Urban–Gro revenues slip in Q2

LAFAYETTE — Urban–Gro Inc. (OTCQX: UGRO), a cultivation systems integrator and agricultural-technology firm for commercial cultivators of cannabis and other crops, saw year-over-year revenues slide in the second quarter of fiscal year 2020.

The firm posted a net loss of $1.6 million in the most recent period on $4 million in sales. That’s down from a loss of $1.4 million on $5.4 million in sales. 

“A portion of the decrease in revenues was the result of customers deferring spending on project contracts due to the impacts of COVID-19, which had the secondary effect of deferring equipment order shipments,” the company said in its quarterly earnings report.

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Urban-Gro inked 24 new engineering contracts, including two in Europe, during Q2.

““The 24 new engineering design contracts signed in Q2 represents a quarterly record for the company and a strong sign for future growth,” Urban-Gro CEO Bradley Nattrass said in a prepared statement. “Additionally, in Q2, as part of our previously announced strategic initiatives for 2020, we continued to experience success in the European market and expanded our presence in the U.S. horticultural market. Diversifying our portfolio, strictly monitoring our operating costs, and experiencing strong sales success are all contributing to keep us on the path toward profitability.”

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