urban-gro News: Gets $1.5M contract

Added on 17 August 2023

urban-gro Gets $1.5M Contract (2023/08/16)

Urban-gro, Inc., a leading professional services and design-build firm catering to the Controlled Environment, Agriculture, and commercial sectors, has secured a $1.5 million contract to deliver architectural, interior design, and engineering services for a healthcare client in the southeastern U.S. Most of the project’s revenue is expected to be recognized in the upcoming year. CEO Bradley Nattrass highlighted this as a testament to the company’s expanding presence in various sectors, including healthcare.

urban-gro, Inc. Announces Q2 2023 Financial Performance (2023/08/15)

Key Financial Highlights:

Q2 revenue reached $18.8 million, marking a 12% sequential rise from $16.8 million and a 16% year-over-year increase from $16.3 million.
The company reported a net loss of $5.4 million and an Adjusted EBITDA of negative $2.0 million. However, this represents a sequential improvement in Adjusted EBITDA by $1.4 million.
Cash reserves stood at $8.6 million, a sequential boost of $1.2 million, with the company maintaining zero bank debt.

Bradley Nattrass, Chairman and CEO of Urban-Gro, remarked on the company’s Q2 performance, emphasizing the consistent revenue growth and improvement in Adjusted EBITDA. He stated, “Our Q2 results mirror the projections we shared in May, stemming from our team’s unwavering dedication to optimizing expenses and managing working capital.”