Business
urban-gro, Inc. Reports Record Fourth Quarter and Full Year 2021 Financial Results and Provides 2022 Full Year Guidance
Record fourth quarter revenue of $19.0 million, representing growth of 106% compared to the prior year period; organic revenue growth was 77.6%, excluding
About this update from Urban-gro, Inc.
[{"type":"text","content":"Record fourth quarter revenue of $19.0 million, representing growth of 106% compared to the prior year period; organic revenue growth was 77.6%, excluding contribution from the 2WR+ acquisition. Full year 2021 revenue was $62.1 million, representing growth of 140%. Fourth quarter net loss of ($0.6) million; full year 2021 net loss was ($0.9) millionFourth quarter Adjusted EBITDA1 of $0.5 million; full year 2021 Adjusted EBITDA of $2.7 million, representing an Adjusted EBITDA margin of 4.3% of revenueProject backlog of contractually committed equipment and service orders with deposits received was $30.2 million as of December 31, 2021Strong balance sheet with $34.6 million in cash and no debtProvides 2022 revenue guidance of greater than $110 million and Adjusted EBITDA guidance of greater than $5.0 million, including partial year contribution from the announced acquisition of Emerald Construction Management Inc. which is expected to close in April 2022.Company to host conference call and webcast today, March 29 at 4:30 PM ET LAFAYETTE, Colo., March 29, 2022 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), a fully integrated architectural, engineering and cultivation systems integration company focused on the indoor Controlled Environment Agriculture (“CEA”) market, today reported record fourth quarter and full year financial results and provided full year 2022 guidance. Bradley Nattrass, Chairman and CEO, commented, “I am thrilled about our strong fourth quarter results, which capped off a record full year performance for urban-gro. In 2021, we more than doubled the company from a revenue perspective, achieved positive Adjusted EBITDA, built our backlog to record levels, and expanded our integrated service model with the strategic acquisition of the architect firm, 2WR. Building upon that momentum entering 2022, earlier this month we announced the pending acquisition of Emerald Construction, which adds an accretive and highly complementary CEA-experienced construction management services solution to our offering and further optimizes our in-house capabilities to provide complete design-built facilities to our clients. With these additional capabilities, we are in an ideal position to accelerate our momentum in the global CEA industry while simultaneously enhancing shareholder value.” Mr. Nattras...