs iPower: revenue, profit, margins and growth compared

GrowGeneration brought in $161.7M of revenue in fiscal 2025, iPower $66.1M in fiscal 2025. Revenue changed by -14.4% at GrowGeneration and -23.2% at iPower on the year before, so GrowGeneration grew faster. GrowGeneration kept -14.9% of its revenue as net profit, iPower -7.5%.

Side by side, latest fiscal year

GRWGIPW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (June 30, 2025)
Revenue$161.7M$66.1M
Revenue growth-14.4%-23.2%
Net income-$24M-$5M
Net margin-14.9%-7.5%
Free cash flown/a-$742.8K
Free cash flow marginn/a-1.1%
Earnings per share (diluted)-$0.40-$0.16
Cash$30.4M$1.7M
Debtn/an/a
Price to earningsn/an/a
Market value$91.9M$976.3K
Dividend yieldn/an/a
Rank by revenue in sector#690 of 955 · Consumer discretionary#751 of 955 · Consumer discretionary

Over the years

Revenue
GRWG FY2018: $29MGRWG FY2019: $79.7MGRWG FY2020: $193.4MGRWG FY2021: $422.5MGRWG FY2022: $278.2MGRWG FY2023: $225.9MGRWG FY2024: $188.9MGRWG FY2025: $161.7MIPW FY2021: $39.9MIPW FY2021: $54.1MIPW FY2022: $79.4MIPW FY2023: $88.9MIPW FY2024: $86.1MIPW FY2025: $66.1MFY18FY19FY20FY21FY22FY23FY24FY25
GRWG $161.7MIPW $66.1M
Net income
GRWG FY2018: -$5.1MGRWG FY2019: $1.3MGRWG FY2020: $5.3MGRWG FY2021: $12.8MGRWG FY2022: -$163.7MGRWG FY2023: -$46.5MGRWG FY2024: -$49.5MGRWG FY2025: -$24MIPW FY2021: $2MIPW FY2021: -$775.7KIPW FY2022: $1.5MIPW FY2023: -$12MIPW FY2024: -$1.5MIPW FY2025: -$5MFY18FY19FY20FY21FY22FY23FY24FY25
GRWG -$24MIPW -$5M
Net margin
GRWG FY2018: -17.5%GRWG FY2019: 1.7%GRWG FY2020: 2.8%GRWG FY2021: 3.0%GRWG FY2022: -58.9%GRWG FY2023: -20.6%GRWG FY2024: -26.2%GRWG FY2025: -14.9%IPW FY2021: 5.0%IPW FY2021: -1.4%IPW FY2022: 1.9%IPW FY2023: -13.5%IPW FY2024: -1.8%IPW FY2025: -7.5%FY18FY19FY20FY21FY22FY23FY24FY25
GRWG -14.9%IPW -7.5%
Revenue growth
GRWG FY2019: +174.9%GRWG FY2020: +142.5%GRWG FY2021: +118.5%GRWG FY2022: -34.2%GRWG FY2023: -18.8%GRWG FY2024: -16.4%GRWG FY2025: -14.4%IPW FY2021: +35.4%IPW FY2022: +46.9%IPW FY2023: +11.9%IPW FY2024: -3.2%IPW FY2025: -23.2%FY19FY20FY21FY22FY23FY24FY25
GRWG -14.4%IPW -23.2%
Free cash flow
GRWG FY2018: -$1.6MIPW FY2021: $1.1MIPW FY2021: -$12.8MIPW FY2022: -$17.1MIPW FY2023: $9.1MIPW FY2024: $6.2MIPW FY2025: -$742.8KFY18FY21FY22FY23FY24FY25
GRWG -$1.6MIPW -$742.8K

Fiscal years as each company reports them; the two may end in different months.

Questions about GrowGeneration and iPower

Which is bigger by revenue, GrowGeneration or iPower?

GrowGeneration is bigger by revenue: $161.7M in fiscal 2025, against $66.1M for iPower in fiscal 2025.

Which keeps more of its revenue as profit, GrowGeneration or iPower?

GrowGeneration had a net margin of -14.9% in fiscal 2025; iPower had -7.5% in fiscal 2025.

Which grew revenue faster, GrowGeneration or iPower?

In their latest fiscal years revenue changed by -14.4% at GrowGeneration and -23.2% at iPower.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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