urban-gro, Inc. Reports Record Backlog Heading into 2023 and Reaffirms Fourth Quarter 2022 Financial Guidance
- Record signed project backlog of approximately $87 million as of December 31, 2022
- Reaffirms fourth quarter 2022 revenue and Adjusted EBITDA1 guidance
LAFAYETTE, Colo., Jan. 09, 2023 (GLOBE NEWSWIRE) — urban-gro, Inc. (Nasdaq: UGRO), an integrated professional services and design-build firm offering solutions to the Controlled Environment Agriculture (“CEA”) and commercial sectors, today reported record backlog entering its 2023 fiscal year and reaffirmed its financial guidance for fourth quarter 2022.
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.
Bradley Nattrass, Chairman and CEO of urban-gro
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. We are experiencing continued momentum in our commercial design-build and services businesses.
Record Fourth Quarter 2022 Backlog of Approximately $87 million
The Company expects to enter 2023 with record consolidated backlog of approximately $87 million, a sequential increase of approximately $20 million from third quarter 2022.
Reaffirms Fourth Quarter 2022 Guidance
The Company is reaffirming its expectation for fourth quarter 2022 guidance, with revenue of approximately $17 million and Adjusted EBITDA of approximately ($1.5) million.
2023 ICR Conference Fireside Chat Tuesday, January 10, 2023 at 3:00 pm ET:
Bradley Nattrass, Chairman and CEO of urban-gro, will participate in a fireside chat on Tuesday, January 10 at 3:00 pm ET in Palazzo E. Additionally, management will be available for investor meetings with registered participants on Monday, January 9 and Tuesday, January 10. A live audio webcast of the fireside chat will be accessible in the News & Events section on the Company’s Investor Relations website at ir.urban-gro.com.
To schedule a one-on-one meeting with management at these conferences, attendees should contact investors@urban-gro.com or their conference host representative.
1Use of Non-GAAP Financial Information
We define Adjusted EBITDA as net income (loss) attributable to urban-gro, Inc., determined in accordance with GAAP, excluding the effects of certain operating and non-operating expenses including, but not limited to, interest income and expense, income taxes, depreciation of tangible assets, amortization of intangible assets, impairment of investments, unrealized exchange losses, debt forgiveness and extinguishment, stock-based compensation expense, one-time and non-recurring expenses, and acquisition costs that we do not believe reflect our core operating performance. We use Adjusted EBITDA as a measure of our operating performance. Adjusted EBITDA is a supplemental non-GAAP financial measure, and it is not a substitute for net income (loss), income (loss) from operations, cash flows from operating activities or any other measure prescribed by GAAP. At the present time, a reconciliation of estimated net income (loss) to estimated Adjusted EBITDA is not available without unreasonable efforts.
Our board of directors and management team focus on Adjusted EBITDA as a key performance and compensation measure. We believe that Adjusted EBITDA assists us in comparing our performance over various reporting periods because it removes from our operating results the impact of items that our management believes do not reflect our core operating performance.
There are limitations to using non-GAAP measures such as Adjusted EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA to compare the performance of those companies to our performance. Adjusted EBITDA should not be considered as a measure of the income generated by our business or discretionary cash available to us to invest in the growth of our business.
Definitions:
Consolidated backlog is unrealized revenue represented by contractually committed construction design-build, equipment systems, and service orders.
About urban-gro, Inc.
urban-gro, Inc.® (Nasdaq: UGRO) is an integrated professional services and design-build firm. We offer value-added architectural, engineering, and construction management solutions to the Controlled Environment Agriculture (“CEA”), industrial, healthcare, and other commercial sectors. Innovation, collaboration, and creativity drive our team to provide exceptional customer experiences. With offices across North American and in Europe, we deliver Your Vision – Built. Learn more by visiting www.urban-gro.com.
