Urban-gro reports 119% revenue growth in Q3

LAFAYETTE — Urban-gro Inc. (Nasdaq: UGRO) reported 119% revenue growth in the third quarter of 2021, with earnings increasing year-over-year to $18.3 million from $8.3 million. 

The company ended the quarter with net income of $60,000 and neutral on a per-share basis. That’s compared with the $700,000, or 14 cents per share, that Urban-gro lost in the third quarter of 2020.

Urban-gro, an indoor agricultural engineering firm that primarily operates in the cannabis industry, has had an eventful 2021. In February, it went public with a $62.1 million initial public offering. In June, Urban-gro purchased for $9 million the architecture and interior design firm MJ12 Design Studio, making it the first integrated architecture, engineering and cultivation company in the marijuana space. In August, it posted a quarterly profit for the first time in its history. 

Earlier this month, Urban-gro invested $2.5 million in XS Financial (CSE: XSF), a company that provides financing and equipment leasing services to cannabis firms. 

Urban-gro was also hit by $5.1 million in fraudulent wire transfers in October and is currently suing its bank for allegedly allowing the fraud to occur. 

Urban-gro stock closed Wednesday at $12.86 per share, down 3.74% from open.

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