Business
urban-gro, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Full Year 2023 Guidance
Fourth Quarter Revenue of $17.3 million, as compared to revenue guidance of approximately $17.0 millionFourth Quarter Net Loss of $4.2 million and negative
About this update from Urban-gro, Inc.
[{"type":"text","content":"Fourth Quarter Revenue of $17.3 million, as compared to revenue guidance of approximately $17.0 millionFourth Quarter Net Loss of $4.2 million and negative Adjusted EBITDA1 of $1.66 million, as compared to negative Adjusted EBITDA1 guidance of approximately $1.5 million2022 Full Year Revenue of $67.0 million, a 7.9% increase over $62.1 million in the prior year period2022 Full Year Net Loss of $15.3 million and negative Adjusted EBITDA1 of $3.9 millionRecord project backlog of $93 million as of December 31, 2022, as compared to previously estimated backlog of approximately $87.0 million, a sequential increase of $26 millionCompleted acquisition of Houston, Texas based engineering firm, Dawson Van Orden, Inc. (\"DVO\") in October 2022For Full Year 2023, provides revenue guidance of $100 million to $120 million, and Adjusted EBITDA1 guidance of negative $3.0 million to slightly positiveCompany to host conference call and webcast today, March 30, 2023 at 4:30 PM ET LAFAYETTE, Colo., March 30, 2023 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), an integrated professional services and design-build firm offering solutions to the Controlled Environment Agriculture (“CEA”) and other commercial sectors, today reported fourth quarter and full year financial results and provided full year 2023 guidance. Bradley Nattrass, Chairman and CEO, commented, “2022 was a successful year for urban-gro. Despite headwinds we encountered in the cannabis sector, we continued to execute our long-term strategy by adding new capabilities and expertise to our business both organically and through the acquisitions of the construction management company, Emerald, and the engineering firm, DVO. Further, we advanced the business forward by successfully expanding our reach in terms of diversifying both our markets and service capabilities. We strengthened the depth in our leadership team both through our acquisitions and with the appointment of a new, design-build experienced COO, and marked our geographic expansion with the opening of our first European office. Our unique value-added model, which includes our talented team of experts, integrated solutions, and sector diversification, differentiates us as a company that can continue to deliver growth in a turbulent environment. This was evident in our fourth quarter results, wh...