Adam JacksonMay 10, 2023
For 2023, the company forecasts adjusted EBITDA from negative $3 million to a slightly positive figure.
Bradley Nattrass Archives - Green Market Report
Adam JacksonMay 10, 2023Adam JacksonJanuary 9, 2023The Colorado-based food and cannabis grower urban-gro, Inc. (Nasdaq: UGRO) on Monday reported a record backlog entering its 2023 fiscal year and reaffirmed its financial guidance for the fourth quarter of 2022.
The company expects to enter 2023 with record consolidated backlog of around $87 million, a sequential increase of approximately $20 million from the third quarter of 2022’s announcement of $67 million in the backlog.
”We have demonstrated through our record backlog entering 2023 and reaffirmed fourth quarter 2022 financial guidance that we can continue to deliver growth in the face of broader market headwinds due to our integrated solutions and sector diversification efforts,” CEO and chairman Bradley Nattrass said in a statement.
The news comes nearly a fiscal quarter after the company posted a 32% year-over-year drop in revenue and a net loss of $8.7 million for the third quarter, which Nattrass at the time blamed on “headwinds within the cannabis sector.”
Urban-gro has attributed the revenue decline to “a decrease in cultivation equipment systems revenue…primarily reflecting significantly reduced equipment demand in the U.S. cannabis market as a result of ongoing state-level regulatory delays in the license-awarding process.”
The company is reaffirming its expectation for fourth quarter 2022 guidance, with revenue of approximately $17 million and an adjusted EBITDA loss of around $1.5 million. This would be a sequential increase over the third quarter’s revenue of $12.4 million.
“As we move into 2023, our team is aligned and laser-focused on scaling the company to service the increased demand that is evidenced by the signed contracts present in our record backlog,” Nattrass added. “We are experiencing continued momentum in our commercial design-build and services businesses.”
Ancillary cannabis businesses on the cultivation side have been particularly hit hard as oversupply has caused many producers to scale back on large operations. Still, more markets are opening up as the U.S. northeast adult-use markets have begun launching.
StaffJanuary 8, 2019
urban-gro to Offer Fluence LED Grow Light Solutions to North and South American Commercial Cultivators
Austin, Texas and Lafayette, Colo. – January 8, 2019 /AxisWire/ Fluence Bioengineering, Inc. today announced it has selected urban-gro, Inc. of Lafayette, CO as an authorized system integrator for Fluence LED lighting solutions in North and South America.
“As a result of our collaboration with Fluence Bioengineering, urban-gro now offers commercial cultivators access to the most advanced LED lighting solutions on the market,” said Bradley Nattrass, CEO of urban-gro. “As recognized leaders in lighting science and systems integration, our partnership with Fluence benefits cultivators by combining the power of Fluence’s advanced lighting technology with urban-gro’s industry-leading systems integration and agriculture technology solutions.”
Fluence has launched an authorized reseller program comprised of value-added resellers. Each entity in the program is trained and works closely with Fluence to ensure the company’s LED grow lights are properly deployed and integrated into the grower’s unique cultivation environment. For more information on the Fluence authorized reseller program, please contact us here.
“Working with urban-gro will enable cultivators to easily integrate our solutions and benefit from the expertise, capabilities and guidance which their team brings to the controlled environment agriculture industry,” said David Cohen, CEO of Fluence Bioengineering. “Given our collective expertise and dedication to commercial cultivators, collaborating with urban-gro is a natural fit.”
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About Fluence Bioengineering
Fluence Bioengineering Inc., a wholly-owned subsidiary of OSRAM, creates the most powerful and energy-efficient LED lighting solutions for commercial crop production and research applications. Fluence is the leading LED lighting supplier in the global cannabis market and is committed to solving the looming food crisis by enabling more efficient crop production with the world’s top vertical farms and greenhouse produce growers. All Fluence lighting solutions are designed and built at the company’s headquarters in Austin, Texas, U.S.A., with European sales and support based in Amsterdam, Netherlands. https://fluence.science
About urban-gro
Uurban-grois a leading systems integrator and agriculture technology firm focused on serving commercial cultivators around the world. The company’s ag tech division, Soleil Technologies, delivers data-driven micro climate intelligence using high-density sense and control technology to improve crop quality, consistency, and operational efficiencies. urban-gro helps cultivators achieve sustainable scalability via innovative solutions that drive down costs, increase economic yield, and reduce environmental impact. By combining its design and integration services, industry-leading suite of cultivation equipment and crop management products, and proprietary technology solutions, urban-gro provides integrated solutions for today’s commercial cannabis cultivators to efficiently manage and optimize their cultivation operations. urban-gro is recognized as one of the cannabis industry’s fastest growing systems integration and agricultural technology companies. The Colorado-based firm currently employs 53 people all over the country and has worked on more than 500 commercial cultivation facilities. Visiturban-gro.comandsoleiltech.agto learn more. Follow us onInstagram,Facebook,TwitterandLinkedIn.
For media inquiries, please contact:
Fluence Bioengineering
George Wang
pr@fluencebioengineering.com
(512) 212-4544
urban-gro, Inc.
Annie Graf / McKenna Miller
KCSA Strategic Communications
agraf@kcsa.com / mmiller@kcsa.com
786-390-2644 / 347-487-6197
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