Business
urban-gro, Inc. Reports Record First Quarter 2022 Financial Results with Revenue Growth of 76% and 7th Consecutive Quarter of Positive Adjusted EBITDA
Record first quarter revenue of $21.1 million, representing growth of 76% compared to the prior year periodFirst quarter net loss of $(0.7) millionFirst
About this update from Urban-gro, Inc.
[{"type":"text","content":"Record first quarter revenue of $21.1 million, representing growth of 76% compared to the prior year periodFirst quarter net loss of $(0.7) millionFirst quarter Adjusted EBITDA1 of $0.4 million, our seventh consecutive positive quarter Project backlog of contractually committed equipment and service orders with deposits received of $22.0 million as of March 31, 2022Strong balance sheet with $27.1 million in cash and no debtCompleted buyback of $3.8 million in treasury stockCompany to host conference call and webcast today, May 10 at 5:30 PM ET LAFAYETTE, Colo., May 10, 2022 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), a fully integrated architectural design, engineering, procurement, and construction management (“EPC”) design-build firm specializing in indoor Controlled Environment Agriculture (“CEA”), today reported record first quarter financial results. Bradley Nattrass, Chairman and CEO, commented, “We are off to a strong start in 2022, reflected by our record first quarter results, which continues to demonstrate our ability to drive unparalleled value for our clients through our full suite of in-house service offerings. We grew our revenue 75% on a year-over-year basis and continued to deliver positive Adjusted EBITDA while simultaneously making key investments that are geared toward driving long-term growth and enhancing shareholder value.” Mr. Nattrass added, “I am very excited about the addition of construction management services to our platform following the Emerald C.M. acquisition. This completes our vision to create a turnkey design-build company with a full suite of capabilities and the requisite depth in indoor CEA expertise to drive value for our clients throughout the project lifecycle. Furthermore, while Emerald C.M. bolsters our project pipeline, our robust set of capabilities creates opportunities for diversification both in terms of revenue streams and industries beyond CEA. urban-gro is a formidable force with a focused strategy to deliver our value-added design, engineering, procurement, and construction management services through offering a bespoke design-build client solutions with a single point of responsibility.” First Quarter 2022 Financial Results Revenue was $21.1 million in the first quarter of 2022, as compared to $12.0 million in the prior year period, repr...