urban-gro, Inc. Reports Preliminary Fourth Quarter and Fiscal Year 2020 Results

• Record Q4 2020 revenues of $9.0 million to $9.3 million, which would represent an increase of at least $2.9 million (26%) from revenues of $7.1 million reported in Q4 2019.
  
• Record 2020 revenues of $25.6 million to $25.9 million, which would represent an increase of at least $1.4 million (6%) from revenues of $24.2 million reported in 2019.
• Net loss for Q4 2020 of negative ($1.7) million to negative ($1.4) million, which would represent an improvement of at least $0.9 million from net loss of negative ($2.6) million in Q4 2019.
• Net loss for 2020 of negative ($5.7) million to negative ($5.4) million, which would represent an improvement of at least $2.7 million from net loss of negative ($8.4) million in 2019.
• Company expects to achieve positive Adjusted EBITDA for the second quarter in a row and achieve full-year 2020 Adjusted EBITDA of negative ($0.9) to ($0.7) million, which would represent an improvement of at least $2.4 million from negative ($3.3) million in 2019.
• Company enters 2021 with contractually committed orders for environmental and cultivation equipment systems for which revenue has not been recognized (“Backlog”) exceeding $14 million.

LAFAYETTE, Colo., Jan. 04, 2021 (GLOBE NEWSWIRE) -- urban-gro, Inc. (OTCQX: UGRO) (“urban-gro” or the “Company”), a leading global horticulture services company that engineers and designs commercial Controlled Environment Agriculture (“CEA”) facilities and integrates complex environmental equipment systems into these high-performance facilities, announced today its preliminary and unaudited expected Revenues, Net Loss, and Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) for its fourth quarter and fiscal year ended December 31, 2020.

urban-gro expects its preliminary and unaudited fiscal fourth quarter 2020 revenue to be between $9.0 million and $9.3 million, compared to $7.1 million in its fiscal fourth quarter 2019, representing more than a 26% increase. Preliminary and unaudited fiscal year 2020 revenue is expected to be between $25.6 million and $25.9 million, compared to $24.2 million reported in its fiscal year 2019. This expected increase in revenue was driven by an increase in the shipment of complex environmental equipment systems and sales of other cultivation equipment predominantly tied to design contracts signed.