Benzinga | Jan 5, 2022 12:09PM EST

urban-gro Stock Slightly Up On Reporting Preliminary FY2021 Sales Of $62M

urban-gro, Inc. (NASDAQ:UGRO) reported its preliminary select financial performance on Wednesday for its full fiscal year ended on Dec. 31.

Based in Lafayette, Colorado, the company said that it expects its preliminary and unaudited full fiscal year 2021 revenue to be roughly $62 million, exceeding guidance of $60 million, provided in November and representing an over 140% improvement compared to $25.8 million in the fiscal year 2020.

In addition, the company anticipates finishing the year with a record consolidated backlog in excess of $30 million, consisting of more than $25 million in equipment and more than $5 million in service contracts.

urban-gro also said it expects positive adjusted EBITDA for the fourth quarter of 2021, with the full fiscal year 2021 to be greater than $2.2 million. That's a year-over-year increase of over $2.9 million.

Bradley Nattrass, chairman and CEO, called 2021 an "exceptional year for our organization."

"As we move into 2022, we are experiencing strength in our diversified global CEA markets and continue to enjoy significant momentum with both new and existing clients," he added.

Nattrass, CFO Dick Akright and Dan Droller, executive VP of corporate development and investor relations, will host a presentation on Monday, Jan.10, the company confirmed.

More recent news from urban-gro:

* Urban-gro Teams Up With King Solomon Nutrients To Bring Optimized Crop Nutrition For Commercial Growers

* urban-gro Inks Strategic Agreement & Cultivation Equipment Contract With Two Long-Time Clients

* urban-gro Q3 Financial Results: Record 119% Growth

UGRO Price Action

urban-gro's shares traded 5% higher at $10.72 per share at the time of writing on Wednesday mid-morning.

Photo: Courtesy of Yiorgos Ntrahas on Unsplash