urban-gro, Inc. Reports Record Preliminary First Quarter 2021 Results

• Record Q1 2021 revenues of $11.8 million to $12.1 million, which would represent an increase of at least $7.5 million, or 174%, from revenues of $4.3 million reported in Q1 2020.
  
• Record Adjusted EBITDA of $0.35 million to $0.6 million, which would represent an improvement of at least $1.2 million from negative ($0.9) million in Q1 2020.
• Record Income from operations expected to be $0.2 million to ($0.1) million, when compared with ($1.4) million a year prior, an improvement of at least $1.3 million driven by increased revenues and gross margin.
• Company ends Q1 2021 with contractually committed orders (“Backlog”) exceeding $15 million at March 31, 2021, an increase of at least $0.4 million from $14.6 million at December 31, 2020.

LAFAYETTE, Colo., April 13, 2021 (GLOBE NEWSWIRE) -- urban-gro, Inc. (NASDAQ: UGRO) (“urban-gro” or the “Company”), a leading global horticulture company that engineers and designs commercial Controlled Environment Agriculture (“CEA”) facilities and integrates complex environmental equipment systems, today reported its preliminary and unaudited expected Revenues, Income/(Loss) from Operations, and Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) for its first quarter ended March 31, 2021.

urban-gro expects its preliminary and unaudited fiscal first quarter 2021 revenue to be between $11.8 and $12.1 million, compared to $4.3 million in its fiscal first quarter 2020, representing more than a 174% increase. This expected increase in revenue was primarily driven by an increase in the shipment of complex environmental and cultivation equipment systems from contracts signed in 2020. This also represents an increase of at least $2.6 million over Q4 2020 revenues, which were $9.2 million.

urban-gro expects its preliminary and unaudited fiscal first quarter 2021 income/(loss) from operations to be between ($0.1) and $0.2 million which represents an improvement of at least $1.3 million when compared with ($1.4) million a year prior. This improvement in income/(loss) from operations is primarily due to increased revenues and gross margin.

In addition, the Company expects to achieve positive Adjusted EBITDA for the third quarter in a row, with Adjusted EBITDA for fiscal first quarter 2021 expected to be between a record $0.35 million to $0.6 million, which represents an improvement of more than $1.25 million from negative ($0.9) million reported for the fiscal first quarter 2020.