urban-gro, Inc. Reports 2023 Financial Results and Provides Outlook on 2024 Performance

• Backlog of $110 million as of December 31, 2023, a sequential increase of $26 million

• 2024 outlook calls for strengthening revenues and positive Adjusted EBITDA

• Company to host conference call and webcast today, March 27, 2024 at 4:30 PM ET

LAFAYETTE, Colo., March 27, 2024 – urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), an integrated professional services and Design-Build firm offering solutions to the Controlled Environment Agriculture (“CEA”) and other commercial sectors, today reported fourth quarter and full year 2023 financial results, and provided preliminary results for the first quarter 2024 as well as full year 2024 guidance.

Full Year 2023 Results vs Prior Year Period:

• Revenue of $71.5 million, a 6.7% increase from $67.0 million
• Net income (loss) of $(18.7) million, as compared to $(15.3) million
• Adjusted EBITDA1 of $(9.7) million, as compared to $(3.9) million

Full Year 2024 Guidance:

• Revenue of more than $84.0 million, representing growth of at least 17/4%
• Positive Adjusted EBITDA¹

First Quarter 2024 Preliminary Guidance vs Prior Year Period:

• Revenue at or better than $15.0 million, as compared to $16.8 million
• Adjusted EBITDA¹ at or better than $(0.5) million, as compared to $(3.4) million

Click to Read the Full Release on the Investor Relations Website