Urban-Gro, Inc. - UGRO STOCK NEWS

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.

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.