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Here are 1-3 brief analogies for Urban-gro (UGRO):

• They're like a specialized GE or Siemens, but for designing, engineering, and equipping large-scale commercial indoor farms.

• Think of them as the Amazon Web Services (AWS) for physical indoor agriculture, providing the complete infrastructure, design, and equipment needed to build and operate commercial cultivation facilities.

• Urban-gro is like a Fluor or Bechtel, but exclusively focused on building and equipping turnkey solutions for commercial indoor agriculture facilities.

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• Cultivation Design & Engineering: Provides comprehensive design and engineering services for controlled environment agriculture (CEA) facilities, including cannabis and food production.
• Integrated Environmental Systems: Delivers engineered solutions for complex facility systems such as HVAC, irrigation, lighting, fertigation, and environmental controls.
• Specialized Cultivation Equipment: Supplies and integrates specific equipment like grow lights, benches, nutrient delivery systems, and environmental monitoring tools.
• Project Management & Consulting: Offers consulting and project management services throughout the lifecycle of CEA facility development, from concept to commissioning.

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Urban-gro (UGRO) primarily sells its services and products to other companies within the Controlled Environment Agriculture (CEA) sector.

While Urban-gro's SEC filings indicate that certain customers account for a significant portion of their revenue (e.g., in 2022, two customers accounted for 16% and 11% of total revenue, respectively), the company does not publicly disclose the names of these specific customer companies in its investor reports or SEC filings. Therefore, it is not possible to list the names of their major customer companies or their symbols.

Based on their business model and the solutions they provide, Urban-gro's major customer base generally consists of:

• Large-scale commercial cannabis cultivators and multi-state operators (MSOs)
• Commercial food growers utilizing controlled environments (e.g., vertical farms, greenhouses for leafy greens, berries, etc.)
• Other operators of large-scale indoor and greenhouse agricultural facilities requiring specialized design, engineering, and integrated equipment solutions.

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• ams OSRAM AG (Symbol: AMS)
• Orbia Advance Corporation, S.A.B. de C.V. (Symbol: ORBIA)

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Bradley J. Nattrass, Chairman of the Board and Chief Executive Officer

Bradley J. Nattrass is a co-founder of urban-gro and has served as its Chief Executive Officer and Chairperson of the Board since March 2017. He was a Managing Member of urban-gro from March 2014 until its conversion to a corporation in March 2017. Prior to urban-gro, he was the Managing Member of enviro-glo, LLC, a commercial lighting manufacturing and branding company, from October 2015 to August 2016, and Bravo Lighting, LLC, a commercial lighting distribution company, from January 2012 through August 2016. Mr. Nattrass began his entrepreneurial career in 2005 with a barbeque and grilling products provider and also worked for nearly a decade in the agriculture sector at Cargill.

Dick Akright, Chief Financial Officer

Dick Akright joined urban-gro as CFO in August 2019. He brings over 30 years of experience in financial management, business development, operations, and P&L management, having led financial operations in both startup and established companies. His expertise includes mergers and acquisitions, cash management, and financial modeling. Notably, he served as a Managing Director at Axis Private Equity Group Llc Axiom Equity Partners from May 2006 to December 2015. He also held roles as CFO at LABS-Inc. and Vice President Finance at KMC Telecom Holdings Inc.

Christian Monson, Executive Vice President, General Counsel

Christian Monson serves as the Executive Vice President and General Counsel for urban-gro. He also holds the title of Secretary.

Chris Cullens, Executive Vice President, Construction Services

Chris Cullens is the Executive Vice President of Construction Services at urban-gro.

Ryan Ninness, Senior Vice President, Technology

Ryan Ninness serves as the Senior Vice President of Technology for urban-gro.

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The key risks to Urban-gro (UGRO) are:

1. Nasdaq Non-Compliance and Potential Delisting: Urban-gro faces an immediate and severe risk related to its non-compliance with Nasdaq listing requirements. The company has failed to timely file its 2024 Form 10-K and multiple quarterly 10-Q reports for 2025. This non-compliance is due in part to restatements of prior financials stemming from accounting errors in deferred tax liabilities and internal finance team turnover. Additionally, Urban-gro has grappled with breaching Nasdaq's $1.00 minimum bid price threshold and a shortfall in its shareholders' equity. The failure to meet Nasdaq's deadlines could lead to the delisting of its stock, which would significantly impact liquidity and investor confidence.
2. Tight Liquidity and Financial Challenges: Urban-gro is experiencing a precarious financial position, characterized by tight liquidity. The company has reported a net loss for the full fiscal year 2023, fluctuating gross margins, and a current ratio of 0.74, indicating that current assets are insufficient to cover current liabilities. Furthermore, a high Debt/Equity ratio of 2.69 points to significant financial leverage, and the company has cited limited financial resources as a factor in its delayed SEC filings. The company is also facing a lawsuit from a lender alleging breach of contract and fraud due to failure to make timely payments.
3. Volatile Cannabis Sector Exposure and Regulatory Landscape: Urban-gro operates significantly within the cannabis tech infrastructure sector, which is described as a high-risk, high-reward environment. The cannabis industry is subject to ever-shifting federal and state regulations, which can create significant compliance challenges for firms like Urban-gro. Although Urban-gro aims to pivot its services towards more stable food and commercial sectors, its historical and current business is deeply intertwined with the volatile cannabis market.

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The addressable market for Urban-gro's services in the global vertical farming market is estimated to reach $17 billion by 2025. This market is projected to grow with a compound annual growth rate of 27.7% from 2020 to 2025. Urban-gro focuses on non-container facilities within this market, which are forecasted to grow at an even faster rate.

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Urban-gro (UGRO) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Strategic Partnerships and Project Acquisition in Cannabis and Commercial Sectors: Urban-gro is positioned for growth due to strategic partnerships with significant hospitality providers and the potential for increased project acquisition, which is anticipated to expand its market reach and project pipeline. The company has recently secured approximately $12 million in new contracts within the cannabis sector, indicating renewed momentum. Additionally, it is advancing in its commercial segment with new contracts that enhance its competitive standing.

2. Favorable Cannabis Sector Momentum and Regulatory Changes: The company anticipates revenue growth from the cannabis market due to ongoing developments in various states and expected improvements in financial reporting. Key opportunities highlighted include the potential rescheduling of cannabis from Schedule 1 to Schedule 3 and the passage of the SAFER Banking Bill. Moreover, strengthening cannabis sector momentum in states such as Pennsylvania, New York, Minnesota, Ohio, and New Jersey is expected to contribute to growth.

3. Diversification into Multi-Sector Professional Services: Urban-gro is strategically evolving into a multi-sector professional services consulting firm. This involves leveraging its professional services expertise to expand beyond its core Controlled Environment Agriculture (CEA) sector into industrial, healthcare, and other commercial markets. This diversification strategy aims to drive growth by broadening its service offerings and client base.

4. Strengthening Services and Construction Margins: While not a direct revenue driver, the company's ability to achieve strong services margin expansion due to increased productivity from its architects and engineers, coupled with improved construction margins, is expected to support future revenue growth. Enhanced profitability can provide capital for reinvestment into growth initiatives and indicates efficient operational performance.

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Share Repurchases

• Urban-gro authorized a stock repurchase program on May 24, 2021, to purchase up to $5.0 million of common stock over 12 months.
• Under this program, the company repurchased 504,915 shares of common stock for approximately $4.72 million by May 2022.
• By March 31, 2024, the company had completed the repurchase of 1,099,833 shares for $9.09 million under the May 2021 buyback program.

Share Issuance

• In February 2021, Urban-gro completed a public offering of 6,210,000 shares of common stock at $10.00 per share, generating gross proceeds of $62.1 million. The net proceeds were earmarked for organic growth, European market expansion, general corporate purposes, potential future investments and acquisitions, and debt repayment.
• As part of the $9.1 million acquisition of MJ12 Design Studio and associated companies in August 2021, Urban-gro issued common stock from its corporate treasury.
• In September 2025, Urban-gro agreed to issue common stock to Gemini Finance Corp. to settle a claim amounting to $1,486,189, with specific conditions to manage stock ownership and market impact.

Outbound Investments

• In August 2021, Urban-gro acquired MJ12 Design Studio and associated companies (2WR+ Partners) for $9.1 million, expanding its services into early-stage conceptual design and planning.
• The company completed the acquisition of Emerald Construction Management Inc. in May 2022, integrating in-house construction management and design-build capabilities. This was followed by the asset acquisition of DVO Engineering, Inc. in November 2022 to strengthen CEA and industrial engineering expertise.
• In August 2023, Urban-gro sold its investment in a private placement convertible note with XS Financial Inc for $2.3 million in cash. Additionally, in August 2025, the company agreed to sell assets and shares of its architectural services subsidiary, 2WR of Georgia, for $2.0 million, and in November 2025, sold certain customer lists to 2WR of Georgia, Inc. for $143,000.

Capital Expenditures

• Urban-gro's capital expenditures were approximately $0.06 million in 2020, $0.23 million in 2021, $1.76 million in 2022, $0.20 million in 2023, and $0.15 million in 2024.
• Capital expenditures are primarily focused on supporting the company's core business, which involves designing and engineering controlled environment agriculture (CEA) facilities and integrating complex environmental equipment systems for clients.