Urban-gro in the black for the first time

LAFAYETTE — Indoor agricultural engineering firm Urban-gro Inc. (Nasdaq: UGRO) posted a quarterly profit for the first time in the company’s eight-year history.

For the period that ended June 30, the Lafayette firm had net income of more than $1.25 million on record sales of nearly $12.2 million. That’s compared with a loss of nearly $1.57 million on revenues of roughly $3.1 million.

“I am excited that we achieved positive net income for the first time in our company’s eight-year history. Our backlog of signed contracts continues to build, which demonstrates a strong runway for the second half of the year,” Urban-gro CEO Bradley Nuttrass said in a statement accompanying the company’s quarterly report. “With the completed acquisition of MJ12 Design Studio, which now establishes Urban-gro as the only fully integrated vertical services company in the industry, we anticipate that the incremental projects will drive further high margin revenues and profits to the business.”

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Based on the strength of Urban-gro’s recent performance, the company has purchased back about 400,000 of its shares at an average price of $8.63, according to chief financial officer Dick Ackright.

For the full fiscal year 2021, Urban-gro projects sales of $54 million to $59 million and adjusted EBITDA of $4 million to $5 million.

Urban-gro reported its earnings after the close of trading Wednesday. The company’s stock price was down 2.68% on the day but began picking up steam in early after-hours trading.

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