Business
urban-gro, Inc. Reports Record Second Quarter 2021 Financial Results and Provides Full Year 2021 Guidance
Record revenues in Q2 2021 of $12.8 million compared to revenues of $4.0 million in Q2 2020, an increase of $8.8 million, or 220% Record Net Income of $1.3
About this update from Urban-gro, Inc.
[{"type":"text","content":"\n\nRecord revenues in Q2 2021 of $12.8 million compared to revenues of $4.0 million in Q2 2020, an increase of $8.8 million, or 220%\n\n\nRecord Net Income of $1.3 million, compared to a net loss of ($1.6) million in Q2 2020\n\n\nRecord Adjusted EBITDA of $0.6 million in Q2 2021 compared to $0.5 million in Q1 2021 and a negative ($0.3) million in Q2 2020\n\n\nAchieved record project backlog of contractually committed equipment orders with deposits received of $27.9 million at the end of Q2 2021, an increase of $12.7 million, or 84% from the end of Q1 2021\n\n\nBalance sheet remains strong with $50.4 million in cash and cash equivalents and $0 in debt\n\n\n2021 revenue guidance of $54-$59 million and Adjusted EBITDA guidance of $4-$5 million\n\n\nCompany to host a conference call and audio webcast on Wednesday, August 11 at 4:15 PM ET\n\n\n LAFAYETTE, Colo.--(BUSINESS WIRE)--\nurban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), a fully integrated architectural, engineering and cultivation systems integration company for commercial cannabis and food-focused Controlled Environment Agriculture (“CEA”) facilities, today reported record financial results with record revenues, the 4th consecutive quarter of positive Adjusted EBITDA, overall positive net income for the first time, and a significant increase in project backlog for its second quarter ended June 30, 2021.\n\nBradley Nattrass, Chairman and CEO, commented, “I am excited that we achieved positive net income for the first time in our company’s 8-year history. Our backlog of signed contracts continues to build, which demonstrates a strong runway for the 2nd half of the year. With the completed acquisition of MJ12 Design Studio which now establishes urban-gro as the only fully integrated architectural, engineering and cultivation systems integration company in the industry, we anticipate that the incremental projects and cross-selling opportunities will drive further high margin revenues and profits to the business.”\n\nMr. Nattrass further stated, “urban-gro is in the strongest position in its history to provide customers with the expertise and speed to market required in a quickly evolving and expanding global marketplace. I am thrilled with the depth and breadth of our teams, and I believe that the accretive addition of the MJ12 Design Studio team strengthens that...