Business
urban-gro, Inc. Reports Third Quarter 2023 Financial Results Demonstrating Sequential Improvement in Revenue, Backlog, and Adjusted EBITDA
Revenue of $20.9 million, representing a 69% increase over $12.4 million in the prior year period and a sequential increase of 11% over $18.8 million Net Loss
About this update from Urban-gro, Inc.
[{"type":"text","content":"Revenue of $20.9 million, representing a 69% increase over $12.4 million in the prior year period and a sequential increase of 11% over $18.8 million Net Loss of $3.4 million, representing an improvement of $5.3 million versus the prior year period and a sequential improvement of $2.1 millionGAAP Loss per share of $0.29, and Adjusted Loss per share of $0.20Adjusted EBITDA1 of negative $1.3 million, representing an improvement of $1.0 million versus the prior year period and a sequential improvement of $0.7 millionProject backlog of $84 million as of September 30, 2023, representing a sequential increase of $5 million, or 6%Provides fourth quarter 2023 guidance of approximately $30 million in revenues and breakeven to slightly positive Adjusted EBITDA Company to host conference call and webcast today, November 9, 2023 at 4:30 p.m. Eastern time LAFAYETTE, Colo., Nov. 09, 2023 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), an integrated professional services consulting firm, today reported its financial results for the quarter ended September 30, 2023 and provided fourth quarter 2023 guidance. Bradley Nattrass, Chairman and CEO, commented, “Since launching our sector diversification initiative just over a year ago, urban-gro has successfully evolved into a multi-sector focused professional services consulting firm. Our strengthening revenue and Adjusted EBITDA1 performance in the third quarter reflects a solid improvement on both a sequential and year-over-year basis. Given our strengthening pipeline and backlog, we continue to anticipate sequential quarterly improvement as we work to recapture positive Adjusted EBITDA1 generation. This has been the result of our steps to insulate our business from Cannabis market headwinds by diversifying our revenue streams into additional sectors outside of Controlled Environment Agriculture (“CEA”) while being proactive with expense optimization and resource allocation to drive efficiencies and scale in our model.” Third Quarter 2023 Financial Results Revenue was $20.9 million, as compared to $18.8 million in the second quarter, representing a sequential improvement of $2.1 million, or 11%, and $12.4 million in the prior year period, representing an increase of $8.6 million, or 69%. The sequential improvement was due to a $3.8 million increase in construction...