Business
urban-gro, Inc. Reports Record Backlog Heading into 2023 and Reaffirms Fourth Quarter 2022 Financial Guidance
Record signed project backlog of approximately $87 million as of December 31, 2022 Reaffirms fourth quarter 2022 revenue and Adjusted EBITDA1 guidance
About this update from Urban-gro, Inc.
[{"type":"text","content":"Record signed project backlog of approximately $87 million as of December 31, 2022 Reaffirms fourth quarter 2022 revenue and Adjusted EBITDA1 guidance LAFAYETTE, Colo., Jan. 09, 2023 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO), an integrated professional services and design-build firm offering solutions to the Controlled Environment Agriculture (“CEA”) and commercial sectors, today reported record backlog entering its 2023 fiscal year and reaffirmed its financial guidance for fourth quarter 2022. ”We have demonstrated through our record backlog entering 2023 and reaffirmed fourth quarter 2022 financial guidance that we can continue to deliver growth in the face of broader market headwinds due to our integrated solutions and sector diversification efforts,” commented Bradley Nattrass, Chairman and CEO of urban-gro. “As we move into 2023, our team is aligned and laser-focused on scaling the Company to service the increased demand that is evidenced by the signed contracts present in our record backlog. We are experiencing continued momentum in our commercial design-build and services businesses.” Record Fourth Quarter 2022 Backlog of Approximately $87 million The Company expects to enter 2023 with record consolidated backlog of approximately $87 million, a sequential increase of approximately $20 million from third quarter 2022. Reaffirms Fourth Quarter 2022 Guidance The Company is reaffirming its expectation for fourth quarter 2022 guidance, with revenue of approximately $17 million and Adjusted EBITDA of approximately ($1.5) million. 2023 ICR Conference Fireside Chat Tuesday, January 10, 2023 at 3:00 pm ET: Bradley Nattrass, Chairman and CEO of urban-gro, will participate in a fireside chat on Tuesday, January 10 at 3:00 pm ET in Palazzo E. Additionally, management will be available for investor meetings with registered participants on Monday, January 9 and Tuesday, January 10. A live audio webcast of the fireside chat will be accessible in the News & Events section on the Company’s Investor Relations website at ir.urban-gro.com. To schedule a one-on-one meeting with management at these conferences, attendees should contact [email protected] or their conference host representative. 1Use of Non-GAAP Financial Information We define Adjusted EBITDA as net income (loss) attributable to urban-gro, Inc., determined in acco...