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Urban-gro (NASDAQ:UGRO) felt the sting on Thursday following the unveiling of its Q4 2023 earnings. The numbers revealed an adjusted loss per share of 34 cents, a stark contrast to the 9 cents anticipated by Wall Street. The figure also widened from the prior year’s fourth quarter loss of 24 cents.
Further compounding the dilemma was a revenue of $15 million – notably lower than the $28.94 million forecasted by analysts and down from the $17.3 million reported the year prior.
In the earnings report, Bradley Nattrass, Urban-gro’s Chairman and CEO, acknowledged the setback, highlighting project delays that encroached into fiscal year 2024. However, he remained optimistic, citing an active $110 million project backlog as a harbinger of growth in 2024.
Guidance Plague UGRO Stock
Unfortunately, Urban-gro’s projections for 2024 painted a similar bleak picture. The company’s full-year revenue guidance stands at $84 million or more, falling short of Wall Street’s $111.81 million expectation.
Q1 2024 doesn’t offer much solace either, with revenue projected at $15 million or above. This contrasts sharply with analysts’ estimates of $27.52 million for the period, exacerbating the negative turn of events.
The fallout was rapid with UGRO stock plummeting by 17.9% on Thursday morning.
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