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UrbanGro Inc. (UGRO) shares tumbled to a 52-week low of $0.86, reflecting a stark downturn in the company's market valuation to just $11 million. According to InvestingPro data, the company's EBITDA stands at -$12 million, despite achieving 12% revenue growth in the last twelve months. The indoor agriculture technology firm has faced significant headwinds, as evidenced by the stock's precipitous 1-year change, which shows a decline of -45.44%. While InvestingPro analysis suggests the stock is currently undervalued, investors have been cautious, reacting to the company's rapid cash burn rate and broader market conditions that have weighed heavily on UrbanGro's financial performance. The current price level marks the lowest the stock has traded in the last year, signaling a period of heightened investor concern and uncertainty about the company's future prospects. For deeper insights into UGRO's valuation and 14 additional ProTips, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, urban-gro, Inc. has been grappling with a Nasdaq compliance issue due to a delayed filing of its quarterly financial report for the period ending September 30, 2024. The delay, attributed to a comprehensive restatement process related to accounting errors, has led Nasdaq to extend the deadline for all delinquent filings to January 31, 2025. In other developments, urban-gro has launched a Processing and Extraction Division to meet increasing demand in the cannabis sector and secured contracts worth around $12 million in the same industry.
The company has also been involved in various architectural and design projects, including the Henry County Water Authority project in Georgia, in collaboration with BARGE Design Solutions, and the design of a new Union City Fire Station in Georgia. Additionally, urban-gro has been selected for the renovation of the Davidson Student Center at Columbus (WA:CLC) State University and the construction of a new P.F. Chang's restaurant location in Colorado.
Financially, urban-gro exceeded its first quarter 2024 revenue guidance by $15.5 million and maintains its full-year revenue guidance of over $84 million. As part of its corporate governance, the company has expanded its stock incentive plan by an additional 1.2 million shares and appointed Sadler, Gibb & Associates LLC as its new independent registered public accounting firm. These are the recent developments at urban-gro.
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