urban-gro(US:UGRO)2025-02-18 22:27Revenue Performance - Revenues for the three months ended September 30, 2024, were $9.9 million, a decrease of $9.7 million or approximately 50% compared to $19.6 million in the same period of 2023[87]. - For the nine months ended September 30, 2024, revenues were $43.2 million, a decrease of $11.6 million or 21% compared to $54.8 million in the same period of 2023[90]. Profitability - Gross profit for the three months ended September 30, 2024, was $1.3 million, representing approximately 13% of revenues, compared to $2.4 million or approximately 12% of revenues in the same period of 2023[87]. - Adjusted EBITDA for the three months ended September 30, 2024, was $(2.4) million, compared to $(1.7) million in the same period of 2023[100]. Expenses - Operating expenses decreased by $1.2 million, or approximately 20%, to $4.8 million for the three months ended September 30, 2024, compared to $5.9 million in the same period of 2023[88]. - Non-operating expenses for the nine months ended September 30, 2024, were $0.7 million, down from $2.1 million in the same period of 2023[95]. Net Loss - The net loss for the nine months ended September 30, 2024, was $9.3 million, or a net loss per share of $0.76, compared to a net loss of $14.8 million, or a net loss per share of $1.37 for the same period in 2023[96]. Working Capital and Cash Position - As of September 30, 2024, the company had negative working capital of $11.9 million, an increase in negative working capital of $6.8 million from December 31, 2023[101]. - The company had cash of $1.1 million as of September 30, 2024, a decrease of $0.1 million from December 31, 2023[103]. Borrowing - The company borrowed $4.4 million under a Line of Credit as of September 30, 2024, which has a maximum limit of $10.0 million[102].