This Ancillary Cannabis Company Is Cashing In With 69% YoY Revenue Increase In Q3
Portfolio Pulse from Jelena Martinovic
Urban-gro, Inc. (NASDAQ:UGRO) reported a 69% YoY increase in Q3 revenues to $20.9 million, with a gross profit of $2.8 million. The company reduced its net loss to $3.4 million, an improvement from the previous year, and has a project backlog of $84 million. Q4 guidance anticipates $30 million in revenues and breakeven to slightly positive adjusted EBITDA. UGRO's stock traded 1.54% higher at $1.32 following the news.
November 10, 2023 | 4:29 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Urban-gro reported a significant YoY revenue increase and reduced net loss in Q3, with positive Q4 guidance, leading to a slight increase in stock price.
The positive financial results and optimistic Q4 guidance are likely to instill investor confidence in the short term, contributing to a potential increase in UGRO's stock price. The reported increase in revenue and reduction in losses, along with a growing project backlog, are strong indicators of the company's improving financial health. The slight increase in stock price following the announcement reflects the market's positive reception of the news.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100