Marijuana Ancillary Company Urban-Gro Quarterly Revenue Drops YoY, Improves Net Loss
Portfolio Pulse from Nina Zdinjak
Urban-gro, Inc. (NASDAQ:UGRO) reported a decrease in quarterly revenue to $15.5 million from $16.8 million YoY but improved its net loss to $2.1 million from $5.1 million. The company also saw an increase in gross profit and a decrease in operating expenses, reflecting solid bottom-line improvement. Urban-gro reaffirmed its full year 2024 guidance and commented positively on the DEA's support for reclassifying cannabis, which could reinvigorate the industry.
May 03, 2024 | 12:10 pm
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Urban-gro reported a YoY decrease in quarterly revenue but improved net loss and operating metrics. The company remains optimistic about the DEA's potential cannabis reclassification.
Despite the YoY revenue decrease, Urban-gro's improved net loss and operating expenses, along with positive commentary on potential regulatory changes, suggest a neutral to slightly positive outlook. The DEA's support for cannabis reclassification could provide a long-term boost, but the immediate financial impact remains uncertain.
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