urban-gro, Inc. Signs More Than $40 million in Contracts, Driving First Quarter 2023 Backlog to a Record $123 million

Reiterates Guidance

Recovered $2.4 million of Cash Following Settlement of Prior Litigation on March 27, 2023

Announces First Quarter Earnings Call on May 10^th at 4:30 p.m. Eastern time

urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), an integrated professional services and design-build firm offering solutions to the Controlled Environment Agriculture (“CEA”) and commercial sectors, today announced the signing of more than $40 million in contracts in the first quarter 2023, bringing the Company’s total backlog to a record $123 million as of March 31, 2023.

The Company also reiterated its guidance, and in the first quarter of 2023, the Company received $2.4 million of cash following a settlement with its former bank.

“We are carrying strong momentum into 2023 and are excited to announce the growth of our backlog to a record $123 million as of the end of our first quarter, following the signing of more than 25 contracts in that same period. This traction with our clients demonstrates the impact that our integrated professional services and design-build platform is having in the marketplace,” said Bradley Nattrass, Chairman and CEO of urban-gro. “We remain focused on optimizing our platform and leveraging our resources to maximize our productivity and return to positive adjusted EBITDA in the near-term. With the incremental cash from the settlement, combined with the growth in the business we are forecasting through the balance of 2023, we believe we have adequate non-dilutive financial resources available to navigate the current environment. We look forward to updating the market during our first quarter earnings call in May.”

These incremental contracts that were signed in the first quarter were generated from its diverse set of clients, including its growing presence in the commercial sector.

urban-gro First Quarter 2023 Results Conference Call

The Company will report its financial and operating results for the fiscal first quarter ended March 31, 2023, after market close on May 10, 2023. urban-gro’s management team will host a conference call and audio webcast that afternoon at 4:30 p.m. Eastern time consisting of prepared remarks followed by a question and answer session related to the Company’s operational and financial highlights.

Event Date: Wednesday, May 10, 2023
Time: 4:30 p.m. Eastern time
Participant Numbers: 877-407-3982 (U.S.), 201-493-6780 (International)
Event Link: https://ir.urban-gro.com/news-events/

For interested individuals unable to join the conference call, a dial-in replay of the call will be available through May 24, 2023 and can be accessed by dialing +1-844-512-2921 (U.S.), +1-412-317-6671 (International) and entering replay passcode: 13737965.