urban-gro, Inc. (NASDAQ: UGRO), a fully integrated architectural, engineering and cultivation systems integration company focused on the indoor Controlled Environment Agriculture (CEA) market, reported record financial results with record revenues on Tuesday after the bell.
Key Financial Highlights:
- Record third-quarter revenue of $18.3 million, representing growth of 119% compared to the prior-year period;
- Quarterly net income of $0.1 million compared to a net loss of ($0.7) million in the 2020 period;
- Record quarterly adjusted EBITDA1 of $1.0 million compared to $0.3 million in the prior-year period;
- Project backlog of contractually committed equipment and service orders with deposits received was $22.5 million as of September 30, 2021;
- A strong balance sheet with $40.5 million in cash and no debt;
- Raises 2021 revenue guidance to greater than $60 million and revises adjusted EBITDA guidance to reflect strategic investments in growth.
Third Quarter 2021 Financial Results:
- Revenue was $18.3 million in the …