Business
urban-gro, Inc. Reports Record Fourth Quarter and Full-Year 2020 Financial Results
Reported record revenues in 2020 of $25.8 million, a 7% increase over 2019.Reported record revenues in Q4 2020 of $9.2 million, a 30% increase over prior
About this update from Urban-gro, Inc.
[{"type":"text","content":"Reported record revenues in 2020 of $25.8 million, a 7% increase over 2019.Reported record revenues in Q4 2020 of $9.2 million, a 30% increase over prior year.Ended fiscal year 2020 with a backlog of over $14 million in signed contracts.Achieved positive Adjusted EBITDA for the second quarter in a row.Signed 77 new engineering and design project contracts in 2020, including six new projects in Europe, and the Company’s first horticulture commissioning project.Company to host conference call and audio webcast today, Wednesday, March 31st at 8:30 AM ET. LAFAYETTE, Colo., March 31, 2021 (GLOBE NEWSWIRE) -- urban-gro, Inc. (NASDAQ: UGRO) (“urban-gro” or the “Company”), a leading global horticulture company that engineers and designs commercial Controlled Environment Agriculture (“CEA”) facilities and integrates complex environmental equipment systems, today reported its financial results for its fourth quarter and full fiscal year ended December 31. Bradley Nattrass, Chairman and CEO of urban-gro stated, “While experiencing project-related challenges in the first half of the year due to the pandemic, 2020 ultimately turned out to be the Company’s best year since inception. Revenues increased substantially, from $8.2 million in the negatively affected first half of the year, to $17.6 million in the second half. I am extremely pleased with the progress we have made on our strategic goals across multiple fronts, and with the strong momentum and our recent $62.1 million equity raise and up-listing to Nasdaq, we are now funding our growth plans. We look forward to serving our clients and expanding our reach globally to meet the growing demand of our rapidly evolving industry. While 2020 stands out as a solid representation of our execution and strengthened financial profile, we are well positioned to achieve even more in 2021.” Fourth Quarter 2020 Highlights vs. Prior Year Period: Net revenue increased 30% to a record $9.2 million compared to $7.1 million.Adjusted EBITDA was $0.2 million, compared to an Adjusted EBITDA loss of $1.2 million, an improvement of $1.4 million.Net loss was $1.1 million, or a loss of $0.24 per share, which compares favorably to a net loss of $2.6 million, or a loss of $0.57 per share. Fiscal Year 2020 Highlights vs. Prior Year: Net revenue increased 7% to a record $25.8 million compared to $24.2 million.Adjuste...