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

CONSOLIDATED STATEMENTS OF OPERATIONS

  Three months ended March 31,
  2022
  2021
Revenue   
Equipment systems$17,067,344  $11,344,752 
Services 3,638,507   260,513 
Consumable products 347,018   429,093 
Total Revenue 21,052,869   12,034,358 
    
Cost of Revenue 16,150,849   9,393,713 
Gross profit 4,902,020   2,640,645 
    
Operating expenses:   
General and administrative 4,887,801   2,197,009 
Stock-based compensation 882,000   290,805 
Total operating expenses 5,769,801   2,487,814 
    
Income (loss) from operations (867,781)  152,831 
      
Non-operating income (expenses):      
Interest expense   (7,658 )     (317,443 )
Interest income   79,852       -  
Interest expense - beneficial conversion of notes payable   -       (636,075 )
Loss on extinguishment of debt   -       (790,723 )
Other income (expense)   (8,690 )     2,828  
Total non-operating income (expenses)   63,504       (1,741,413 )
       
Income (loss) before income taxes   (804,277 )     (1,588,582 )
       
Deferred income tax benefit   108,060       -  
Net income (loss) $ (696,217 )   $ (1,588,582 )
       
Comprehensive income (loss) $ (696,217 )   $ (1,588,582 )
       
Earnings (loss) per share:      
Net loss per share - basic and diluted $ (0.07 )   $ (0.20 )
       
Weighted average shares used in computation   10,508,972       7,831,959  

urban-gro, Inc.

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