Bringing Solutions To Controlled Environment Agriculture, This Firm Reports 16% YoY Revenue Increase With No Bank Debt
Portfolio Pulse from Joana Scopel
urban-gro, Inc. (NASDAQ:UGRO) reported Q2 2023 financial results with revenue of $18.8 million, a 16% YoY increase. The company also reported a gross profit of $2.9 million, operating expenses of $6.8 million, and a net loss of $5.4 million. The company's cash position at the end of Q2 2023 was $8.6 million with no bank debt. The total backlog as of June 30, 2023, was approximately $79 million in contracts. UGRO shares were trading 3.26% higher at $1.2185 per share at the time of publishing.
August 15, 2023 | 1:20 am
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urban-gro, Inc. reported a 16% YoY revenue increase for Q2 2023. The company's shares were trading 3.26% higher at market close.
The company's reported 16% YoY revenue increase and the absence of bank debt are positive indicators for investors, which likely contributed to the 3.26% increase in the company's share price.
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