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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) announced the appointment of Sonia Lo to its Board of Directors, enhancing its leadership in the Controlled Environment Agriculture (CEA) sector. Lo, who previously served as CEO of Sensei Ag and Crop One Holdings, brings over 20 years of expertise in agriculture and technology. CEO Bradley Nattrass expressed excitement about her contributions towards expanding urban-gro's global presence. Lo emphasized the importance of optimal unit-level economics in CEA and stated that urban-gro is uniquely positioned to improve product quality while managing costs.
urban-gro (Nasdaq: UGRO) will report its third-quarter financial results for the period ending September 30, 2021, after market close on November 09, 2021. An audio webcast and conference call will take place at 4:30 PM ET the same day, featuring operational highlights and a Q&A session. Interested parties unable to attend can access a replay until November 23, 2021. urban-gro specializes in Controlled Environment Agriculture and aims to optimize cultivation facilities.
urban-gro (Nasdaq: UGRO) has partnered with XS Financial to launch a Financial Services division, aimed at providing CAPEX financing solutions for clients in the indoor Controlled Environment Agriculture (CEA) market. This strategic deal enhances purchasing power with leading horticulture manufacturers and broadens market reach within the cannabis industry. Both companies have a proven track record in financing equipment purchases for multi-state operators, ensuring a robust service offering for their clients.
XS Financial has partnered with urban-gro to offer CAPEX leasing solutions to the cannabis sector. This strategic alliance will provide urban-gro's customers with financing options while enhancing XS Financial's reach within the indoor CEA market. With a solid track record in financing for cannabis operators, both companies aim to improve clients' purchasing power and streamline supply chains. XS Financial continues expanding its capital markets access, having syndicated over $5.7M USD of existing leases.
urban-gro (Nasdaq: UGRO), a leader in Controlled Environment Agriculture, will participate in five key conferences in October 2021. Events include NECANN New Jersey on October 2-3, Alliance Global Partners Virtual Conference on October 5, LD Micro Main Event (virtual and in-person) on October 12-14, Benzinga Cannabis Capital Conference on October 14, and MJBizCon in Las Vegas from October 20-22. CEO Bradley Nattrass will address advancements in the cannabis sector, reflecting urban-gro's expertise and leadership in efficient cultivation systems.
urban-gro (Nasdaq: UGRO), a leader in Controlled Environment Agriculture, will showcase its advancements at three major events: the H.C. Wainwright 23rd Annual Global Investment Conference from Sept. 13-15, NYC AgTech Week 2021 on Sept. 23, and GreenTech from Sept. 28-30. CEO Bradley Nattrass will share insights on the global CEA industry at Wainwright and GreenTech. Additionally, Jim Dennedy, President and COO, will discuss capital raising at AgTech Week. These events highlight urban-gro's commitment to expanding in the cannabis and food-focused vertical farming sectors.
urban-gro (Nasdaq: UGRO) reported record Q2 2021 revenues of $12.8 million, a 220% increase year-over-year, and is now profitable with net income of $1.3 million. This marks the first positive net income in the company's 8-year history. The company has achieved positive Adjusted EBITDA for the fourth consecutive quarter and increased its project backlog to $27.9 million. Full year revenue guidance is set between $54 to $59 million. The acquisition of MJ12 Design Studio positions urban-gro as an industry leader in integrated services.
urban-gro, Inc. (Nasdaq: UGRO) has announced changes to its upcoming 2Q21 conference call, now scheduled for August 11, 2021, at 4:15 PM ET. The call will feature prepared remarks and a Q&A session focusing on the company’s operational and financial highlights. Interested parties can participate via phone or through a live audio webcast (webcast link). For those unable to attend, a replay will be available until August 25, 2021 by dialing the provided numbers and entering the passcode.
urban-gro has completed the acquisition of MJ12 Design Studio for $9.1 million, aimed at enhancing its architectural and engineering services in the Controlled Environment Agriculture (CEA) sector. This transaction is expected to generate $7-9 million in revenue and $1.5-2 million in Adjusted EBITDA over the next year, while also adding synergies that may increase revenue from existing engineering services by over $10 million. With this acquisition, urban-gro can now offer integrated design solutions across various facility types.
urban-gro has announced the acquisition of MJ12 Design Studio for $9.1 million, funded through cash and stock. This strategic move is expected to generate $7-$9 million in revenue and $1.5-$2.0 million in Adjusted EBITDA over the next year. The acquisition will enhance urban-gro’s capabilities by integrating architectural design into its offerings, aiming for over $10 million in incremental revenue from engineering services. With 70 open projects now, urban-gro will provide comprehensive project management for cannabis facilities.
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