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.
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.
urban-gro, Inc. (NASDAQ: UGRO) will announce its fourth quarter and year-end 2020 financial results on March 31, 2021. The company specializes in engineering and designing Controlled Environment Agriculture (CEA) facilities and will host a conference call at 8:30 AM ET that same day, led by CEO Bradley Nattrass and CFO Dick Akright. Investors can access the call via phone or through a live audio webcast, which will also be archived for 90 days.
urban-gro (NASDAQ: UGRO) has signed commercial representation agreements with companies in France and the Netherlands, marking its first ventures outside the US. These agreements aim to boost its presence in the rapidly growing European market for Controlled Environment Agriculture (CEA) solutions. The company is also collaborating with a manufacturing partner to develop specialized environmental mechanical systems tailored for Europe. CEO Bradley Nattrass emphasized the significant growth opportunity presented by this expansion into Europe, which is driven by a surge in demand for sustainable CEA facilities.
urban-gro (NASDAQ: UGRO) recently appointed Barbara Jacobs as Vice President of Marketing, enhancing its leadership team. The company signed its first Canadian engineering and design services contract focusing on Controlled Environment Agriculture, particularly for a vertical farming facility. This contract with Interius Farms aims to deliver local produce by leveraging urban-gro's expertise in CEA. Additionally, urban-gro delivered its first HVAC mechanical system for a cannabis cultivation facility, marking a significant milestone in its expanded environmental equipment offerings.
urban-gro (NASDAQ: UGRO) CEO Bradley Nattrass will present at Benzinga's Cannabis Capital Conference on February 26, 2021, at 9:30 AM ET. The event offers an opportunity for investors to learn about urban-gro's focus on Controlled Environment Agriculture (CEA) and its market potential. Interested investors can register for a free spectator pass to attend the presentation. urban-gro specializes in engineering and designing CEA facilities globally, ensuring a tailored approach to horticultural operations. For more, visit urban-gro.com.
urban-gro, a leader in Controlled Environment Agriculture (CEA), has announced the appointment of James H. Dennedy as President and Chief Operating Officer. With over 25 years of experience, Dennedy aims to leverage his expertise to scale operations effectively. Under his leadership, urban-gro has completed over 300 projects and achieved positive adjusted EBITDA in the last two quarters. The company's recent listing on Nasdaq positions it for significant growth in the horticulture market. Dennedy's background includes M&A experience and advanced degrees in Economics and Business.
urban-gro (NASDAQ: UGRO) has successfully eliminated over 80% of its debt by repaying $5.76 million, bringing total liabilities down to approximately $1 million. This significant reduction in high-cost debt strengthens the company’s balance sheet and enhances its cash flow, positioning urban-gro well for future growth opportunities and acquisitions in the controlled environment agriculture sector. CEO Bradley Nattrass stated the company is fundamentally stronger, supported by its recent financing and Nasdaq listing.
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