Urban-gro Inc. (OTCQX: UGRO), a Lafayette-based developer of cannabis develop amenities, posted a document $12 million in gross sales through the first quarter of fiscal 12 months 2021, a 182% improve from the identical interval final 12 months.
The firm trimmed internet losses from practically $1.7 million within the first quarter of 2020 to lower than $1.6 million final interval. In the primary quarter of 2021, Urban-Gro noticed adjusted EBITDA within the black at simply over $502,000.
“We continued to build significant momentum on multiple fronts throughout the first quarter of this year. Beginning with our uplisting to Nasdaq and the closing of our $62.1 million financing, we have never been in a stronger financial position,” Urban-gro CEO Bradley Nattrass mentioned in a press release accompanying the corporate’s earnings report. “With a cash position of just under $50 million, and having paid down nearly all of our debt, we are in an ideal position to grow, both organically and through acquisition and investments in complementary companies. In fact, this quarter is our third consecutive quarter where we have had record revenues, positive adjusted EBITDA, and backlog of signed contracts.”
With expanded marijuana legalization throughout the nation, Urban-gro expects its buyer base to proceed to develop.
“Looking to the future, we remain laser focused on the execution of strategic growth initiatives within the food and cannabis (controlled-environment agriculture) space. This includes growing our footprint in the United States as an increasing number of states continue to legalize recreational and adult-use marijuana, gaining traction on our expansion into Europe, increasing our higher margin service offerings during both the engineering and design stages as well as post start-up, and by launching an end-to-end turn-key solution for (controlled-environment agriculture).”
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