Welcome to our dedicated page for Urban-Gro news (Ticker: UGRO), a resource for investors and traders seeking the latest updates and insights on Urban-Gro stock.
urban-gro, Inc. operates as a diversified sports, media, and experiential marketing platform under the Flash Sports & Media brand. Company news centers on live-event production, original content, branded fan experiences, media-rights opportunities, sponsorship activity, and sports and entertainment intellectual property.
Recurring updates include urban-gro's participation in the Lanka Premier League through subsidiary Innovative Production Group FZ, LLC, including tournament, venue, registration, and commercial-partnership developments. Other news themes include Nasdaq listing compliance, shareholder voting matters, capital-structure actions, governance updates, and operating and financial results.
urban-gro, Inc. (NASDAQ:UGRO) has been awarded a construction contract to build a new Fogo de Chão restaurant in Katy, Texas. This comes after more than a year of providing Mechanical, Electrical, and Plumbing (MEP) engineering services to the Brazilian restaurant chain. The contract includes preconstruction, construction, and post-construction services for the retrofit project.
Work is set to begin immediately, with the majority of the undisclosed revenue expected to be recognized by the first quarter of 2025. urban-gro's Chairman and CEO, Bradley Nattrass, expressed gratitude for the opportunity to expand their relationship with Fogo de Chão, which began in 2023 with comprehensive engineering services and now regularly includes construction.
urban-gro, Inc. (NASDAQ:UGRO) has been selected to provide architectural design services for the renovation of the Davidson Student Center at Columbus State University (CSU) in Columbus, Georgia. The project involves remodeling student service and activity spaces, updating life safety and code compliance, refreshing furnishings and interior finishes, adding windows for natural light, and incorporating modular seating and flex spaces.
The Davidson Student Center, originally built in 1968 and 1978, is a central hub on CSU's main campus. urban-gro's Chairman and CEO, Bradley Nattrass, expressed enthusiasm for continuing the firm's long-standing relationship with CSU, which spans nearly two decades. The company's local office in Columbus strengthens its connection to both the university and the broader community.
urban-gro, Inc. (NASDAQ:UGRO), an integrated professional services and Design-Build firm, has been awarded its first project with P.F. Chang's under a Master Services Agreement signed in Q3 2023. The project, set to begin in Q3 2024, involves the full build-out of a restaurant in Westminster, Colorado. urban-gro expects to recognize the majority of the undisclosed revenue from this project over the next six months.
This partnership marks a significant milestone in urban-gro's diversification into the hospitality sector. CEO Bradley Nattrass expressed excitement about the collaboration, emphasizing the company's commitment to excellence and innovative construction management solutions in the hospitality industry.
urban-gro, Inc. (NASDAQ:UGRO) has received a notice from Nasdaq on August 20, 2024, stating that the company is no longer in compliance with Nasdaq listing Rule 5250(c)(1) due to not filing its Q2 2024 10-Q report on time. This non-compliance does not immediately affect UGRO's listing on the Nasdaq Capital Market. The delay is due to the need to restate financial statements from 2022 to Q1 2024 because of errors in accounting for deferred tax liabilities related to historical share-purchase acquisitions.
The company has until October 21, 2024, to submit a compliance plan to Nasdaq. If accepted, UGRO may have until February 18, 2025, to regain compliance. urban-gro intends to file the amended reports as soon as possible and, if necessary, submit a compliance plan to Nasdaq.
urban-gro, Inc. (NASDAQ:UGRO) announced a delay in filing its Q2 2024 10-Q and the need to restate financial statements for 2022, 2023, and Q1 2024 due to incorrect accounting of deferred tax liabilities from historical acquisitions. The company expects no material impact on revenue, Adjusted EBITDA, or cash flows. Key points:
1. New auditor Sadler Gibb identified the issue during a re-audit of 2023 financials.
2. Q2 2024 revenue expected to reach $17.5 million, a 13% sequential increase.
3. Restatement likely to reduce cumulative net losses for 2022 and 2023.
4. Company aims to file restated financials and Q2 2024 10-Q as soon as practicable.
5. Previously issued financial reports and communications for affected periods should no longer be relied upon.
urban-gro (NASDAQ: UGRO) announced securing approximately $12 million in new contracts within the cannabis sector during Q2 2024. These contracts encompass services like engineering, architecture, design, equipment procurement, and construction management for cultivation and retail dispensary projects. urban-gro expects to recognize most of this revenue by the end of Q3 2024. CEO Bradley Nattrass cited positive cannabis sector momentum, partly due to regulatory developments and upcoming votes on adult-use cannabis in Florida, as key drivers. The company has been optimizing its multi-sector strategy and infrastructure over the past two years to better meet anticipated demand.
urban-gro (NASDAQ: UGRO), a company specializing in solutions for Controlled Environment Agriculture and other commercial sectors, has appointed Sadler, Gibb & Associates as its new independent registered public accounting firm. This decision follows a comprehensive evaluation process and has received approval from the Board of Directors and the Audit Committee.
urban-gro, Inc. reported first-quarter 2024 financial results with revenue reaching $15.5 million, a 4% increase from the previous quarter. The company saw a net loss of $2.1 million, an improvement from the prior year period, and reiterated its full-year 2024 guidance of over $84 million in revenues. The adjusted EBITDA was negative $0.3 million but showed significant improvement compared to the previous year. urban-gro remains focused on cost reduction and growth strategies to enhance performance.
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