urban-gro(US:UGRO)2025-02-18 22:27Revenue Performance - Revenues for the three months ended June 30, 2024, were $17.9 million, a decrease of approximately 3% from $18.5 million in the same period of 2023[89] - Revenues for the six months ended June 30, 2024, were $33.3 million, a decrease of approximately 5% from $35.2 million in the same period of 2023[93] Gross Profit and Operating Expenses - Gross profit for the three months ended June 30, 2024, was $2.4 million, representing 13% of revenues, compared to $2.5 million or 14% of revenues in the same period of 2023[89] - Operating expenses decreased by approximately 24% to $5.1 million for the three months ended June 30, 2024, down from $6.7 million in the same period of 2023[90] - Operating expenses for the six months ended June 30, 2024, decreased by approximately 28% to $10.6 million from $14.7 million in the same period of 2023[95] Net Loss - The net loss for the three months ended June 30, 2024, was $3.0 million, or $0.24 per share, compared to a net loss of $5.8 million, or $0.53 per share, for the same period in 2023[92] - The net loss for the six months ended June 30, 2024, was $5.5 million, or $0.45 per share, compared to a net loss of $11.0 million, or $1.01 per share, for the same period in 2023[97] Working Capital and Cash Position - As of June 30, 2024, the company had negative working capital of $8.7 million, an increase in negative working capital of $3.6 million from December 31, 2023[102] - The company had cash of $0.4 million as of June 30, 2024, a decrease of $0.7 million from December 31, 2023[104] Adjusted EBITDA - Adjusted EBITDA for the three months ended June 30, 2024, was $(1.56) million, compared to $(2.31) million for the same period in 2023[101]