AeroGrow leases new office space on top of first full-year profit

BOULDER — AeroGrow International Inc. (OTCQB: AERO) has signed a seven-year lease for a 14,630-square-foot facility in Boulder after posting their first profitable year from operations in their history.

The Boulder-based producer of indoor gardens will pay between $17.25 and $21.20 over the life of the term for 5405 Spine Road in Boulder for office space and laboratory uses, according to filings with the U.S. Securities and Exchange Commission.

The lease begins Oct. 1 and ends Sept. 30, 2026, with two options to renew the lease for an additional five years. The Colorado Group in Boulder is the landlord.

AeroGrow also posted net revenue of $34,366,000 and gross profits of $11,971,000 for their fiscal year ending on March 31, according to their year-end filings. The company posted $6,000 in income from operations for the year, after previously taking $448,000 in operating losses in their previous fiscal year.

However, the company posted a net loss of $291,000 for the fiscal year, mainly due to interest expenses.

In a statement, CEO Mike Wolfe said he believes AeroGrow is approaching a “tipping point” in performance based on the $524,000 in operating income the company posted in its fourth quarter compared with $4,000 in operating income in the year prior.

He also said the company is revising its general marketing strategy, which he said was not effective as planned and led to sales dipping in the period between Cyber Monday and Christmas.

BOULDER — AeroGrow International Inc. (OTCQB: AERO) has signed a seven-year lease for a 14,630-square-foot facility in Boulder after posting their first profitable year from operations in their history.

The Boulder-based producer of indoor gardens will pay between $17.25 and $21.20 over the life of the term for 5405 Spine Road in Boulder for office space and laboratory uses, according to filings with the U.S. Securities and Exchange Commission.

The lease begins Oct. 1 and ends Sept. 30, 2026, with two options to renew the lease for an additional five years. The Colorado Group in Boulder is the landlord.

AeroGrow also posted net revenue of $34,366,000 and gross profits of $11,971,000 for their fiscal year ending on March 31, according to their year-end filings. The company posted $6,000 in income from operations for the year, after previously taking $448,000 in operating losses in their previous fiscal year.

However, the company posted a net loss of $291,000 for the fiscal year, mainly due to interest expenses.

In a statement, CEO Mike Wolfe said he believes AeroGrow is approaching a “tipping point” in performance based on the $524,000 in operating income the company posted in its fourth quarter compared with $4,000 in operating income in the year prior.

He also said the company is revising its general marketing strategy, which he said was not effective as planned and led to sales dipping in the period between Cyber Monday and Christmas.