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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, Inc. (Nasdaq: UGRO) announced the signing of over $40 million in contracts in Q1 2023, resulting in a record backlog of $123 million as of March 31, 2023. The company also recovered $2.4 million in cash from a settlement with its former bank. CEO Bradley Nattrass highlighted the strong momentum and market traction due to the firm's integrated services for Controlled Environment Agriculture (CEA) and commercial sectors. The company reiterated its financial guidance, projecting a return to positive adjusted EBITDA soon. An earnings call is scheduled for May 10, 2023, at 4:30 p.m. Eastern time to discuss financial outcomes and business growth.
urban-gro reported a fourth quarter revenue of $17.3 million, surpassing guidance of $17.0 million. The net loss for the quarter was $4.2 million, with a negative Adjusted EBITDA of $1.66 million, worse than the projected $1.5 million. For the full year 2022, revenue reached $67.0 million, a 7.9% increase from 2021. The net loss for the year was $15.3 million, with Adjusted EBITDA at negative $3.9 million. The company reported a record backlog of $93 million as of December 31, 2022. For 2023, guidance expects revenue between $100 million to $120 million, with Adjusted EBITDA ranging from negative $3.0 million to slightly positive.
urban-gro, Inc. (Nasdaq: UGRO) announced it will release its fiscal fourth quarter and full year 2022 financial results on March 30, 2023, after market close. The company provides integrated professional services and design-build solutions to the Controlled Environment Agriculture (CEA) and commercial sectors. An earnings call will take place at 4:30 PM ET the same day, featuring prepared remarks followed by a Q&A session. Investors unable to attend can access a replay until April 13, 2023. urban-gro focuses on delivering exceptional customer experiences across North America and Europe.
urban-gro, Inc. (Nasdaq: UGRO) has announced its participation in several industry and investor conferences during February and March 2023. Notable events include the Indoor AgCon in Las Vegas, the GCCMA Spring Conference in Athens, the New England Cannabis Convention in Boston, and the 35th Annual Roth Conference in Dana Point. At these conferences, urban-gro will exhibit and engage with attendees, providing opportunities for consultations regarding indoor cultivation and facility design. The company aims to showcase its value-added solutions in Controlled Environment Agriculture and other commercial sectors.
urban-gro (Nasdaq: UGRO) appointed JT Archer as Chief Operating Officer, effective immediately. Archer, who joined the company in February 2022 as Executive Vice President of Business Operations, is expected to enhance urban-gro’s operations as it scales to meet increasing demand and manage a strong backlog into 2023. Prior to this role, Archer served as VP of Construction and Market Development at 4Front Ventures and holds a Master’s in Management from the University of Colorado, Denver.
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