urban-gro, Inc.

Overview

urban-gro historically provided end-to-end design-build solutions for Controlled Environment Agriculture (CEA), combining architectural design, engineering, construction and construction management with equipment procurement and integration. After a strategic shift in 2025, the company has wound down its multi-service operations and now operates a single division focused on value-added resale of CEA equipment systems.

Services (historical, 2024 profile)

• Architectural, engineering, and interior design
• Pre-construction services: budgeting, scheduling, value engineering
• Cultivation-space-focused design: layouts for climate control, benching, lighting, and related systems
• Construction design-build, project management, and construction services
• Equipment procurement, integration, and commissioning
• Post-construction commissioning and facility support (gro-care program)
• Integrated equipment solutions: environmental controls, fertigation/irrigation, water treatment, HVAC, and related systems

2025 strategic shift

• Began exiting core business sectors and winding down diversified operations
• Current operation: single division focused on value-added resale of CEA equipment systems rather than providing full design-build services
• Maintains relationships with premier manufacturers and adopts an equipment-agnostic approach to match equipment solutions to client needs
• Engaged in asset-sale activity as part of the wind-down

Markets and customers

• Primary market: CEA operators, including cultivation facilities for cannabis and produce
• Additional sectors: commercial clients in food & beverage CPG, healthcare, higher education, and hospitality
• Geography: United States, Canada, and Europe
• Project experience: completed over 1,000 CEA projects

People and facilities

• Employees: approximately 130 full-time employees as of December 31, 2024
• Expertise: roughly two-thirds of employees (about 87 people) described as experts in their focus areas
• Principal place of business: 1751 Panorama Point, Unit G, Lafayette, Colorado
• Facility footprint: approximately 10,000 sq ft total (3,500 sq ft office; 6,500 sq ft warehouse) plus six additional U.S. office leases

Financial performance (through 2024)

• 2024: Revenue $40.0 million; Net loss $36.5 million
• 2023: Revenue $69.9 million; Net loss $25.4 million
• 2022: Revenue $66.3 million; Net loss $15.3 million
• 2021: Revenue $62.1 million; Net loss $0.9 million
• 2020: Revenue $25.8 million; Net loss $5.1 million
• Cash flow from operations: negative $10.5 million in 2023; negative $2.8 million in 2024

Intellectual property and protections

• Patents: limited to certain sensors from third-party manufacturers
• Trademarks: used for branding; the Soleil brand is no longer used for selling goods or services
• Protection approach: reliance on trade secrets, confidentiality agreements, employee invention assignments where applicable, and standard non-disclosure agreements with clients and partners

Strategic and operational notes

• Equipment-agnostic sourcing from leading manufacturers to provide integrated equipment solutions
• Historical design-build model provided a single point of accountability from conception through operation, intended to accelerate deployment and reduce change orders
• Current focus is a streamlined resale model for equipment systems rather than comprehensive design-build engagements

Exposure and risk context

• The filing identifies industry risks tied to cannabis-related revenue, the regulatory environment, and the evolving CEA market

Public company status

• Listed on Nasdaq under UGRO since 2021
• Has undergone capital markets events, including a prior reverse split and other compliance-related actions
• Recent disclosures reflect a transition toward wind-down and a narrower business focus on equipment resale