- urban-gro, Inc. (NASDAQ:UGRO) signed more than $40 million in contracts in 1Q23, bringing the total backlog to $123 million as of Mar. 31, 2023. Total backlog was approximately $93 million in contracts as of Dec. 31, 2022.
- The company received $2.4 million of cash during the quarter following a settlement with its former bank.
- UGRO reiterated its guidance; it expects 1Q23 revenue to be slightly below 4Q22 with an increased adjusted EBITDA loss due to the delayed kick-off of two design-build projects.
- For FY23, the company expects consolidated revenue of $100 million – $120 million versus $105.01 million consensus and Adjusted EBITDA of negative $3 million to slightly positive.
- “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,” commented Bradley Nattrass, Chairman and CEO of urban-gro.
- Price Action: UGRO shares are trading higher by 14.2% at $1.9650 on the last check Wednesday.
Worksport And Mercedes-Benz Provide Updates On Their Ambitious Strategies
Today, ambitious tonneau cover manufacturer who aims to reshape the North American truck bed industry, Worksport Ltd.
