Urban-gro experiences 32% revenue decline in third quarter

LAFAYETTE — Urban-gro Inc. (Nasdaq: UGRO) reported a 32% year-over-year decrease in revenue for the third quarter of 2022, to $12.4 million from $18.3 million, in the third quarter of 2021.

Urban-gro, a professional services and design-build firm in the controlled environment agriculture industry, posted an $8.7 million net loss for the quarter after reporting $100,000 in gain for the third quarter of 2021.

Operating expenses in the quarter were up 126%, to $9.5 million from $4.2 million. 

In the press release announcing the earnings report, Urban-gro attributed the revenue decline to “a decrease in cultivation equipment systems revenue … primarily reflecting significantly…