urban-gro Shares Trading Higher On More Than $40M In Contracts, Driving Q1 2023 Backlog To A Record $123M

urban-gro, Inc. UGRO announced the signing of more than $40 million in contracts in the first quarter 2023, bringing the company’s total backlog to a record $123 million as of March 31, 2023.

The company also reiterated its guidance, and in the first quarter of 2023, the company received $2.4 million of cash following a settlement with its former bank.

“We are carrying strong momentum into 2023 and are excited to announce the growth of our backlog to a record $123 million as of the end of our first quarter, following the signing of more than 25 contracts in that same period. This traction with our clients demonstrates the impact that our integrated professional services and design-build platform is having in the marketplace,” stated Bradley Nattrass, chairman and CEO of urban-gro.

“We remain focused on optimizing our platform and leveraging our resources to maximize our productivity and return to positive adjusted EBITDA in the near-term. With the incremental cash from the settlement, combined with the growth in the business we are forecasting through the balance of 2023, we believe we have adequate non-dilutive financial resources available to navigate the current environment. We look forward to updating the market during our first quarter earnings call in May.”

These incremental contracts that were signed in the first quarter were generated from its diverse set of clients, including its growing presence in the commercial sector.

Price Action

urban-gro shares were trading 18.6% higher at $2.04 per share during Wednesday’s pre-market session.

Photo by Giorgio Trovato on Unsplash

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