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

Urban-gro, Inc. has announced its financial results for the first quarter ended March 31, 2024. The company reported a revenue of $15.5 million, marking a 4% increase from the previous quarter, although it noted a 7% decrease from the same period last year. General and administrative expenses saw a significant reduction, dropping by $2.8 million year-over-year to $4.3 million. This decrease contributed to a reduced net loss of $2.1 million, improving both sequentially and year-over-year.

The firm also reported a gross profit of $3.1 million, corresponding to 20% of revenue, a substantial improvement from previous figures. Additionally, adjusted EBITDA was reported at negative $0.3 million, yet displayed improvements of $2.7 million sequentially and $3.1 million compared to the prior year. Urban-gro confirmed its guidance for the full year 2024, projecting over $84 million in revenues and a positive adjusted EBITDA.

The company’s project backlog as of March 31, 2024, stood solidly at $99 million, largely driven by construction design-build contracts. Alongside its financial achievements, Urban-gro highlighted its dedication to reducing operating expenses and enhancing its service offerings to boost profitability and shareholder value in the forthcoming periods.