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Urban-gro Reports Record Backlog
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Urban-Gro Reports Record Backlog

Urban-gro, a company that provides solutions to the Controlled Environment Agriculture and commercial sectors, has reported a record backlog for its 2023 fiscal year and has reaffirmed its financial guidance for Q4 2022. The company expects to enter 2023 with a consolidated backlog of around $87 million and has reaffirmed its expectations for revenue of approximately $17 million and adjusted EBITDA of around ($1.5) million for Q4 2022. The CEO of urban-gro will participate in a fireside chat on January 10, 2023, and management will be available for investor meetings on January 9 and 10. Urban-gro uses adjusted EBITDA, a non-GAAP measure, as a measure of its operating performance.

Urban-gro, a company that provides solutions to the Controlled Environment Agriculture (CEA) and commercial sectors, has reported a record backlog as it enters its 2023 fiscal year and has reaffirmed its financial guidance for the fourth quarter of 2022. The company is expecting to enter 2023 with a consolidated backlog of around $87 million, an increase of about $20 million from the third quarter of 2022.

After the acquisition of Emerald Construction Management in the second quarter, urban-gro launched its full turnkey design-build solution where the Company provides a single point of responsibility, and manages architecture, engineering, cultivation design, construction, as well as equipment procurement and integration. Already in Q2, urban-gro announced that their acquisition led to over USD 10M in contracts following the acquisition. These incremental design-build contracts represent more than USD 50 million of signed projects in the third quarter and are from a diverse set of clients including cannabis CEA clients, as well as leading global consumer packaged goods enterprises.

urban-gro, Inc. (Nasdaq:UGRO), announced the successful completion of its subsidiary urban-gro Engineering, Inc.’s acquisition of substantially all of the assets of Dawson Van Orden, Inc. effective November 1, 2022. urban-gro paid a final purchase price of $6.1 million after working capital adjustments, excluding $1.1 million of contingent consideration that may become payable in cash or equity at the Company’s discretion, through a combination of $1.2 million in cash, $3.8 million of a seller’s note paid out over four quarters, and $1.1 million of UGRO common stock at a pre-set price of $4 per share, equivalent to 271,875 shares. DVO generated approximately $5.5 million of revenue and greater than 20% EBITDA margins in the trailing twelve-month period that ended September 30, 2022.

Image provided by Urban-gro

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