Business
urban-gro Announces Financial Results for 2020 Third Quarter
Generated first quarterly positive Adjusted EBITDA of $0.3M in Q3 2020 versus negative $0.6M in Q3 2019;Net loss was $0.7M in Q3 2020 compared to $2.8M in Q3
About this update from Urban-gro, Inc.
[{"type":"text","content":"Generated first quarterly positive Adjusted EBITDA of $0.3M in Q3 2020 versus negative $0.6M in Q3 2019;Net loss was $0.7M in Q3 2020 compared to $2.8M in Q3 2019;Revenues in Q3 increased by 50% over same period in 2019, $8.4M vs $5.6M;Operating Expenses decreased $3.1M, or 32%, to $6.5M YTD compared to $9.6M in the same period in 2019;Customer deposits against future shipments were $4.1M at the end of Q3; LAFAYETTE, Colo., Nov. 03, 2020 (GLOBE NEWSWIRE) -- urban-gro, Inc. (OTCQX: UGRO) (“urban-gro” or the “Company”), a leading global horticulture company that engineers and designs proprietary indoor commercial Controlled Environment Agriculture (“CEA”) facilities and integrates complex environmental equipment systems into these high-performance facilities, announced its financial results for the quarter ended September 30, 2020.\n Third Quarter Financial Summary The Company generated revenues of $8.4M in Q3 2020, compared to $5.6M in Q3 2019.On a Non-GAAP basis, Adjusted EBITDA was positive $0.3M in Q3 2020, compared to negative $0.6M in Q3 2019. This improvement was primarily the result of a reduction in operating expenses. This is the first period as a reporting company to report positive Adjusted EBITDA. The Company reported a loss from operations of $0.1M in Q3 2020, compared to a loss of $1.4M in Q3 2019. This decrease demonstrates the positive effect of our restructuring and cost-cutting measures that began in Q3 2019.Operating expenses decreased by $1.4M to $1.9M in Q3 2020 compared to $3.3M in Q3 2019. Net loss was $0.7M in Q3 2020 compared to a net loss of $2.8M in Q3 2019 Loss from operations decreased by $1.3M in Q3 2020 as compared to Q3 2019.Total non-operating expenses decreased by $0.9M in Q3 2020 compared to Q3 2019 due primarily to reductions in interest expense, including amortization of convertible debentures, and a reduction in impairment of investment of $0.5M from Q3 2019 to Q3 2020. Cash on hand was $0.2M at September 30, 2020 compared to $0.4M at December 31, 2019.Customer deposits against future shipments were $4.1M at September 30, 2020 compared to $2.9M at December 31, 2019.Prepayments made to vendors for cultivation and complex equipment systems increased to $2.1M at September 30, 2020 compared to $1.3M at December 31, 2019. Nine Month Financial Summary The Company generated revenues of $16.6M, compa...