Urban-gro trims losses in Q4

LAFAYETTE — Indoor agricultural engineering firm Urban-gro Inc. (Nasdaq: UGRO) posted record revenues in the fourth quarter, cutting its losses by more than half compared with Q4 in fiscal year 2019. 

Quarterly revenues were $9.2 million in Q4, up 30% year over year. 

Still, the company posted a loss for the period of about $1.1 million. That’s down from more than $2.6 million in losses in Q4 2019.

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“While experiencing project-related challenges in the first half of the year due to the pandemic, 2020 ultimately turned out to be the company’s best year since inception,” Urban-gro CEO Bradley Nattrass said in a statement accompanying the company’s earnings report filed Wednesday with the U.S. Securities and Exchange Commission. “Revenues increased substantially, from $8.2 million in the negatively affected first half of the year, to $17.6 million in the second half. I am extremely pleased with the progress we have made on our strategic goals across multiple fronts, and with the strong momentum and our recent $62.1 million equity raise and up-listing to Nasdaq, we are now funding our growth plans.”

Money raised in February’s IPO will be used to pay debts and expand — including a foray into Europe — and to potentially invest in or acquire other companies.

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