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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) announced securing approximately $12 million in new contracts within the cannabis sector during Q2 2024. These contracts encompass services like engineering, architecture, design, equipment procurement, and construction management for cultivation and retail dispensary projects. urban-gro expects to recognize most of this revenue by the end of Q3 2024. CEO Bradley Nattrass cited positive cannabis sector momentum, partly due to regulatory developments and upcoming votes on adult-use cannabis in Florida, as key drivers. The company has been optimizing its multi-sector strategy and infrastructure over the past two years to better meet anticipated demand.
urban-gro (NASDAQ: UGRO), a company specializing in solutions for Controlled Environment Agriculture and other commercial sectors, has appointed Sadler, Gibb & Associates as its new independent registered public accounting firm. This decision follows a comprehensive evaluation process and has received approval from the Board of Directors and the Audit Committee.
urban-gro, Inc. reported first-quarter 2024 financial results with revenue reaching $15.5 million, a 4% increase from the previous quarter. The company saw a net loss of $2.1 million, an improvement from the prior year period, and reiterated its full-year 2024 guidance of over $84 million in revenues. The adjusted EBITDA was negative $0.3 million but showed significant improvement compared to the previous year. urban-gro remains focused on cost reduction and growth strategies to enhance performance.
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