Urban-Gro, Inc. Financials

UGRO

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Urban-Gro, Inc. (UGRO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI UGRO FY2025 2026-05-20

After a multiyear margin squeeze, urban-gro’s operating losses depleted cash and left a liability-heavy balance sheet.

Across the last three revenue-bearing years, free cash flow nearly mirrored operating cash flow because capex stayed below $700K a year. That points to a core operating shortfall, not an expansion cycle, and the FY2025 free-cash-flow uptick to $543K is too small to repair the balance-sheet and liquidity damage built over prior years.

Even before revenue collapsed, gross margin had fallen from 23.8% to 14.2%, showing that added sales were bringing in less contribution per revenue dollar. SG&A also rose from $12.9M to $25.3M, so overhead was spreading over weaker gross profit in the model rather than being absorbed by scale.

By FY2025, cash had fallen to $10.6K while liabilities stood at $45.5M. Liquidity was effectively exhausted, meaning suppliers and other short-term claims were carrying more of the business’s daily financing burden than internal cash resources.

Financial Health Signals

Financial Profile 4/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Urban-Gro, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Urban-Gro, Inc. has elevated debt relative to equity (D/E of -1.01), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 22/100, reflecting increased financial risk.

Liquidity

Urban-Gro, Inc.'s current ratio of 0.00 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

N/A

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$543K

YoY+118.4%

Urban-Gro, Inc. generated $543K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 118.4% from the prior year.

Cash & Debt

$11K

YoY-98.7%

5Y CAGR-43.5%

Urban-Gro, Inc. held $11K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

18M

Urban-Gro, Inc. had 18M shares outstanding in fiscal year 2025. This represents an increase of 3415.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$298K

YoY+127.0%

5Y CAGR+11.1%

Urban-Gro, Inc. invested $298K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 127.0% from the prior year.

UGRO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$31.2M-55.4%	$69.9M+5.5%	$66.3M+6.7%	$62.1M+140.4%	$25.8M
Cost of Revenue	N/A	$31.6M-47.4%	$60.0M+10.9%	$54.1M+14.3%	$47.4M+135.3%	$20.1M
Gross Profit	$175K+144.9%	-$389K-103.9%	$9.9M-18.5%	$12.2M-17.6%	$14.8M+158.2%	$5.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$21.0M-16.9%	$25.3M+13.3%	$22.3M+73.6%	$12.9M+93.0%	$6.7M
Operating Income	N/A	-$28.4M-22.1%	-$23.3M-55.9%	-$14.9M-7193.3%	-$205K+92.5%	-$2.7M
Interest Expense	N/A	N/A	N/A	$0-100.0%	$636K	N/A
Income Tax	-$15K+50.8%	-$30K-131.5%	$94K+109.6%	-$983K	$0	N/A
Net Income	N/A	-$36.5M-43.5%	-$25.4M-66.8%	-$15.3M-1642.1%	-$876K+82.7%	-$5.1M
EPS (Diluted)	N/A	$-2.62	$-2.34-66.0%	$-1.41-1466.7%	$-0.09	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	$2.4M-69.3%	$7.8M-18.4%	$9.5M	N/A	$8.0M-55.6%	$17.9M
Cost of Revenue	N/A	N/A	$2.6M-66.9%	$7.7M-13.3%	$8.9M	N/A	$8.6M-44.4%	$15.5M
Gross Profit	N/A	N/A	-$172K-483.9%	$45K-92.7%	$610K	N/A	-$662K-127.5%	$2.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$407K	N/A	$2.0M-66.0%	$5.8M+838.0%	$619K	N/A	$3.6M-22.9%	$4.7M
Operating Income	-$2.1M	N/A	-$2.2M+62.5%	-$6.0M-862.3%	-$619K	N/A	-$3.2M-19.8%	-$2.7M
Interest Expense	$0	N/A	N/A	N/A	$109K	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	-$15K	N/A	-$14K+71.7%	-$48K
Net Income	-$3.2M	N/A	-$4.8M+22.0%	-$6.2M-53.8%	-$4.0M	N/A	-$3.8M-26.8%	-$3.0M
EPS (Diluted)	$-3.92	N/A	N/A	$-10.64	$-7.78	N/A	$-0.30+95.0%	$-5.99

UGRO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$332K-98.3%	$19.5M-60.6%	$49.5M-17.9%	$60.3M-18.7%	$74.2M+808.7%	$8.2M
Current Assets	$11K-99.9%	$15.8M-52.0%	$32.9M-1.3%	$33.3M-44.0%	$59.5M+1034.0%	$5.2M
Cash & Equivalents	$11K-98.7%	$819K-23.8%	$1.1M-90.9%	$11.8M-66.0%	$34.6M+18652.3%	$184K
Inventory	N/A	N/A	N/A	$320K-37.8%	$515K-4.2%	$537K
Accounts Receivable	N/A	$6.1M-71.8%	$21.6M+43.1%	$15.1M+15.3%	$13.1M+1243.8%	$977K
Goodwill	$0	$0-100.0%	$9.7M-35.5%	$15.0M+87.9%	$8.0M+786.0%	$902K
Total Liabilities	$45.5M+3.1%	$44.1M+11.9%	$39.4M+36.1%	$29.0M+11.5%	$26.0M+66.9%	$15.6M
Current Liabilities	$45.4M+7.3%	$42.3M+11.3%	$38.0M+41.1%	$26.9M+7.7%	$25.0M+71.9%	$14.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$1.0M
Total Equity	-$45.2M-83.3%	-$24.6M-344.3%	$10.1M-67.8%	$31.3M-30.7%	$45.2M+709.9%	-$7.4M
Retained Earnings	-$124.9M-21.5%	-$102.8M-55.1%	-$66.3M-62.3%	-$40.8M-78.8%	-$22.8M-4.0%	-$22.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$263.0M+79129.0%	$332K-89.5%	$3.2M-68.0%	$9.9M-38.3%	$16.1M-17.5%	$19.5M-60.4%	$49.2M-10.5%	$55.0M
Current Assets	$3.6M+33856.2%	$11K-99.5%	$2.2M-70.2%	$7.4M-44.8%	$13.4M-15.1%	$15.8M-53.2%	$33.8M-14.2%	$39.4M
Cash & Equivalents	$305K+2766.8%	$11K-83.1%	$63K-91.3%	$721K+3.5%	$697K-14.9%	$819K-28.0%	$1.1M+195.4%	$385K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.9M	N/A	$352K-88.5%	$3.1M-44.9%	$5.6M-9.1%	$6.1M-74.6%	$24.0M-16.9%	$28.9M
Goodwill	$122.8M	$0	N/A	$1.1M0.0%	$1.1M	$0-100.0%	$9.7M0.0%	$9.7M
Total Liabilities	$65.9M+44.8%	$45.5M+8.1%	$42.1M-4.7%	$44.2M-0.4%	$44.3M+0.4%	$44.1M-5.7%	$46.8M-4.9%	$49.2M
Current Liabilities	$65.8M+44.9%	$45.4M+8.3%	$41.9M-3.9%	$43.6M+0.3%	$43.5M+2.8%	$42.3M-7.4%	$45.7M-4.9%	$48.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$197.1M+536.4%	-$45.2M-16.1%	-$38.9M-13.6%	-$34.2M-21.2%	-$28.2M-14.6%	-$24.6M-1129.9%	$2.4M-58.8%	$5.8M
Retained Earnings	-$128.1M-2.6%	-$124.9M-6.0%	-$117.8M-4.3%	-$113.0M-5.8%	-$106.8M-3.9%	-$102.8M-36.0%	-$75.6M-5.2%	-$71.8M

UGRO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$841K+129.8%	-$2.8M+73.2%	-$10.5M+17.6%	-$12.8M-717.0%	-$1.6M+57.0%	-$3.6M
Capital Expenditures	$298K+127.0%	$131K-75.7%	$540K-20.0%	$675K+130.9%	$292K+66.2%	$176K
Free Cash Flow	$543K+118.4%	-$3.0M+73.3%	-$11.1M+17.8%	-$13.4M-624.6%	-$1.9M+51.3%	-$3.8M
Investing Cash Flow	N/A	-$131K-107.0%	$1.9M+143.5%	-$4.3M+48.1%	-$8.3M-4638.0%	-$176K
Financing Cash Flow	N/A	$2.7M+231.8%	-$2.0M+62.9%	-$5.5M-112.4%	$44.3M+1150.1%	$3.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$0-100.0%	$4.4M-43.2%	$7.7M	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$370K-193.0%	$398K+118.2%	-$2.2M-627.8%	$414K-81.3%	$2.2M+206.7%	-$2.1M-304.5%	$1.0M+142.4%	-$2.4M
Capital Expenditures	N/A	$185K	$0-100.0%	$49K-22.6%	$64K+88.8%	$34K-34.5%	$52K	N/A
Free Cash Flow	N/A	$213K+109.7%	-$2.2M-699.3%	$365K-83.0%	$2.2M+202.0%	-$2.1M-319.0%	$962K	N/A
Investing Cash Flow	-$56K+73.4%	-$209K-110.3%	$2.0M+52423.8%	-$4K-128.2%	$14K+140.7%	-$34K+34.5%	-$52K+5.3%	-$54K
Financing Cash Flow	$720K+399.2%	-$241K+52.4%	-$505K-31.0%	-$386K+83.6%	-$2.3M-231.3%	$1.8M+950.7%	-$210K-109.7%	$2.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

UGRO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	-1.3%-15.4pp	14.2%-4.2pp	18.3%-5.4pp	23.8%+1.6pp	22.1%
Operating Margin	N/A	-91.1%-57.8pp	-33.3%-10.8pp	-22.5%-22.2pp	-0.3%+10.3pp	-10.6%
Net Margin	N/A	-117.0%-80.6pp	-36.4%-13.4pp	-23.0%-21.6pp	-1.4%+18.2pp	-19.6%
Return on Equity	N/A	N/A	-252.2%-203.5pp	-48.7%-46.8pp	-1.9%	N/A
Return on Assets	N/A	-187.2%-135.8pp	-51.4%-26.1pp	-25.3%-24.1pp	-1.2%+61.0pp	-62.2%
Current Ratio	0.00-0.4	0.37-0.5	0.87-0.4	1.24-1.1	2.38+2.0	0.36
Debt-to-Equity	-1.01+0.8	-1.79-5.7	3.91+3.0	0.93+0.3	0.58+0.7	-0.14
FCF Margin	N/A	-9.5%+6.3pp	-15.8%+4.5pp	-20.3%-17.3pp	-3.0%+11.8pp	-14.7%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	-7.2%-7.8pp	0.6%-5.8pp	6.4%	N/A	-8.3%-21.7pp	13.4%
Operating Margin	N/A	N/A	-93.8%-17.1pp	-76.7%-70.2pp	-6.5%	N/A	-40.2%-25.3pp	-14.9%
Net Margin	N/A	N/A	-203.1%-123.2pp	-79.9%-37.5pp	-42.4%	N/A	-47.1%-30.6pp	-16.5%
Return on Equity	-1.6%	N/A	N/A	N/A	N/A	N/A	-157.1%-106.0pp	-51.1%
Return on Assets	-1.2%	N/A	-152.7%-90.2pp	-62.5%-37.5pp	-25.1%	N/A	-7.6%-2.2pp	-5.4%
Current Ratio	0.05+0.1	0.00-0.1	0.05-0.1	0.17-0.1	0.31-0.1	0.37-0.4	0.74-0.1	0.82
Debt-to-Equity	0.33+1.3	-1.01+0.1	-1.08+0.2	-1.29+0.3	-1.57+0.2	-1.79-21.4	19.57+11.1	8.47
FCF Margin	N/A	N/A	-91.7%-96.4pp	4.7%-17.9pp	22.6%	N/A	12.1%	N/A

Note: Shareholder equity is negative (-$45.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.00), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Urban-Gro, Inc.'s free cash flow?

Urban-Gro, Inc. (UGRO) generated $543K in free cash flow during fiscal year 2025. This represents a 118.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Urban-Gro, Inc.'s operating cash flow?

Urban-Gro, Inc. (UGRO) generated $841K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Urban-Gro, Inc.'s total assets?

Urban-Gro, Inc. (UGRO) had $332K in total assets as of fiscal year 2025, including both current and long-term assets.

What are Urban-Gro, Inc.'s capital expenditures?

Urban-Gro, Inc. (UGRO) invested $298K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Urban-Gro, Inc. have outstanding?

Urban-Gro, Inc. (UGRO) had 18M shares outstanding as of fiscal year 2025.

What is Urban-Gro, Inc.'s current ratio?

Urban-Gro, Inc. (UGRO) had a current ratio of 0.00 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Urban-Gro, Inc.'s debt-to-equity ratio?

Urban-Gro, Inc. (UGRO) had a debt-to-equity ratio of -1.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Why is Urban-Gro, Inc.'s debt-to-equity ratio negative or unusual?

Urban-Gro, Inc. (UGRO) has negative shareholder equity of -$45.2M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

How financially healthy is Urban-Gro, Inc.?

Urban-Gro, Inc. (UGRO) scores 4 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.