8-K
filed March 27, 2024, 7:59 PM ET
ticker UGRO
CIK 0001706524
earnings
confidence high
sentiment negative
materiality 0.65
urban-gro FY2023 rev $71.5M, net loss $18.7M; backlog $110M, FY2024 guide positive EBITDA
urban-gro, Inc.
- FY2023 revenue $71.5M, up 6.7% YoY; net loss $(18.7)M vs $(15.3)M prior year.
- Q4 2023 revenue $15M, net loss $(4.7)M; Adjusted EBITDA negative $3.0M.
- Backlog $110M at Dec 31, 2023, a sequential increase of $26M.
- FY2024 outlook: revenue at least $84M (17.4% growth) and positive Adjusted EBITDA.
- Annualized cost reductions of >$8M implemented; Q1 2024 revenue guided at or above $15M.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
urban-gro, Inc. reported Full Year 2024 results: revenue more than $84.0 million. Guidance initiated.
- Period
- Full Year 2024
- Revenue
- more than $84.0 million
- Guidance
- initiated
- Result
- guidance update
Exact text from the filing
Full Year 2024 Guidance • Revenue of more than $84.0 million , representing growth of at least 17.4% • Positive Adjusted EBITDA 1
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
urban-gro, Inc. reported full year ended December 31, 2023 results: revenue $71.5 million, net income $(18.7) million.
- Period
- full year ended December 31, 2023
- Revenue
- $71.5 million
- Net income
- $(18.7) million
- Result
- reported results
Exact text from the filing
Full Year 2023 Results vs Prior Year Period: • Revenue of $71.5 million , a 6.7% increase from $67.0 million • Net income (loss) of $(18.7) million , as compared to $(15.3) million
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
urban-gro, Inc. reported First Quarter 2024 results: revenue at or better than $15.0 million. Guidance initiated.
- Period
- First Quarter 2024
- Revenue
- at or better than $15.0 million
- Guidance
- initiated
- Result
- guidance update
Exact text from the filing
First Quarter 2024 Preliminary Guidance vs Prior Year Period: • Revenue at or better than $15.0 million, as compared to $16.8 million • Adjusted EBITDA 1 at or better than ($0.5) million, as compared to $(3.4) million
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
urban-gro, Inc. reported fourth quarter ended December 31, 2023 results: revenue $15.0 million, net income $4.7 million, EPS $(0.40) per share.
- Period
- fourth quarter ended December 31, 2023
- Revenue
- $15.0 million
- Net income
- $4.7 million
- EPS
- $(0.40) per share
- Result
- reported results
Exact text from the filing
Revenue was $15.0 million , as compared to $17.3 million in the prior year period. This decrease from the prior year period was driven by lower construction Design-Build revenue of $1.3 million , and lower professional services revenue of $0.8 million . Gross profit was $1.7 million , or 11% of revenue as compared to $3.2 million , or 19% of revenue in the prior year period. The decrease in gross profit correlates to the decrease in revenue as well as a shift in mix toward lower margin construction design-build revenue. This was further impacted by a project cost revision in the fourth quarter that negatively impacted project profitability. Operating expenses were $6.4 million as compared to $6.2 million in the prior year period, representing an increase of $0.2 million . The increase in operating expenses was primarily due to increased legal expenses. On an annualized basis, the Company expects a year-over-year reduction of more than $8.0 million in operating expenses in 2024 primaril
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