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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) has announced a new stock repurchase program authorizing up to $2 million to buy back its common stock, succeeding a previously completed $8.5 million program. CEO Bradley Nattrass highlighted the company's strong balance sheet, with approximately $2.00 per share in net cash as of June 30, 2022, indicating ample flexibility for shareholder returns and growth initiatives. The repurchase strategy aims to capitalize on current market prices perceived as a significant discount to intrinsic value, enhancing shareholder value.
urban-gro, Inc. (Nasdaq: UGRO) announced its participation in key industry conferences this September. The company will showcase its services at the Cannabis Business Expo in Zurich on September 10-11, with Managing Director Arie Kamp attending. Additionally, CFO Dick Akright will present at the H.C. Wainwright Annual Global Investment Conference in New York on September 14, while CEO Bradley Nattrass will engage in a fireside chat at the Benzinga Cannabis Capital Conference in Chicago on September 13. These events highlight urban-gro's commitment to networking and growth in the Controlled Environment Agriculture sector.
urban-gro reported second-quarter revenue of $16.3 million, marking a 27% increase year-over-year. However, the net loss was $(1.7 million), with Adjusted EBITDA at $(0.5 million). The company holds a strong cash position of $22.8 million with no debt and a project backlog of $22.0 million. Guidance for Q3 2022 anticipates revenue of $10-$11 million and an Adjusted EBITDA loss of $(2.6) to $(2.4 million). The company is strategically diversifying into new markets amidst challenges in the cannabis sector.
urban-gro, Inc. (Nasdaq: UGRO) announced it will release its financial results for Q2 2022 on August 15, after market close. The company will hold a conference call at 4:30 PM ET the same day to discuss operational highlights and financial metrics. Key contact numbers for participants are provided, along with access details to a replay of the call available until August 29. urban-gro specializes in integrated professional services for Controlled Environment Agriculture and other commercial sectors, emphasizing innovation and customer experience.
urban-gro (Nasdaq: UGRO) continues to strengthen its market presence through strategic acquisitions. Following the recent acquisition of Emerald C.M., the company secured seven new design-build contracts within 90 days, boosting its backlog significantly. Noteworthy clients include major players in healthcare and food industries, reflecting urban-gro's ability to diversify beyond Controlled Environment Agriculture (CEA). CEO Bradley Nattrass emphasized the importance of leveraging their complete service capabilities to enhance operational efficiency and cater to varying market demands.
urban-gro (Nasdaq: UGRO) announced that its Chairman and CEO, Bradley Nattrass, has been named to the 2022 Colorado Titan 100 list, honoring top CEOs for leadership and influence. Nattrass, co-founder since 2014, is recognized for guiding the company in delivering integrated solutions in Controlled Environment Agriculture (CEA). He emphasized the success of urban-gro's 125 employees and the commitment to provide top-tier solutions, especially in the rapidly growing cannabis and vertical farming sectors. The Titan 100 Annual Awards Ceremony occurs on June 2, 2022, in Denver.
urban-gro (Nasdaq: UGRO) announced its participation in several upcoming conferences in June 2022. Key events include the LD Micro Invitational XII on June 7-8, Stifel 2022 Cross Sector Insight Conference on June 8-9, and GreenTech Amsterdam from June 14-16, where urban-gro will exhibit and host a presentation. The company specializes in Controlled Environment Agriculture (CEA) with over 500 projects globally, providing integrated design-build solutions. Meetings with management can be scheduled during these conferences for potential investors.
urban-gro, Inc. (Nasdaq: UGRO) has signed an agreement with E29 Labs, Inc. to provide full architecture, engineering, and design services for a 100,000 square foot cannabis production facility in New York State. The partnership aims to transform a dormant industrial site and is aligned with social equity initiatives in the cannabis industry. Upon securing their license, urban-gro will act as the design-build partner, using its expertise in Controlled Environment Agriculture (CEA) to execute the facility's buildout and equipment integration.
urban-gro (Nasdaq: UGRO) has appointed Arie Kamp as Managing Director of its European entity based in the Netherlands. With over 25 years of experience in horticulture, particularly in indoor Controlled Environment Agriculture (CEA), Kamp aims to enhance the company's service capabilities in North America and Europe. Bradley Nattrass, CEO, expressed optimism regarding Kamp's extensive knowledge in automation and logistics, envisioning significant growth opportunities in the European market as consumer interest in CEA rises. urban-gro specializes in design-build solutions for indoor agriculture.
urban-gro, a Nasdaq-listed firm (UGRO) specializing in indoor Controlled Environment Agriculture (CEA), will participate in the BMO Global Farm to Market Conference in New York on May 18-19, 2022. CEO Bradley Nattrass is scheduled to present on May 19 at 10:35 am ET and to join a CEA panel at 2:45 pm ET. Investors can attend one-on-one meetings with Nattrass. A live audio webcast of the presentation will be available on the company's Investor Relations website. urban-gro has extensive experience in over 500 CEA projects worldwide, optimizing cultivation facility operations.
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