Urban-Gro claims revenue growth of up to 6% in 2020

LAFAYETTE — In a sneak peek of its next quarterly earnings, indoor agriculture engineering firm Urban-Gro Inc. (OTCMKTS: UGRO) said it likely had record revenues of just under $26 million in 2020.

The Lafayette company’s anticipated 2020 revenues of between $25.6 million to $25.9 million is a beat of between 4% to 6% over the $24.2 million in revenues from 2019. However, the company expects between $5.4 million to $5.7 million in net losses.

Urban-Gro expects to post a record quarterly revenue of between $9 million to $9.3 million for the final period of 2020, along with a net loss of between $1.4 million to $1.7 million.

In a prepared statement, CEO Bradley Nattrass said the company has more than $14 million in committed orders that are in backlog due to the pandemic disrupting production capacity early last spring.

“This is just the beginning of what we believe will be a transformational upcoming year for Urban-Gro,” he said.

Urban-Gro is seeking to leave the over-the-counter markets and join the Nasdaq Global Markets in a move that would raise up to $13.8 million after scrapping efforts to join the Canadian Securities Exchange in September.

The Nasdaq has yet to approve the company’s application to join the exchange.

© 2020 BizWest Media LLC

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