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urban-gro, Inc. Reports First Quarter 2024 Financial Results and Reaffirms Full Year 2024 Guidance

  • Revenue of $15.5 million, representing a sequential increase of 4% over $15.0 million

  • General and Administrative Expenses decreased $2.8 million to $4.3 million, as compared to. $7.1 million in the prior year period, and decreased $1.2 million on a sequential basis as compared to the fourth quarter 2023

  • Net Loss of $2.1 million, a sequential improvement of $2.6 million and an improvement of $3.0 million versus the prior year period

  • GAAP Net Loss per share of $0.18, and Adjusted Net Loss1 per share of $0.12

  • Adjusted EBITDA1 of negative $0.3 million, representing a sequential improvement of $2.7 million and an improvement of $3.1 million versus the prior year period

  • Reaffirms full year 2024 guidance of more than $84 million in revenues and positive Adjusted EBITDA1

  • Project backlog of $99 million at March 31, 2024

  • Company to host conference call and webcast today, April 30, 2024 at 4:30 p.m. Eastern time

LAFAYETTE, Colo., April 30, 2024 – 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 March 31, 2024 and reaffirmed full year 2024 guidance. 

"I'm pleased with the progress of our diversification strategy that leverages our professional services consulting firm that we are today. Our performance in the first quarter reflected solid bottom-line improvement on both a sequential and year-over-year basis, and was enhanced by our targeted actions to reduce our operating expenses. We remain focused on the elements of the business that we can control and are pushing ahead with our growth strategies to ensure that we can recapture sustained positive Adjusted EBITDA1 in the near-term,” commented Bradley Nattrass, Chairman and CEO. “Moreover, we are encouraged by several credible reports in the media indicating that the U.S. Drug Enforcement Agency is supporting the U.S. Department of Health's recommendation to reclassify cannabis from the most stringent schedule I to the less stringent schedule III. The successful rescheduling of Cannabis would serve as a long-awaited catalyst that we've anticipated to reinvigorate the industry through increased operator working capital that could be reinvested in facility upgrades and build-outs.”

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Click to Read the Full Release on UGRO's Investor Relations Website

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