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 design-build revenue and a $0.1 million increase in
professional services revenue, partially offset by a $1.6 million
decrease in equipment systems revenue. As compared to the prior
year period, revenue increased $8.6 million or 69%, primarily
driven by a $9.4 million increase in revenue associated with a
substantial increase in construction design-build revenues. This
increase was partially offset by a decrease in equipment systems
revenue of $0.8 million reflecting reduced equipment demand in the
U.S. cannabis market as a result of ongoing state-level regulatory
delays in the license-awarding process, as well as the lack of
movement on passing key legislation impacting the industry.
Gross profit was $2.9 million, or 14% of
revenue, as compared to $2.9 million in the second quarter, or 15%
of revenue, and $2.6 million, or 21% of revenue in the prior year
period. The slight increase in gross profit from the prior year
period relative to the much larger increase in revenue was
primarily driven by the net effects of a decrease in higher margin
equipment revenue offset by an increase in lower margin
construction design-build revenue.
Operating expenses were $6.0 million as compared
to $6.8 million in the second quarter, representing a sequential
decrease of $0.8 million. The decrease sequentially was primarily
due to a reduction in general and administrative expenses. As
compared to the prior year period, operating expenses decreased
$3.5 million primarily due to a one-time business development
expense of $3.3 million that was incurred in the prior year.
Non-operating expenses were $0.3 million, as
compared to non-operating expenses of $1.8 million in the prior
year.
Net loss was $3.4 million, or $0.29 loss per
share as compared to a net loss of $8.7 million, or $0.81 loss per
share in the prior year period. Adjusted net loss was $2.4 million,
or $0.20 loss per share as compared to an adjusted net loss of $2.7
million, or $0.26 loss per share in the prior year period.
Adjusted EBITDA1 improved by $0.7 million on a
sequential basis to negative $1.3 million, which is an improvement
of $1.0 million compared to the prior year period. The improvement
in Adjusted EBITDA1 compared to the prior year was
driven primarily by lower run-rate operating expenses predominantly
associated with the Company’s expense optimization and resource
reallocation initiative.
Cash position at the end of the third quarter of
2023 was $4.8 million. To support the strong performance of our
Construction operations, subsequent to September 30 we entered into
a non-dilutive, asset-based lending facility in order to better
manage our working capital. To date, the facility remains
undrawn.
Summary First Nine Months 2023 Financial
Results
Revenue was $56.5 million for the first nine
months of 2023 compared to $49.7 million in the prior year period,
representing an increase of $6.8 million, or 14%.
Net loss was $14.0 million, or $1.29 per share,
for the first nine months of 2023 compared to a net loss of $11.1
million, or $1.05 per share, in the prior year period. Adjusted net
loss was $9.7 million, or $0.89 per share, for the first nine
months of 2023 compared to an adjusted net loss of $4.8 million, or
$0.45 per share, in the prior year period.
Adjusted EBITDA1 was negative
$6.8 million for the first nine months of 2023 compared to negative
$2.2 million in the prior year period.
Backlog as of September 30,
2023
Consolidated backlog is unrealized revenue
represented by signed construction design-build, equipment systems,
and service orders. As of September 30, 2023, total backlog was
approximately $84 million in contracts, comprised of $77 million in
construction design-build, $5 million of professional services, and
$2 million of equipment systems.
The following table summarizes the change in
backlog for the current quarter:
|
Equipment Systems |
|
Services |
|
Construction Design-Build |
|
Total Backlog |
|
|
|
|
|
|
|
|
|
(in millions) |
Beginning backlog as of June 30, 2023 |
$ |
5 |
|
|
$ |
4 |
|
|
$ |
70 |
|
|
$ |
79 |
|
Revenue recognized |
|
(3 |
) |
|
|
(3 |
) |
|
|
(15 |
) |
|
|
(21 |
) |
Net backlog additions/(reductions) |
|
— |
|
|
|
4 |
|
|
|
22 |
|
|
$ |
26 |
|
Ending backlog as of
September 30, 2023 |
$ |
2 |
|
|
$ |
5 |
|
|
$ |
77 |
|
|
$ |
84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue and Adjusted
EBITDA1 Guidance - Fourth Quarter
2023
For the Fourth Quarter 2023, the Company is
providing guidance as follows:
Consolidated revenue: Approximately $30 million,
representing a 43% sequential improvement, and a 73% increase
versus the prior year period
Adjusted EBITDA1: Achievement of breakeven to
slightly positive adjusted EBITDA, representing a sequential
improvement from negative $1.3 million, and an improvement from the
prior year period of negative $1.7 million.
Conference Call Details
urban-gro will host a conference call and live
audio webcast to discuss the operational and financial results
today, November 9, 2023 at 4:30 p.m. Eastern time. Interested
participants and investors may access the conference call by
dialing 877-407-3982 (U.S.), or 201-493-6780 (International). The
live webcast will be accessible on the Events page of the Investors
section of the urban-gro website, ir.urban-gro.com, and will be
archived for 90 days following the event. Availability of the call
replay posted on the Company’s website is at the Company’s
discretion and may be discontinued at any time.
1Adjusted EBITDA is a non-GAAP financial
measure. Please see the information under “Use of Non-GAAP
Financial Information” below for a description of Adjusted EBITDA
and the table at the end of this press release for a reconciliation
of this non-GAAP financial information to GAAP results.
Use of Non-GAAP Financial
Information
We define Adjusted EBITDA as net income (loss)
attributable to urban-gro, determined in accordance with U.S.
generally accepted accounting principles ("GAAP"), excluding the
effects of certain operating and non-operating expenses including,
but not limited to, interest income and expense, income taxes,
depreciation of tangible assets, amortization of intangible assets,
impairment of investments, exchange gains and losses, debt
forgiveness and extinguishment, stock-based compensation expense,
one-time and non-recurring expenses, and acquisition costs that we
do not believe reflect our core operating performance. We use
Adjusted EBITDA as a measure of our operating performance. Adjusted
EBITDA is a supplemental non-GAAP financial measure, and it is not
a substitute for net income (loss), income (loss) from operations,
cash flows from operating activities or any other measure
prescribed by GAAP.
Our Board of Directors and management team focus
on Adjusted EBITDA as a key performance and compensation measure.
We believe that Adjusted EBITDA assists us in comparing our
performance over various reporting periods because it removes from
our operating results the impact of items that our management
believes do not reflect our core operating performance.
There are limitations to using non-GAAP measures
such as Adjusted EBITDA. Although we believe that Adjusted EBITDA
can make an evaluation of our operating performance more consistent
because it removes items that do not reflect our core operations,
other companies in our industry may define Adjusted EBITDA
differently than we do. As a result, it may be difficult to use
Adjusted EBITDA to compare the performance of those companies to
our performance. Adjusted EBITDA should not be considered as a
measure of the income generated by our business or discretionary
cash available to us to invest in the growth of our business.
About urban-gro, Inc.
urban-gro, Inc.® (Nasdaq: UGRO) is an integrated
professional services consulting firm delivering professional
services and solutions across architecture, design, engineering,
equipment integration, and construction management. Our
multi-sector expertise encompasses a diverse set of projects across
a host of industries such as Controlled Environment Agriculture
(“CEA”), light industrial, healthcare, hospitality, laboratories
and more. Our dedicated and innovative team is fueled by a
commitment to empower our clients by providing exceptional customer
experiences throughout the project lifecycle and beyond, including
post-operational support. With offices across North America and in
Europe, we deliver Your Vision – Built. Learn more by visiting
www.urban-gro.com.
Safe Harbor Statement
This press release contains forward looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. When used in this release, terms such as
“believes,” “will,” “expects,” “anticipates,” “continue,” “expect,”
“may,” “projects” and similar expressions and variations as they
relate to the Company or its management are intended to identify
forward-looking statements. The forward-looking statements in this
press release include, without limitation, financial projections,
financial guidance, future events, business strategy, future
performance, future operations, future demand, backlog, financial
position, estimated revenues, losses, adjusted EBITDA, prospects,
plans and objectives of management, including expense optimization,
working capital management, and the future ability to position the
Company for growth. These and other forward-looking statements are
based on current expectations, forecasts, and assumptions that
involve risks and uncertainties that could cause actual outcomes
and results to differ materially from those anticipated or
expected, including, among others, our ability to successfully
manage and integrate acquisitions, our ability to accurately
forecast revenues and costs, competition for projects in our
markets, our ability to predict and respond to new laws and
governmental regulatory actions, including delays granting licenses
to clients or potential clients and delays in passage of
legislation expected to benefit our clients or potential clients,
our ability to successfully develop new and/or enhancements to our
product offerings and develop a product mix to meet demand, risks
related to adverse weather conditions, supply chain issues, rising
interest rates, economic downturn or other factors that could cause
delays or the cancellation of projects in our backlog or our
ability to secure future projects, our ability to maintain
favorable relationships with suppliers, risks associated with
reliance on key customers and suppliers, our ability to attract and
retain key personnel, results of litigation and other claims and
insurance coverage issues, risks related to our information
technology systems and infrastructure, risks associated with
climate change and ESG matters, our ability to maintain effective
internal controls, our ability to execute on our strategic plans,
our ability to achieve and maintain cost savings, the sufficiency
of our liquidity and capital resources, and our ability to achieve
our key initiatives for 2023, particularly our growth initiatives.
A more detailed description of these and certain other factors that
could affect actual results is included in the Company’s filings
with the Securities and Exchange Commission. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Company undertakes no
obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof, except as may be
required by law.
|
URBAN-GRO, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS (unaudited) |
|
|
September 30, 2023 |
|
December 31, 2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash |
$ |
4,770,430 |
|
|
$ |
12,008,003 |
|
Accounts receivable, net |
|
18,341,489 |
|
|
|
15,380,292 |
|
Contract receivables |
|
8,378,657 |
|
|
|
3,004,282 |
|
Prepaid expenses and other assets |
|
3,268,279 |
|
|
|
4,164,960 |
|
Total current assets |
|
34,758,855 |
|
|
|
34,557,537 |
|
Non-current assets: |
|
|
|
Property and equipment, net |
|
1,456,009 |
|
|
|
1,307,146 |
|
Operating lease right of use assets, net |
|
2,217,738 |
|
|
|
2,618,825 |
|
Investments |
|
— |
|
|
|
2,559,307 |
|
Goodwill |
|
15,572,050 |
|
|
|
15,572,050 |
|
Intangible assets, net |
|
4,634,672 |
|
|
|
5,450,687 |
|
Total non-current assets |
|
23,880,469 |
|
|
|
27,508,015 |
|
Total
assets |
$ |
58,639,324 |
|
|
$ |
62,065,552 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
22,194,304 |
|
|
$ |
9,960,364 |
|
Accrued expenses |
|
4,074,098 |
|
|
|
3,196,961 |
|
Contract liabilities |
|
1,981,728 |
|
|
|
1,294,452 |
|
Customer deposits |
|
969,888 |
|
|
|
2,571,161 |
|
Contingent consideration |
|
161,947 |
|
|
|
2,799,287 |
|
Promissory notes |
|
1,964,775 |
|
|
|
3,832,682 |
|
Operating lease liabilities |
|
598,447 |
|
|
|
600,816 |
|
Total current liabilities |
|
31,945,187 |
|
|
|
24,255,723 |
|
Non-current liabilities: |
|
|
|
Operating lease liabilities |
|
1,666,138 |
|
|
|
2,044,782 |
|
Deferred tax liability |
|
865,802 |
|
|
|
1,033,283 |
|
Total non-current liabilities |
|
2,531,940 |
|
|
|
3,078,065 |
|
Total
liabilities |
|
34,477,127 |
|
|
|
27,333,788 |
|
Stockholders’ equity |
|
|
|
Preferred stock, $0.10 par value; 10,000,000 shares authorized; 0
shares issued and outstanding |
|
— |
|
|
|
— |
|
Common stock, $0.001 par value; 30,000,000 shares authorized;
13,120,413 issued and 11,670,580 outstanding as of September 30,
2023, and 100,000,000 shares authorized; 12,220,593 issued and
10,770,760 outstanding as of December 31, 2022 |
|
13,120 |
|
|
|
12,221 |
|
Additional paid-in capital |
|
88,268,286 |
|
|
|
84,882,982 |
|
Treasury shares, cost basis: 1,449,833 shares as of September 30,
2023 and as of December 31, 2022 |
|
(12,045,542 |
) |
|
|
(12,045,542 |
) |
Accumulated deficit |
|
(52,073,667 |
) |
|
|
(38,117,897 |
) |
Total stockholders’ equity |
|
24,162,197 |
|
|
|
34,731,764 |
|
Total liabilities and
stockholders’ equity |
$ |
58,639,324 |
|
|
$ |
62,065,552 |
|
|
URBAN-GRO, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited) |
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
Equipment systems |
$ |
3,043,659 |
|
|
$ |
3,879,272 |
|
|
$ |
10,575,367 |
|
|
$ |
31,024,187 |
|
Services |
|
2,898,739 |
|
|
|
2,839,338 |
|
|
|
9,403,968 |
|
|
|
9,505,396 |
|
Construction design-build |
|
14,813,486 |
|
|
|
5,384,267 |
|
|
|
36,068,435 |
|
|
|
8,301,588 |
|
Other |
|
178,439 |
|
|
|
265,416 |
|
|
|
489,482 |
|
|
|
871,488 |
|
Total revenues and other income |
|
20,934,323 |
|
|
|
12,368,293 |
|
|
|
56,537,252 |
|
|
|
49,702,659 |
|
Cost of
revenues: |
|
|
|
|
|
|
|
Equipment systems |
|
2,766,116 |
|
|
|
3,212,285 |
|
|
|
9,287,704 |
|
|
|
26,132,828 |
|
Services |
|
1,768,164 |
|
|
|
1,796,968 |
|
|
|
5,715,548 |
|
|
|
4,677,887 |
|
Construction design-build |
|
13,413,067 |
|
|
|
4,570,506 |
|
|
|
32,605,681 |
|
|
|
7,263,206 |
|
Other |
|
130,258 |
|
|
|
195,938 |
|
|
|
355,121 |
|
|
|
632,181 |
|
Total cost of revenues |
|
18,077,605 |
|
|
|
9,775,697 |
|
|
|
47,964,054 |
|
|
|
38,706,102 |
|
Gross
profit |
|
2,856,718 |
|
|
|
2,592,596 |
|
|
|
8,573,198 |
|
|
|
10,996,557 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
General and administrative |
|
5,000,846 |
|
|
|
5,792,418 |
|
|
|
17,974,049 |
|
|
|
14,758,506 |
|
Stock-based compensation |
|
722,647 |
|
|
|
96,767 |
|
|
|
1,824,835 |
|
|
|
1,860,767 |
|
Intangible asset amortization |
|
241,832 |
|
|
|
304,339 |
|
|
|
816,015 |
|
|
|
773,063 |
|
Business development |
|
— |
|
|
|
3,299,864 |
|
|
|
— |
|
|
|
3,299,864 |
|
Total operating expenses |
|
5,965,325 |
|
|
|
9,493,388 |
|
|
|
20,614,899 |
|
|
|
20,692,200 |
|
Loss from
operations |
|
(3,108,607 |
) |
|
|
(6,900,792 |
) |
|
|
(12,041,701 |
) |
|
|
(9,695,643 |
) |
|
|
|
|
|
|
|
|
Non-operating income
(expense): |
|
|
|
|
|
|
|
Interest expense |
|
(39,928 |
) |
|
|
(7,088 |
) |
|
|
(158,134 |
) |
|
|
(22,270 |
) |
Interest income |
|
19,461 |
|
|
|
94,200 |
|
|
|
167,652 |
|
|
|
221,329 |
|
Write-down of investment |
|
(258,492 |
) |
|
|
(1,710,358 |
) |
|
|
(258,492 |
) |
|
|
(1,710,358 |
) |
Contingent consideration |
|
— |
|
|
|
— |
|
|
|
(160,232 |
) |
|
|
— |
|
Loss on settlement |
|
— |
|
|
|
— |
|
|
|
(1,500,000 |
) |
|
|
— |
|
Other income (expense) |
|
(28,605 |
) |
|
|
(210,399 |
) |
|
|
(172,344 |
) |
|
|
(147,528 |
) |
Total non-operating income (expense) |
|
(307,564 |
) |
|
|
(1,833,645 |
) |
|
|
(2,081,550 |
) |
|
|
(1,658,827 |
) |
Loss before income
taxes |
|
(3,416,171 |
) |
|
|
(8,734,437 |
) |
|
|
(14,123,251 |
) |
|
|
(11,354,470 |
) |
|
|
|
|
|
|
|
|
Income tax benefit |
|
48,383 |
|
|
|
73,654 |
|
|
|
167,481 |
|
|
|
258,166 |
|
Net loss |
$ |
(3,367,788 |
) |
|
$ |
(8,660,783 |
) |
|
$ |
(13,955,770 |
) |
|
$ |
(11,096,304 |
) |
|
|
|
|
|
|
|
|
Comprehensive
loss |
$ |
(3,367,788 |
) |
|
$ |
(8,660,783 |
) |
|
$ |
(13,955,770 |
) |
|
$ |
(11,096,304 |
) |
|
|
|
|
|
|
|
|
Loss per share - basic and
diluted |
$ |
(0.29 |
) |
|
$ |
(0.81 |
) |
|
$ |
(1.29 |
) |
|
$ |
(1.05 |
) |
Weighted average shares -
basic and diluted |
|
11,649,790 |
|
|
|
10,674,796 |
|
|
|
10,859,820 |
|
|
|
10,577,453 |
|
|
URBAN-GRO, INC.NET LOSS (GAAP)
RECONCILIATION TO ADJUSTED EBITDA (NON-GAAP) |
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss
(GAAP) |
$ |
(3,367,788 |
) |
|
$ |
(8,660,783 |
) |
|
$ |
(13,955,770 |
) |
|
$ |
(11,096,304 |
) |
Interest expense |
|
39,928 |
|
|
|
7,088 |
|
|
|
158,134 |
|
|
|
22,270 |
|
Interest income |
|
(19,461 |
) |
|
|
(94,200 |
) |
|
|
(167,652 |
) |
|
|
(221,329 |
) |
Federal and state income tax (benefit) expense |
|
(48,383 |
) |
|
|
(73,654 |
) |
|
|
(167,481 |
) |
|
|
(258,166 |
) |
Depreciation and amortization |
|
372,969 |
|
|
|
526,750 |
|
|
|
1,201,201 |
|
|
|
1,116,585 |
|
EBITDA
(non-GAAP) |
$ |
(3,022,735 |
) |
|
$ |
(8,294,799 |
) |
|
$ |
(12,931,568 |
) |
|
$ |
(10,436,944 |
) |
|
|
|
|
|
|
|
|
Non-recurring legal fees |
|
284,641 |
|
|
|
205,486 |
|
|
|
769,252 |
|
|
|
276,246 |
|
Contingent consideration - change in fair value |
|
— |
|
|
|
— |
|
|
|
160,232 |
|
|
|
— |
|
Contingent consideration - DVO acquisition |
|
78,181 |
|
|
|
— |
|
|
|
204,878 |
|
|
|
— |
|
One time business development expenses |
|
— |
|
|
|
3,299,864 |
|
|
|
— |
|
|
|
3,299,864 |
|
Reduction in force costs |
|
31,987 |
|
|
|
— |
|
|
|
334,540 |
|
|
|
— |
|
One-time employee expenses |
|
— |
|
|
|
670,095 |
|
|
|
— |
|
|
|
787,691 |
|
Impairment loss |
|
258,492 |
|
|
|
1,710,358 |
|
|
|
258,492 |
|
|
|
1,710,358 |
|
Loss on settlement |
|
— |
|
|
|
— |
|
|
|
1,500,000 |
|
|
|
— |
|
Retention incentive |
|
300,000 |
|
|
|
|
|
942,000 |
|
|
|
— |
|
Stock-based compensation |
|
722,647 |
|
|
|
96,767 |
|
|
|
1,824,835 |
|
|
|
1,860,767 |
|
Transaction costs |
|
29,141 |
|
|
|
39,182 |
|
|
|
91,079 |
|
|
|
258,111 |
|
Adjusted EBITDA
(non-GAAP) |
$ |
(1,317,646 |
) |
|
$ |
(2,273,047 |
) |
|
$ |
(6,846,260 |
) |
|
$ |
(2,243,907 |
) |
|
|
|
|
|
|
|
|
|
URBAN-GRO, INC.NET LOSS (GAAP)
RECONCILIATION TO ADJUSTED NET LOSS (NON-GAAP) AND
EPS |
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss
(GAAP) |
$ |
(3,367,788 |
) |
|
$ |
(8,660,783 |
) |
|
$ |
(13,955,770 |
) |
|
$ |
(11,096,304 |
) |
Non-recurring
adjustments, net of taxes: |
|
|
|
|
|
|
|
Non-recurring legal fees |
|
284,641 |
|
|
|
205,486 |
|
|
|
769,252 |
|
|
|
276,246 |
|
Contingent consideration - change in fair value |
|
— |
|
|
|
— |
|
|
|
160,232 |
|
|
|
— |
|
Contingent consideration - DVO acquisition |
|
78,181 |
|
|
|
— |
|
|
|
204,878 |
|
|
|
— |
|
One time business development expenses |
|
— |
|
|
|
3,299,864 |
|
|
|
— |
|
|
|
3,299,864 |
|
Reduction in force costs |
|
31,987 |
|
|
|
— |
|
|
|
334,540 |
|
|
|
— |
|
One-time employee expenses |
|
— |
|
|
|
670,095 |
|
|
|
— |
|
|
|
787,691 |
|
Impairment loss |
|
258,492 |
|
|
|
1,710,358 |
|
|
|
258,492 |
|
|
|
1,710,358 |
|
Loss on settlement |
|
— |
|
|
|
— |
|
|
|
1,500,000 |
|
|
|
— |
|
Retention incentive |
|
300,000 |
|
|
|
— |
|
|
|
942,000 |
|
|
|
— |
|
Transaction costs |
|
29,141 |
|
|
|
39,182 |
|
|
|
91,079 |
|
|
|
258,111 |
|
Adjusted net loss
(non-GAAP) |
$ |
(2,385,346 |
) |
|
$ |
(2,735,798 |
) |
|
$ |
(9,695,297 |
) |
|
$ |
(4,764,034 |
) |
|
|
|
|
|
|
|
|
Weighted average
shares - basic and diluted |
|
11,649,790 |
|
|
|
10,674,796 |
|
|
|
10,859,820 |
|
|
|
10,577,453 |
|
Loss per share
(GAAP) |
$ |
(0.29 |
) |
|
$ |
(0.81 |
) |
|
$ |
(1.29 |
) |
|
$ |
(1.05 |
) |
Adjusted loss per
share (non-GAAP) |
$ |
(0.20 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.89 |
) |
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
Investor Contacts:
Dan Droller – urban-gro, Inc.-or-Jeff Sonnek –
ICR, Inc.(720) 730-8160investors@urban-gro.com
Media Contact:
Barbara Graham – urban-gro, Inc.(720)
903-1139media@urban-gro.com
Urban Gro (NASDAQ:UGRO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Urban Gro (NASDAQ:UGRO)
Historical Stock Chart
From Jul 2023 to Jul 2024