How did SMG's revenue and expenses trend in Q1 2025 compared to previous quarters?

Scotts Miracle-Gro's (SMG) revenue and expenses in Q1 2025 showed notable improvements compared to the previous quarter, Q1 2024, and the quarter before, Q1 2023. 1. **Revenue Trend**: - In Q1 2025, SMG's revenue was $416.8 million. - This was a notable increase from the $410.4 million reported in Q1 2024. - Compared to Q1 2023, there was also an improvement, although the exact figure is not provided, the overall trend indicates a positive performance. 2. **Expense Trend**: - Adjusted gross margins improved to 24% in Q1 2025, which helped narrow losses. - This was a significant improvement from the 13.7% gross margin in Q1 2024. - The company's adjusted EBITDA was $3.8 million in Q1 2025, a substantial recovery from the loss of $25.8 million in the same quarter of the previous year. 3. **Segment Performance**: - U.S. Consumer net sales increased by 11% to $340.9 million, driven by a strong fall season and early retailer load-in for the spring season. - Hawthorne segment sales decreased by 35% to $52.1 million due to the strategic exit from third-party distribution. 4. **Financial Health Indicators**: - The company's cash and equivalents were valued at $9.8 million, with inventories at $909.8 million. - Long-term debt totaled $2.636 billion. In conclusion, SMG's revenue and expenses in Q1 2025 reflect a company that is improving its financial performance, driven by stronger consumer engagement and a favorable product mix. The adjusted gross margins and EBITDA improvements are indicative of better operational efficiency and reduced losses. However, the decrease in Hawthorne segment sales highlights the impact of strategic changes in their distribution渠道策略.