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LAFAYETTE, CO - urban-gro, Inc. (NASDAQ:UGRO), a professional services and Design-Build firm, has announced a new contract to lead the design of a hospital in the southeastern United States, with phase one of the project valued at approximately $4 million. The company will be providing architectural, interior design, and project management services for the initial phase, which has a construction value of $80 million. The majority of the revenue from this project is expected to be recognized within the current year. This contract represents a significant opportunity for urban-gro, which currently has a market capitalization of $9.3 million and reported revenues of $60 million in the last twelve months. According to InvestingPro analysis, the company is currently trading below its Fair Value, with 14 additional ProTips available for subscribers.
This engagement with a longstanding regional healthcare client will also include master planning and design services for an additional eighty acres of development in future phases. Bradley Nattrass, Chairman and CEO of urban-gro, expressed the company’s commitment to leveraging its expertise in healthcare design to provide a high-quality and compassionate healthcare experience. The company faces some financial challenges, with InvestingPro data showing a gross profit margin of 15% and negative EBITDA of -$11 million in the last twelve months.
urban-gro’s approach to this project is to integrate functionality with a human-centered focus, aiming to enhance access to state-of-the-art medical care for the local community. The company, known for its value-added solutions across various sectors including Controlled Environment Agriculture, industrial, and healthcare, operates across North America and Europe. The stock has experienced significant volatility, with a beta of 1.79 and a 71% decline over the past year. Investors seeking detailed analysis can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers this and over 1,400 other US equities.
This announcement is based on a press release statement and includes forward-looking statements regarding the project’s expected revenue and timing. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Factors that may affect outcomes include economic conditions, legislative changes, and other risks detailed in the company’s filings with the Securities and Exchange Commission.
urban-gro’s role in the development of the new medical center underscores its commitment to innovation, collaboration, and creativity in delivering customer experiences that align with their vision. The company’s involvement in the healthcare sector represents its continued growth and diversification of services.
In other recent news, urban-gro, Inc. has announced a significant $24 million contract for the construction of a vertically integrated cannabis facility in collaboration with a Midwest-based Multi-State Operator. The revenue from this project is expected to be recognized within the current calendar year. Additionally, urban-gro has secured a $6 million contract to supply LED lighting equipment to a North American cannabis operator, with revenue recognition planned for the first half of 2025. The company has also launched a new Processing and Extraction Division to cater to client demand for advanced post-harvest services and equipment in the cannabis industry.
In regulatory developments, urban-gro has been notified by Nasdaq regarding non-compliance with filing requirements due to a delay in submitting its quarterly financial report. The company is working to regain compliance and has been granted an extension to complete all delinquent filings by January 31, 2025. This comes after urban-gro disclosed accounting errors related to deferred tax liabilities and announced plans to restate financial statements for previous years. The company will showcase its expanded service offerings at MJBizCon 2024 in Las Vegas, emphasizing its integrated approach to cannabis facility design and optimization.
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