fbpx
QQQ
+ 7.05
312.29
+ 2.21%
DIA
+ 4.00
336.23
+ 1.18%
SPY
+ 6.32
403.85
+ 1.54%
TLT
+ 1.27
134.54
+ 0.94%
GLD
+ 1.54
169.61
+ 0.9%

urban-gro Posts Record Preliminary Q1 Results

April 16, 2021 1:52 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
urban-gro Posts Record Preliminary Q1 Results

urban-gro Inc (NASDAQ:UGRO), a provider of indoor horticulture solutions, posted this week preliminary first quarter 2021 results.

Q1 revenue rose by 174% year-over-year to a record $11.8 million to $12.1 million, up from $4.3 million reported in Q1 2020.

Adjusted EBITDA of $350,000 to $600,000 would also set a new report, representing an improvement of at least $1.2 million from negative $0.9 million in Q1 2020.

Income from operations is forecast between $200,000 million and negative $100,000, up from a loss of $1.4 million in the same quarter of last year. The growth was driven by increased revenues and gross margin, the company said.

urban-gro ended the first quarter of 2021 with “contractually committed orders” of more than $15 million.

“For urban-gro, the cannabis industry headwinds are now tailwinds with new states legalizing cannabis, existing states expanding cannabis programs, and urban-gro's movement into traditional indoor crop facility design and engineering,” the company said in an email.


Related Articles

The Week In Cannabis: New Mexico, Switzerland, Federal Legalization, Aphria, Organigram And More

In spite of some good news on the legalization front, cannabis stocks traded down this week, largely driven by lackluster earnings reports out of big Canadian companies. On Monday, New Mexico became the latest state to legalize adult-use cannabis, after Gov. Michelle Lujan Grisham signed the Cannabis Regulation Act. Sales are expected to begin before April 2022. read more