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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 reported record first quarter revenue of $21.1 million, a 76% increase year-over-year, with a net loss of $(0.7) million.
Adjusted EBITDA reached $0.4 million, marking the seventh consecutive positive quarter. The company has a project backlog of $22.0 million as of March 31, 2022. The acquisition of Emerald C.M. enhances urban-gro's capabilities and is expected to boost earnings in 2022. Despite increased operating expenses of $5.8 million, the company maintains a strong balance sheet with $27.1 million in cash and no debt while reaffirming its revenue guidance of over $110 million.
urban-gro (Nasdaq: UGRO) has successfully completed its acquisition of Emerald Construction Management Inc. as of April 29, 2022. The acquisition, valued at up to $7 million, is expected to enhance urban-gro’s design-build capabilities and construction management services in the indoor Controlled Environment Agriculture sector. Bradley Nattrass, CEO, noted the synergy with existing services and an immediate increase in project pipeline. The purchase was funded through a combination of cash and equity, with expectations of being accretive to earnings in 2022.
urban-gro, Inc. (Nasdaq: UGRO) announced it will report its financial results for Q1 2022 after market close on May 10, 2022. The company specializes in Controlled Environment Agriculture (CEA), focusing on design and construction for cannabis and food production facilities. An evening conference call at 5:30 PM ET will cover operational and financial highlights, followed by a Q&A session. A replay of the call will be available until May 24, 2022. urban-gro integrates complex environmental systems into high-performance facilities, aiming to optimize cultivation.
urban-gro (Nasdaq: UGRO) has announced the grand opening of an indoor farm at Bruce Randolph High School in Denver, CO, on April 22, 2022, coinciding with Earth Day. This project, in collaboration with Teens for Food Justice (TFFJ), aims to combat food insecurity through youth-led vertical farming. The Colorado farm marks TFFJ's first location in the state, training students aged 12-18 to manage hydroponic farms. CEO Bradley Nattrass expresses excitement over the partnership, emphasizing its community impact and educational benefits.
urban-gro, Inc. (Nasdaq: UGRO) participates in key conferences in April 2022, showcasing its expertise in Controlled Environment Agriculture (CEA). At the Fruit Logistica in Berlin from April 5-7, VP Lucas Targos will speak on vertical farming technology. Additionally, CEO Bradley Nattrass will present at the Benzinga Cannabis Capital Conference in Miami on April 20-21. Urban-gro specializes in integrated solutions for indoor CEA facilities.
urban-gro, Inc. (Nasdaq: UGRO) reported record fourth quarter revenue of $19.0 million, marking a 106% increase year-over-year, while full year revenue reached $62.1 million, a 140% growth. The company achieved a net loss of ($0.6 million) in Q4 and ($0.9 million) for the full year, significantly improving compared to previous losses. Adjusted EBITDA for Q4 was $0.5 million, and $2.7 million for the year. A project backlog of $30.2 million and guidance for 2022 revenue exceeding $110 million were also highlighted, driven by the upcoming acquisition of Emerald Construction Management.
urban-gro (Nasdaq: UGRO) has signed a definitive agreement to acquire Emerald Construction Management Inc. for $7 million, which includes a maximum $2 million contingent earnout. The acquisition is anticipated to enhance urban-gro's capabilities in the indoor Controlled Environment Agriculture (CEA) market by providing complete turn-key facilities. With 2021 revenues of $26.5 million and adjusted EBITDA of $1.2 million, Emerald C.M. adds vital construction management experience. The deal is expected to be accretive to earnings in 2022, significantly boosting urban-gro's market position.
urban-gro, Inc. (Nasdaq: UGRO) announced plans to report its financial results for the fiscal fourth quarter and full year ending December 31, 2021, after market close on March 29, 2022. The company will take part in two March investor conferences: the 34th Annual Roth Conference in Dana Point, CA, from March 13-15, and the Maxim Virtual Growth Conference from March 28-30. A conference call will be held on March 29, 2022, at 4:30 p.m. ET to discuss operational and financial highlights. Urban-gro specializes in Controlled Environment Agriculture systems.
urban-gro, Inc. (Nasdaq: UGRO) announced its upcoming participation in several industry conferences across Dubai, Las Vegas, Barcelona, Tel Aviv, and Boston from February to March 2022. Key presentations include topics like Contextualized Tech Solutions in CEA and Integrated Pest Management Programs. The company aims to showcase its expertise in Controlled Environment Agriculture (CEA) and cultivate relationships with industry players. For consultations on indoor facility design and optimization, interested parties are encouraged to contact respective sales executives.
urban-gro (Nasdaq: UGRO) has expanded its stock repurchase program by an additional $1.5 million, bringing the total authorization to $8.5 million. This move follows a previous increase of $2 million on January 18, 2022. The company may buy back shares on the open market or through private negotiations as per management's discretion, considering various market conditions and available cash. The timing and amount of repurchases are uncertain, and the program may be discontinued at any time.
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