Business
urban-gro, Inc. Reports Second Quarter 2023 Financial Results
Revenue of $18.8 million, representing a sequential increase of 12% over $16.8 million, and a 16% increase over $16.3 million in the prior year periodNet Loss
About this update from Urban-gro, Inc.
[{"type":"text","content":"Revenue of $18.8 million, representing a sequential increase of 12% over $16.8 million, and a 16% increase over $16.3 million in the prior year periodNet Loss of $5.4 million and Adjusted EBITDA1 of negative $2.0 million, representing a sequential Adjusted EBITDA1 improvement of $1.4 millionCash of $8.6 million, representing a sequential increase of $1.2 million and $0 bank debtCompany to host conference call and webcast today, August 14, 2023 at 4:30 p.m. Eastern time LAFAYETTE, Colo., Aug. 14, 2023 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), an integrated professional services and design-build firm offering solutions to the Controlled Environment Agriculture (“CEA”) and commercial sectors, today reported its financial results for the quarter ended June 30, 2023. Bradley Nattrass, Chairman and CEO, commented, \"Our second quarter performance marked another sequential improvement in revenues and Adjusted EBITDA, and as we anticipated, our cash position improved relative to the first quarter. We remain intensely focused on returning to positive Adjusted EBITDA, and see a pathway to this through the costs we've driven out of the business, our increasing revenues, and a systems-enhanced insight into project margin. Our performance was consistent with the expectations that we communicated in May, and is the product of our team's unrelenting focus on expense optimization and working capital management.\" Mr. Nattrass added, \"Our diversification playbook continues to drive strong growth of non-CEA revenue. While we continue to see some positive signs within the cannabis industry, we are not immune to the well known pressures facing the sector. For this reason, we continue to remain laser focused on reallocating resources and optimizing our spending where appropriate to ensure that our infrastructure is aligned with the size of our business. Through these initiatives, we have reduced our SG&A expense year-to-date in 2023 by almost $3 million dollars annualized and we continue to stabilize. We are a leaner and more efficient organization than we were a year ago, and we will continue to position our business for long term, profitable growth.\" Second Quarter 2023 Financial Results Revenue was $18.8 million, as compared to $16.8 million in the first quarter, representing a sequential improvement of ...