Business
urban-gro, Inc. Reports Third Quarter 2022 Financial Results and Signs Record Backlog Entering Fourth Quarter
Third quarter revenue of $12.4 million, as compared to guidance in the range of $10 to $11 millionThird quarter net loss of $8.7 million, which includes
About this update from Urban-gro, Inc.
[{"type":"text","content":"Third quarter revenue of $12.4 million, as compared to guidance in the range of $10 to $11 millionThird quarter net loss of $8.7 million, which includes one-time operating expenses of $4.2 million and a $1.7 million impairment for the entirety of a previous investmentThird quarter Adjusted EBITDA1 of $(2.3) million, as compared to guidance in the range of ($2.6) to ($2.4) millionRecord project backlog of $67 million as of September 30, 2022, a sequential increase of $45 millionStrong balance sheet with $18.6 million in cash and no debtProvides fourth quarter consolidated revenue guidance of approximately $17 million and Adjusted EBITDA1 guidance of approximately $(1.5) million.Company to host conference call and webcast today, November 10 at 4:30 PM ET LAFAYETTE, Colo., Nov. 10, 2022 (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 third quarter financial results. Bradley Nattrass, Chairman and CEO, commented, “We are pleased that our third quarter performance exceeded our guidance, but I am most excited to see our strategic capability and sector diversification efforts materially benefit the business. While our third quarter results were impacted by the headwinds within the cannabis sector, we are extremely encouraged by the significant backlog we’ve been able to build in this subdued environment, which is a direct result of our strategic efforts to diversify our business, capabilities, and end-markets. We believe this is a clear indication that the services delivery model we’ve established over the last 18 months is working as intended.” Mr. Nattrass added, \"The demand for our professional services remains strong and combined with the increased demand for our construction design-build solutions within the commercial sector, we expect to see material sequential improvements in our fourth quarter top and bottom-line performance and for the momentum to continue in 2023. We have been investing in scaling to meet this demand, and we will be ready to service the new opportunities we are seeing emerge. We remain focused on continuing to drive efficiencies in our model, leveraging our professional staff, integrating and identifying cross...