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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) reports a record backlog of approximately $87 million as of December 31, 2022, an increase of $20 million from Q3 2022. The company reaffirms its fourth quarter 2022 guidance, expecting revenue of $17 million and an Adjusted EBITDA of approximately ($1.5) million. CEO Bradley Nattrass emphasizes sustained growth amid market challenges due to diversified solutions and strong demand. A fireside chat is scheduled for January 10, 2023, as management engages with investors.
urban-gro, Inc. (Nasdaq: UGRO) has announced its participation in the 2023 ICR Conference in Orlando, FL, scheduled for January 9-11, 2023. CEO Bradley Nattrass will engage in a fireside chat on January 10 at 3:00 pm ET, with management available for investor meetings. A live audio webcast of the chat will be accessible on the Company’s Investor Relations website. urban-gro provides integrated professional services and design-build solutions for Controlled Environment Agriculture and other commercial sectors.
Good Lettuce Company has announced the launch of a new cannabis facility in Pennsville, NJ, following the acquisition of a conditional Tier VI cannabis cultivation and manufacturing license. The facility, covering approximately 180,000 square feet, will initially focus on a 60,000 square feet phase one project, with a contract of $20 million awarded to urban-gro, Inc. for its design-build services. The aim is to produce high-quality cannabis and create jobs in the local community.
urban-gro reported Q3 2022 revenue of $12.4 million, surpassing guidance of $10-$11 million. The net loss stood at $8.7 million, impacted by one-time expenses of $4.2 million and a $1.7 million impairment. Adjusted EBITDA was $(2.3) million, aligning closely with guidance. A record project backlog reached $67 million, indicating strong demand despite a 32% revenue decline year-over-year, largely driven by reduced cannabis equipment demand due to regulatory delays. The company anticipates $17 million in Q4 revenue, with a net loss of approximately $(1.5) million.
urban-gro, a design-build firm in the Controlled Environment Agriculture (CEA) sector, has acquired Dawson Van Orden, a Texas engineering firm, for $6.1 million. This acquisition enhances urban-gro's engineering capabilities and expands its market presence. DVO, generating approximately $5.5 million in revenue with over 20% EBITDA margins, is expected to provide cross-selling opportunities and improve margins. Urban-gro CEO Bradley Nattrass highlighted the acquisition's strategic importance amid rising demand for CEA professional services.
urban-gro, Inc. (Nasdaq: UGRO) announced it will report its financial and operational results for Q3 2022 on November 10, 2022, after market close. A conference call will follow at 4:30 PM ET, where management will discuss key highlights and take questions from participants. The company provides professional services and design-build solutions for the Controlled Environment Agriculture (CEA) and commercial sectors. Interested parties can access a replay of the call until November 24, 2022.
urban-gro (Nasdaq: UGRO) announced a binding letter of intent to acquire Dawson Van Orden, Inc. (DVO), an engineering firm specializing in indoor Controlled Environment Agriculture (CEA), for $7.25 million. This acquisition will enhance urban-gro's engineering capabilities and is expected to generate immediate revenue and margin growth. The funding will be sourced from cash, a seller's note, and UGRO common stock. DVO reported $5.5 million in revenue and over 20% EBITDA in the past year. Completion of the acquisition is anticipated in Q4 2022.
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.
XS Financial Inc. announced the receipt of a delayed draw of $10 million as part of its $43.5 million unsecured convertible notes financing. This financing, led by a large institutional investor, originally funded $33.5 million at the closing on November 1, 2021. The company, specializing in CAPEX financing for U.S. cannabis firms, has partnered with over 250 OEMs, contributing to recurring revenues and strong profit margins.
urban-gro, Inc. (Nasdaq: UGRO) announced participation in several October conferences, including A.G.P.’s Fall Consumer Cannabis Conference and the Lucky Leaf Expo. Key executives will host presentations and engage in one-on-one meetings with investors. The conferences aim to showcase the company's solutions in Controlled Environment Agriculture (CEA). Notably, Bradley Nattrass, CEO, will present at multiple events, enhancing investor relations. The company continues to focus on delivering value-added services across various sectors, including industrial and healthcare.
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