Thank you, Michael. Good morning, and welcome to our second quarter earnings call.
Before we begin our Q2 earnings call, I’d like to begin by thanking our staff and customers for their hard work, dedication and loyalty during this time of uncertainty.
As we continue to monitor the COVID-19 outbreak, GrowGen is considered an essential supplier to the agricultural industry, supplying the nutrients and nourishments required to feed their plants. Accordingly, all our 28 stores are opened during this difficult time and remain open.
We have plans and procedures in place to ensure our customers and employees stay safe during this time of uncertainty.
All of us at GrowGen remain committed to the safety and well-being of our customers and employees. On August 12, GrowGen entered into a partnership with Whole Cites Foundation, committing to donate product to develop urban farms across the United States.
We’re excited to report another quarter of record financial results and performance by our company.
As I reflect on the quarter’s results, I remind myself and our team that GrowGen is in the early stages of a multibillion-dollar industry, with tremendous growth ahead of us. GrowGen was built through hard work, limited capital and organic growth from 2014 to 2018. We built the foundation for growth in those early years. And in 2018, we raised $20 million that we invested in our business, driving sales from $30 million in 2018 to $80 million in 2019. On August 10, we surpassed the $100 million in sales, with over 18 weeks still to go in the year. The company’s Q2 2020 record financial results reflect our continued focus on revenue growth and adjusted EBITDA expansion. Q2 2020 was the company’s 10th consecutive record quarter of revenue.
As we continue to outpace our guidance, we were increasing fiscal year 2020 revenue guidance to $170 million to $175 million and increasing adjusted EBITDA guidance for 2020 to $17 million to $18 million.
We expect 2020 full-year GAAP pre-tax net income guidance to $7 million to $8 million. Revenue guidance for full-year 2021 is $245 million to $260 million and full-year adjusted EBITDA 2021 is $26 million to $28 million. Revenue was up 123% quarter-over-quarter to approximately $43.5 million versus $19.5 million for Q2 2019. Adjusted EBITDA was $4.6 million for Q2 2020, compared to $1.7 million for Q2 2019. Adjusted EBITDA for Q2 2020 was $0.12 per share basis. Net income from store operations was approximately $7.6 million, compared to $3.1 million for Q2 2019, an increase of 146%.
Our same-store sales were 49% in Q2 2020 versus Q2 2019.
Our online business, growgeneration.com, is projected to exceed $10 million in revenue in 2020, was up 149% for Q2 2020 versus Q2 2019 and up 163% for six months ended Q2 2020 versus six months ended Q2 2019.
Our omni-channel strategy will connect all 28 of our store’s inventories to our e-commerce site, allowing for buy online and pick up in-store functionality. GrowGen’s just-in-time supply chain delivers our product safely and timely to our customers. Today, we offer will-call, curbside and direct-to-farm shipments from all our store locations and through our online e-commerce platform. We can ship to all 52 States. Recently, we have seen a surge in online revenues and we’re well prepared to fulfill these orders.
Our commercial division is projected to do in excess of $30 million in annual revenues for 2020 and added $9.3 million revenues in the quarter, 142% increase for Q2 2020 versus 2019. To highlight our market-by-market growth, Colorado was up 18% quarter-over-quarter, 21% for the six months; California 19%, plus 32% for the six months; Michigan 322%, plus 299% for the six months; and Oklahoma plus 348%, plus 332% for the six months.
Our weekly walk-in transactions are now over 10,000, increased by 50% from Q1 2020 to the end of Q2 2020. On June 16, the company successfully acquired H2O Hydroponics and consolidated with our West Lansing operations into a new 15,000 square foot super hydroponic garden center. The company believes that the combined business will generate over $8 million in annual revenue in 2020. This week, we closed on our store Emerald City Gardens, our 28th store located in the heart of the green zone in Concord, California.
Our commercial revenues for the six months ended June 30, 2020 was $17.7 million, an increase of 181% over the six months ended June 30, 2019.
We have generated more commercial sales in the six months than we did in the entire 2019 year.
We continue to see strong demand for our products that include LED lights, nutrients, additives, soils and other products that outfit and feed grower’s gardens.
Our newly launched private-label Sunleaves nutrients and additives line of product is now generating over $100,000 a month in sales.
We are focused on margin expansion strategies that include furthering the deployment of more private-label products and driving more efficiencies at the purchasing level, as we continue to scale.
We have new acquisitions and new store openings we plan to close during the remainder of 2020, as we continue to drive growth.
Our mergers and acquisition pipeline is the most active it has been since our inception.
We have set a corporate goal to reach 50 stores and 15 states in 2021. GrowGen has a tremendous team of essential employees who have made a commitment to our company and customers, and I couldn’t be any prouder. I’m inspired by their efforts and dedication that they have worked tirelessly to service our customers and communities. I will now turn the call over to Tony Sullivan, our Chief Operating Officer, who will brief everyone on our current COVID-19 risk mitigation procedures and key operation initiatives executed in Q2. And then to our CFO, Monty Lamirato, who’ll provide more detail on our Q2 2020 year results. Tony?