Urban-gro re-hires staffers, posts first ever positive EBITDA

LAFAYETTE — Urban-gro Inc. (OTCQX: UGRO) reversed its revenue losses from last quarter and re-hired approximately 15% of its pre-COVID-19 workforce but continued to post net losses.

In its third quarter earnings report on Tuesday, the Lafayette engineering firm specializing in cannabis growhouses and indoor agriculture reported $8.4 million in revenues for the third quarter of 2020, compared to $4 million last quarter and $5.6 million in the same period last year.

However, it posted an EBITDA of $300,000 for the period after a cut to operating expenses. That marks the first time that the company has had a positive position before it factors in taxes and long-term equipment costs.

In a statement, CEO Bradley Nattrass said the company has also rehired more than half of the approximately 27% of pre-pandemic staffers that were laid off this year.

Together, as a cohesive team, we are excited to continue our expansion into controlled environment agriculture markets around the world,” he said.

Ultimately, urban-gro posted a net loss of $700,000 for the quarter, which improved on last quarter’s $1.6 million in net losses and $2.8 million in the third quarter of last year. 

The company has $200,000 of cash on hand but has $4.1 million in deposits from customers as of the end of September.

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