Business
urban-gro, Inc. Reports Record Third Quarter 2021 Financial Results and Raises Full Year 2021 Revenue Guidance
Record third quarter revenue of $18.3 million, representing growth of 119% compared to the prior year period; organic revenue growth was 106%, excluding
About this update from Urban-gro, Inc.
[{"type":"text","content":"Record third quarter revenue of $18.3 million, representing growth of 119% compared to the prior year period; organic revenue growth was 106%, excluding contribution from the 2WR+ acquisitionQuarterly net income of $0.1 million compared to a net loss of ($0.7) million in the prior year periodRecord quarterly adjusted EBITDA1 of $1.0 million compared to $0.3 million in the prior year periodProject backlog of contractually committed equipment and service orders with deposits received was $22.5 million as of September 30, 2021Strong balance sheet with $40.5 million in cash and no debtRaises 2021 revenue guidance to greater than $60 million and revises adjusted EBITDA guidance to reflect strategic investments in growthAnnounced exclusive contract with Urban Health Farms to design and build approximately 20 turn-key, food-focused vertical farms throughout EuropeCompany to host conference call and webcast today, November 9 at 4:30 PM ET LAFAYETTE, Colo., Nov. 09, 2021 (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 financial results with record revenues, the 5th consecutive quarter of positive adjusted EBITDA, the 2nd consecutive quarter of overall positive net income, and raised full year 2021 revenue guidance. Bradley Nattrass, Chairman and CEO, commented, “I am very excited about what the future holds for urban-gro as we further expand upon our integrated service model by executing on accretive and synergistic acquisitions, investing in the European indoor CEA market, and adding key capabilities in people and resources to meet customer demand. I am thrilled with the progression of our 2WR+ acquisition, which has immediately delivered the synergies we envisioned. Further, the recent launch of our urban-gro Financial Services division is yet another tool to service our customers in a holistic manner while proactively breaking down barriers to help accelerate market growth.” Mr. Nattrass added, “We have been allocating significant resources towards our European initiative this year and I am thrilled to deliver our first large contract in the region with Urban Health Farms – a food-focused CEA leader with a strategy to ...