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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) announced an increase of $2 million to its stock repurchase program, expanding it to $7 million. This move aims to enhance shareholder value and reflects confidence in the company's financial health. CEO Bradley Nattrass highlighted the repurchase as a chance to buy shares at a discount relative to their intrinsic value. Stock repurchases will depend on various factors including market conditions, and the program may be discontinued at any time if necessary.
Thrive Agritech has announced a partnership with urban-gro (Nasdaq: UGRO) to integrate Thrive's LED horticulture lighting solutions within urban-gro's turn-key systems in the Controlled Environment Agriculture market. Brian Bennett, CEO of Thrive Agritech, expressed excitement about extending their LED solutions' availability, aiming to enhance customer benefits. urban-gro's COO, Jim Dennedy, highlighted the importance of integrating high-performance lighting to meet clients' unique needs. This collaboration is expected to strengthen both companies' positions in the evolving indoor agriculture sector.
urban-gro (Nasdaq: UGRO) reported strong preliminary financial results for the fiscal year ended December 31, 2021. Revenue is expected to reach approximately $62 million, marking a 140% increase from $25.8 million in 2020, exceeding previous guidance. The company anticipates a record consolidated backlog exceeding $30 million, with significant contributions from equipment and service contracts. Additionally, urban-gro expects positive adjusted EBITDA of over $2.2 million for the year, showing substantial improvement from 2020. CEO Bradley Nattrass highlighted robust growth and momentum within diverse global markets.
urban-gro, Inc. (Nasdaq: UGRO) announced participation in two upcoming investor and trade conferences in January 2022. First, at CannaCon Northeast in New York on Jan. 7-8, Sam Andras will present on cannabis facility design. Then, during the 2022 ICR Conference from Jan. 10-12, CEO Brad Nattrass and other executives will present and engage in investor meetings on Jan. 10. urban-gro specializes in integrated solutions for Controlled Environment Agriculture (CEA), catering to both cannabis and food sectors, aiming to optimize cultivation operations.
urban-gro (Nasdaq: UGRO) has partnered with King Solomon Nutrients to deliver optimized crop fertilizers designed for commercial growers in indoor Controlled Environment Agriculture (CEA). With over 20 years in the agricultural sector, King Solomon provides liquid and dry fertilizers tailored for various growth stages. This partnership aims to enhance plant health and streamline nutrient delivery, integrating seamlessly with urban-gro's cultivation systems. The fertilizers are manufactured in the U.S., ensuring efficient supply chain management and ease of use for growers.
urban-gro, Inc. (Nasdaq: UGRO) announced the signing of two new contracts with established clients in the indoor Controlled Environment Agriculture (CEA) market. The first contract, with a multi-state operator, makes urban-gro the exclusive provider of architecture, engineering, and equipment supply for new cultivation facilities. The second contract, with a leading Canadian licensed producer, is projected to generate approximately $9 million in cultivation equipment revenue. These agreements are expected to enhance urban-gro's backlog, currently at $22.5 million.
urban-gro reported record third quarter revenue of $18.3 million, a 119% increase from last year, with organic growth at 106%. The company achieved a net income of $0.1 million, a turnaround from a net loss of ($0.7) million in the prior year. Adjusted EBITDA rose to $1.0 million, marking the fifth consecutive quarter of positive adjusted EBITDA. The company raised its full-year revenue guidance to over $60 million and announced an exclusive contract to build 20 vertical farms in Europe, signaling strong growth potential.
urban-gro, a leader in Controlled Environment Agriculture (CEA) solutions, will participate in the Rocky Mountain Microcap VIII Conference on Nov. 3, 2021, and the Roth 10th Annual Technology & Inaugural AgTech Answers Virtual Event on Nov. 16, 2021. A conference call to discuss Q3 2021 earnings is scheduled for Nov. 9, 2021, at 4:30 p.m. ET. Urban-gro's expertise in integrated CEA systems supports both cannabis and food production, enhancing operational efficiency for its clients.
urban-gro (Nasdaq: UGRO) announced a $2.5 million investment in XS Financial Inc. (CSE: XSF) through a convertible note offering worth $43.5 million. This strategic move enhances urban-gro's alliance with XSF, enabling clients to access non-dilutive, low-cost capital for equipment purchases in the cannabis industry. Chief Executive Officer Bradley Nattrass highlighted the significance of this partnership in addressing financing challenges faced by clients in cultivation and extraction. The funding includes $33.5 million at closing and a $10 million delayed draw until June 30, 2022.
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