urban-gro, Inc. Reports Record First Quarter 2022 Financial Results with Revenue Growth of 76% and 7th Consecutive Quarter of Positive Adjusted EBITDA

Safe Harbor Statement

This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this release, terms such as “believes,” “estimates,” “should,” “could,” “would,” “plans,” “expects,” “intends,” “anticipates,” “may,” “forecasts,” “projects” and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. Such forward-looking statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the demand for our services and products, our ability to manage the adverse effect brought on by the COVID-19 pandemic, our ability to execute on our strategic plans, our ability to achieve positive cash flows or profitability, our ability to achieve and maintain cost savings, the sufficiency of our liquidity and capital resources, and our ability to achieve our key initiatives for 2022. A more detailed description of these and certain other factors that could affect actual results is included in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date hereof, except as may be required by law.

urban-gro, Inc.
CONSOLIDATED BALANCE SHEETS

  March 31,
2022
  December 31,
2021
Assets   
Current assets:   
Cash$27,052,203  $34,592,190 
Accounts receivable, net 13,467,120   13,125,685 
Inventories 354,320   514,756 
Prepaid expenses and other current assets 10,081,436   11,248,266 
Total current assets 50,955,079   59,480,897 
    
Non-current assets:   
Property and equipment, net 207,638   207,496 
Operating lease right of use assets, net 693,524   689,704 
Investments 4,210,358   4,210,358 
Goodwill 7,992,121   7,992,121 
Intangible assets, net  1,412,965       1,575,466  
Total non-current assets   14,516,606       14,675,145  
       
Total assets $ 65,471,685     $ 74,156,042  
       
Liabilities      
Current liabilities:      
Accounts payable $ 7,930,985     $ 6,066,896  
Accrued expenses   3,106,790       3,878,278  
Customer deposits   7,234,914       13,345,451  
Contingent consideration   1,563,000       1,563,000  
Operating lease liabilities   219,836       152,459  
Total current liabilities   20,055,525       25,006,084  
       
Non-current liabilities:      
Operating lease liabilities   474,862       542,003  
Deferred tax liability   332,565       440,625  
Total non-current liabilities   807,427       982,628  
       
Total liabilities   20,862,952       25,988,712  
       
Preferred stock, $0.10 par value; 10,000,000 shares authorized; 0 shares issued and outstanding   -       -  
Common stock, $0.001 par value; 100,000,000 shares authorized; 11,627,528 issued and 10,353,525 outstanding as of March 31, 2022, and 11,588,110 issued and 10,733,195 outstanding as of December 31, 2021   11,628       11,588  
Additional paid in capital   79,589,977       78,679,220  
Treasury shares, cost basis: 1,274,003 shares as of March 31, 2022 and 854,915 shares as of December 31, 2021   (11,456,667 )     (7,683,490 )
Accumulated deficit   (23,536,205 )     (22,839,988 )
Total shareholders' equity   44,608,733       48,167,330  
       
Total liabilities and shareholders' equity $ 65,471,685     $ 74,156,042  

urban-gro, Inc.

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