Urban-gro expects major Q1 revenue bump as CEO predicts ‘break out year’

LAFAYETTE — Urban-gro Inc. (OTCQX: UGRO), a Lafayette-based developer of cannabis grow facilities, released a preliminary financial report Tuesday indicating that the firm expects their first-quarter 2021 sales to nearly triple compared with the same period last year.

The company projects Q1 revenues of $11.8 million to $12.1 million, up from $4.3 million in Q1 last year and from $9.2 million in Q4 2020.

These sales totals are expected to put Urban-gro on the cusp of profitability in Q1. The company’s preliminary earnings report shows that income from operations is projected to range between a loss of $100,000 and a profit of $200,000. That’s compared with a loss of $1.4 million in Q1 last year. 

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“This past quarter represents our third consecutive quarter of not only record quarterly revenues, but also positive adjusted EBITDA for the Company. We plan on continuing to gain momentum as we execute multiple strategic initiatives, which we believe will position 2021 to be a breakout year for urban-gro,” Urban-gro CEO Bradley Nattrass said in a prepared statement. “These initiatives include the buildout of our managed service offering, gro-care, expanding our crop agnostic approach to food-focused [controlled environment agriculture] facilities, and continuing our global expansion into Europe.”