UGRO - Cannabis Ancillary Company Urban-Gro's Stock Plunges On Reporting Q4 & 2023 Results Here's Why | Benzinga
When design-build provider to the cannabis industry Urban-Gro (NASDAQ: UGRO) announced its financial results Wednesday for the full year and 4Q 2024, the company's stock price plunged to $1.4 - a 23.42% decrease in just 24 hours
The report indicates a net loss of $18.7 million, an 18,2 percent increase as compared to $15.3 million in 2023. Adjusted EBITDA was also increasingly negative at 9.7 as compared to $3.9 in 2023. Revenue YoY increased $6.7% from $7.1 million to $67 million.
The company attributes the hurdles to shifts in the market and a backlog of $110 million.
FY 2023 Financial Highlights
Revenue of $71.5 million, a 4,5 million increase compared to 2023
Net Loss of $18.7 million
Adjusted EBITDA increased from negative 3.9 to negative 9.7 million
Q4 2023 Financial Highlights
Revenue decreased YoY from $15.0 million in 2024 to $17.3 million in 2023.
Gross profit was $1.7 million, also a decrease YoY.
Net loss ...