urban-gro Shares Gain On Solid Q1 Backlog, Bank Cash Recovery

urban-gro, Inc. UGRO signed more than $40 million in contracts in 1Q23, bringing the total backlog to $123 million as of Mar. 31, 2023. Total backlog was approximately $93 million in contracts as of Dec. 31, 2022.
The company received $2.4 million of cash during the quarter following a settlement with its former bank.
UGRO reiterated its guidance; it expects 1Q23 revenue to be slightly below 4Q22 with an increased adjusted EBITDA loss due to the delayed kick-off of two design-build projects.
For FY23, the company expects consolidated revenue of $100 million - $120 million versus $105.01 million consensus and Adjusted EBITDA of negative $3 million to slightly positive.
“With the incremental cash from the settlement, combined with the growth in the business we are forecasting through the balance of 2023, we believe we have adequate non-dilutive financial resources available to navigate the current environment,” commented Bradley Nattrass, Chairman and CEO of urban-gro.
Price Action: UGRO shares are trading higher by 14.2% at $1.9650 on the last check Wednesday.