urban-gro(US:UGRO)2022-05-10 20:07Revenue Performance - For the three months ended March 31, 2022, the company generated revenues of $21.1 million, an increase of $9.1 million or 76% compared to $12.0 million for the same period in 2021[72]. - Equipment systems revenue increased by $5.7 million, primarily due to an increase in cultivation equipment sales, while services revenue increased by $3.4 million, mainly from the acquisition of the 2WR Entities[72]. Profitability - Gross profit for the three months ended March 31, 2022, was $4.9 million, representing 23% of revenues, compared to $2.6 million or 22% of revenues for the same period in 2021[74]. - The company incurred a net loss of $0.7 million for the three months ended March 31, 2022, compared to a net loss of $1.6 million for the same period in 2021[78]. - Adjusted EBITDA for the three months ended March 31, 2022, was $440,578, compared to $508,836 for the same period in 2021[80]. Operating Expenses - Operating expenses increased by $3.3 million, or 132%, to $5.8 million for the three months ended March 31, 2022, primarily due to increased salaries, marketing, and travel expenses related to the acquisition[75]. Cash Flow and Financial Position - Cash as of March 31, 2022, was $27.1 million, a decrease of $7.5 million from December 31, 2021[82]. - Net cash used by operating activities was $3.8 million during the three months ended March 31, 2022, primarily due to a reduction in customer deposits[83]. - As of March 31, 2022, the company's backlog was approximately $22 million, down from $30 million as of December 31, 2021[81]. - The company had no material commitments for capital expenditures as of March 31, 2022[84].