Urban-gro, Inc., announced its financial results for the quarter ended March 31, 2020.
- First Quarter Financial Summary
The Company generated revenues of $4.3 million in Q1 2020, compared to $5.8 million in Q1 2019.
- Our revenues driven by environmental sciences increased $900,000, or 80%, in Q1 2020 compared to Q1 2019.
- We experienced a $1.6 million decrease in cultivation equipment sales, a $0.8 million decrease in complex equipment systems sales, and a $0.2 million decrease in professional services.
- The Company reported a net loss of $1.7 million in Q1 2020, compared to a net loss of $1.5 million in Q1 2019.
- The net loss is primarily related to a decrease in sales volume as a result of project delays due to the impacts of COVID-19.
Please find all the financial results here.