urban-gro Posts Record Preliminary Q1 Results

urban-gro Inc 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.