After a Successful Launch of its Design-Build Division, urban-gro, Inc. Signs Over $50 Million in Design-Build Contracts in the Third Quarter

Rhea-AI Summary

urban-gro, Inc. (Nasdaq: UGRO) announced strong growth in its design-build division, signing over $50 million in new contracts during Q3 2022. Following its acquisition of Emerald Construction Management, the company now offers a comprehensive design-build solution, managing everything from architecture to equipment integration. CEO Bradley Nattrass expressed confidence in ongoing client interest and reiterated guidance for Q3, highlighting the company’s strategy for sustainable growth in the Controlled Environment Agriculture (CEA) sector and beyond.

Positive

• Signed over $50 million in design-build contracts in Q3 2022.
• Launched a full turnkey design-build solution enhancing service offerings.
• Diverse client base including cannabis CEA and global consumer packaged goods.

Negative

• None.

LAFAYETTE, Colo., Oct. 11, 2022 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), an integrated professional services and design-build firm offering solutions to the Controlled Environment Agriculture (“CEA”) and Commercial sectors, today provided an update on the success of its design-build division and reiterated its guidance for the third quarter 2022.

After the acquisition of Emerald Construction Management in the second quarter, urban-gro launched its full turnkey design-build solution where the Company provides a single point of responsibility, and manages architecture, engineering, cultivation design, construction, as well as equipment procurement and integration. urban-gro’s leading, in-house professional services team provides design-build solutions for cultivation facilities, retail dispensaries, and various building-types within the industrial and healthcare sectors.

These incremental design-build contracts represent more than $50 million of signed projects in the third quarter, and are from a diverse set of clients including cannabis CEA clients, as well as leading global consumer packaged goods enterprises. Design-build contracts are typically recognized over a timeline of 6 to 24 months and are separate from any associated professional services or equipment system orders.

Bradley Nattrass, Chairman and Chief Executive Officer, commented, “Client interest and engagement in our turnkey design-build capabilities have continued to progress as expected, and these new contracts demonstrate tangible value for urban-gro and our clients. While we are reiterating our third quarter guidance, the momentum we have established entering the fourth quarter gives me great confidence that the investments we are making in the business are positioning urban-gro for sustainable and consistent global growth over the long-term.”

About urban-gro, Inc.
urban-gro, Inc.^® (Nasdaq: UGRO) is an integrated professional services and design-build firm. We offer value-added architectural, engineering, and construction management solutions to the Controlled Environment Agriculture (“CEA”), industrial, healthcare, and other commercial sectors. Innovation, collaboration, and creativity drive our team to provide exceptional customer experiences. With offices across North American and in Europe, we deliver Your Vision – Built. Learn more by visiting www.urban-gro.com.

Investor Contacts:
Dan Droller: urban-gro, Inc.
EVP Corporate Development & Investor Relations
-or-
Jeff Sonnek: ICR, Inc.
(720) 730-8160
investors@urban-gro.com

Media Contact:
Mark Sinclair – MATTIO Communications
(650) 269-9530
urbangro@mattio.com

FAQ

What recent achievements has urban-gro (UGRO) reported for Q3 2022?

urban-gro reported over $50 million in signed design-build contracts in Q3 2022, indicating robust demand for its services.

How has the acquisition of Emerald Construction Management impacted urban-gro's services?

The acquisition has allowed urban-gro to launch a comprehensive turnkey design-build solution, enhancing its capabilities.

What sectors does urban-gro focus on with its design-build solutions?

urban-gro focuses on the Controlled Environment Agriculture (CEA), industrial, healthcare, and commercial sectors.

What is urban-gro's strategy for sustainable growth?

The company aims for sustainable growth by leveraging its design-build capabilities and expanding its client base in various sectors.