LAFAYETTE, CO - urban-gro, Inc. (NASDAQ:UGRO), a professional services and Design-Build firm, has been selected to provide architectural design services for the new Union City Fire Station #44 in Georgia, the company announced today. The project, which is set to begin immediately, will contribute to the company's revenue, predominantly recognized by the end of the first quarter of 2025.
The state-of-the-art facility will encompass a three-story building featuring three apparatus bays, living quarters, and a community room. As part of the Foresite Group design team, urban-gro will focus on delivering a design that addresses the unique requirements of the community and enhances local infrastructure.
Bradley Nattrass, Chairman and CEO of urban-gro, expressed the company's commitment to providing community-centered design solutions and leveraging their municipal project experience to meet the community's needs and ensure long-term benefits for residents.
urban-gro, Inc. specializes in value-added architectural, engineering, and construction management solutions across various sectors, including Controlled Environment Agriculture (CEA), industrial, healthcare, and commercial. The firm emphasizes innovation, collaboration, and creativity to deliver exceptional customer experiences.
This press release includes forward-looking statements regarding the company's financial projections and business strategy. urban-gro has highlighted its anticipation for future performance and operations, including its positioning for long-term profitable growth. However, these statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
Information for this article is based on a press release statement from urban-gro, Inc. The company's shares are traded on the NASDAQ under the ticker symbol UGRO.
In other recent news, urban-gro, a professional services and Design-Build firm, has secured a series of significant projects. The company has been awarded a construction contract by the Brazilian restaurant chain Fogo de Chão for a new establishment in Texas, with revenue recognition expected largely within the first quarter of 2025. Additionally, urban-gro has been contracted to renovate the Davidson Student Center at Columbus State University, and to build a new P.F. Chang's restaurant location in Colorado, both expected to commence in 2024.
The firm has also secured contracts in the cannabis sector valued at approximately $12 million for various cultivation and retail dispensary projects, with most revenue expected by the end of the third quarter of 2024. In terms of financial performance, urban-gro exceeded its first quarter 2024 revenue guidance by $15.5 million and maintains its full-year revenue guidance of over $84 million.
The company has also expanded its stock incentive plan by an additional 1.2 million shares and appointed Sadler, Gibb & Associates LLC as its new independent registered public accounting firm. These are among the recent developments in urban-gro's business operations.
InvestingPro Insights
As urban-gro, Inc. (NASDAQ:UGRO) embarks on its new project for the Union City Fire Station #44, investors may want to consider some key financial metrics and insights from InvestingPro.
According to InvestingPro data, urban-gro's market capitalization stands at $16.45 million, reflecting its current position in the market. The company's revenue for the last twelve months as of Q1 2024 was $70.32 million, with a revenue growth of 12.08% over the same period. This growth aligns with the company's recent project acquisition and its focus on expanding its service offerings across various sectors.
However, investors should note that urban-gro is currently not profitable, with a negative operating income of $13.69 million for the last twelve months as of Q1 2024. This is reflected in an InvestingPro Tip which indicates that the company is "quickly burning through cash." This situation underscores the importance of the new fire station project and similar contracts in potentially improving the company's financial health.
On a positive note, an InvestingPro Tip highlights that urban-gro has seen a "significant return over the last week," with a 9.43% price total return. This recent uptick could be attributed to investor optimism surrounding new project announcements like the Union City Fire Station.
It's worth mentioning that InvestingPro offers additional tips and insights for UGRO, which could provide a more comprehensive view of the company's financial situation and market position. Investors interested in a deeper analysis may want to explore the full range of tips available on the InvestingPro platform.
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