Welcome to our dedicated page for urban-gro news (Ticker: UGRO), a resource for investors and traders seeking the latest updates and insights on urban-gro stock.
urban-gro, Inc. (Nasdaq: UGRO) is a premier cultivation technologies company specializing in delivering top-of-the-line systems, solutions, and technologies to large-scale cannabis cultivators across North America. As an integrated professional services and construction design-build firm, urban-gro provides comprehensive architectural, engineering, procurement, and construction services to clients in the Controlled Environment Agriculture (CEA) and other commercial sectors.
urban-gro is renowned for its innovative cultivation technologies that enhance operational efficiency, reduce costs, and minimize environmental impact. By leveraging cutting-edge technologies, the company helps cultivators achieve scalable growth, optimize economic yield, and ensure sustainability. Recognized as one of the top twenty ancillary companies in the cannabis industry, urban-gro continues to develop proprietary technologies to maximize return on investment.
The company's business model is primarily fee-based, offering knowledge-based services and value-added reselling of equipment. urban-gro’s comprehensive service offerings include architectural design, engineering, systems procurement, integration, and construction design-build solutions. These services cater to clients operating in the CEA, industrial, healthcare, and other commercial sectors.
urban-gro has a substantial project backlog of $110 million as of December 31, 2023, indicating a sequential increase of $26 million. This backlog includes $102 million in construction design-build, $7 million in professional services, and $1 million in equipment systems. The company’s diversified market exposure, where 70% of revenues are tied to commercial sectors and the remaining 30% to CEA, underscores its strategic resilience against market fluctuations.
The company reported revenue of $15.0 million for the fourth quarter of 2023, with a gross profit of $1.7 million, despite facing challenges such as project delays. For the full year 2023, urban-gro achieved revenue of $71.5 million, a 6.7% increase from the previous year. However, the company faced a net loss of $18.7 million, primarily due to reduced demand in the CEA market and ongoing state-level regulatory delays.
Looking ahead, urban-gro anticipates strengthening revenues and achieving positive Adjusted EBITDA in 2024. The company is poised for growth with its professional services and design-build model, supported by an optimized team of architects, engineers, construction management personnel, and horticulturists. With a robust pipeline and sector-diversified approach, urban-gro is well-positioned to capitalize on industry-specific regulatory changes and drive long-term profitable growth.
urban-gro operates offices in Colorado, Texas, Georgia, and the Netherlands, enabling it to serve clients across North America and Europe. The company remains committed to innovation, collaboration, and delivering exceptional customer experiences.
urban-gro (Nasdaq: UGRO) will report its second quarter financial results on August 11, 2021, after market close. An audio webcast and conference call will be held that evening at 5:00 PM ET for investors, featuring a Q&A session. Interested parties can access a dial-in replay of the call until August 25, 2021. urban-gro specializes in engineering and systems integration for Controlled Environment Agriculture (CEA), serving both cannabis and food sectors. For more details, visit urban-gro’s investor relations page.
urban-gro (Nasdaq: UGRO) announced the acquisition of MJ12 Design Studio and its parent company, 2WR+ Partners, for $9.1 million, funded through cash and UGRO stock. This strategic move expands urban-gro's services in Controlled Environment Agriculture (CEA), enhancing its ability to provide integrated architecture and engineering solutions. The acquisition is expected to be accretive to earnings in the current fiscal year, with over 70 open client projects now part of urban-gro's portfolio, positioning the company for growth in the rapidly evolving CEA market.
urban-gro (Nasdaq: UGRO) announced that Todd Statzer, VP of Environmental Sciences Group, will present at CannaCon Midwest on June 26, 2021, discussing Integrated Pest Management (IPM) programs. His lecture will outline IPM's three pillars in the context of Michigan's cannabis market. With over 30 years in agriculture and horticulture, Statzer aims to guide cultivators on effective pest management. urban-gro will also have experts available to address questions about their systems and services at booth #116.
urban-gro, a leading global horticulture company, announced its addition to the Russell 2000® Index, effective June 25, 2021. This index is crucial for investors managing small-cap segments. CEO Bradley Nattrass expressed optimism about leveraging this exposure for shareholder value growth. Additionally, the company appointed Anita Britt and David Hsu to its Board of Directors, enhancing operational and financial expertise. Britt brings over 30 years in financial management, while Hsu has significant experience in controlled environment agriculture (CEA) from his time at Cronos Group.
urban-gro reported record Q1 2021 revenues of $12.0 million, a 182% increase from $4.2 million in Q1 2020. Adjusted EBITDA improved to $0.5 million, up $1.4 million year-over-year. The backlog reached $15.2 million, an increase from $14.6 million at year-end 2020. With a strong cash position of $50 million and minimal debt, the company is positioned for growth. The recent Nasdaq uplisting and a public offering raised $62.1 million, enhancing financial stability.
urban-gro (NASDAQ: UGRO) will report its first quarter 2021 financial results on May 11, 2021, followed by a conference call at 5:00 PM ET. The call will be led by CEO Bradley Nattrass and CFO Dick Akright, discussing operational and financial outcomes. The event will be accessible via phone and live audio webcast, which will also be archived for 90 days. urban-gro specializes in designing and engineering commercial Controlled Environment Agriculture (CEA) facilities, focusing on integrating complex environmental systems.
JTC Team is hosting a Virtual Investor 'Ask the CEO' event from April 21-23, 2021, featuring American Resources Corporation (NASDAQ:AREC), urban-gro, Inc. (NASDAQ:UGRO), and SinglePoint Inc. (OTC PINK:SINGD). This event allows retail investors to engage directly with company executives, offering a brief presentation followed by a 20-minute Q&A session. Investors can submit questions live or in advance via virtualinvestorco.com. The initiative aims to empower the growing community of retail investors.
urban-gro (NASDAQ: UGRO) reported record revenues for Q1 2021, expected to be between $11.8 million and $12.1 million, marking a 174% increase from $4.3 million in Q1 2020. The company anticipates an improvement in income from operations, projected between ($0.1) million and $0.2 million, compared to ($1.4) million the previous year. Adjusted EBITDA is expected to be a record $0.35 million to $0.6 million, improving from ($0.9) million in Q1 2020. As of March 31, 2021, urban-gro's backlog exceeded $15 million, showing strong growth.
urban-gro (NASDAQ: UGRO) has joined the Board of Directors of the National Cannabis Roundtable (NCR), a key advocacy group for federal cannabis reform in the U.S. The announcement emphasizes urban-gro's commitment to shaping effective legislation for the cannabis industry. Represented by CEO Bradley Nattrass, the company aims to leverage its crop-agnostic Controlled Environment Agriculture (CEA) expertise to promote safety and integrity in the cannabis market. NCR prioritizes decriminalization, patient safety, and equitable treatment for cannabis businesses, aligning with urban-gro's mission.
urban-gro reported record revenues of $25.8 million in 2020, a 7% increase over 2019, with $9.2 million in Q4, showing a 30% rise year-over-year. The company ended 2020 with a backlog exceeding $14 million and achieved positive Adjusted EBITDA for the second consecutive quarter. Although net loss improved to $5.1 million from $8.4 million, gross margin decreased to 22% from 27% due to lower-margin sales. The company raised $62.1 million in equity and aims for operational cash flow positivity by year-end 2021.
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