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Here are 1-3 brief analogies for Urban-gro:

1. Applied Materials for indoor farming. (Applied Materials designs and builds the specialized equipment and systems for semiconductor manufacturing; urban-gro does the same for high-tech indoor plant cultivation.)

2. Like Vertiv or Schneider Electric, but for designing and equipping high-tech indoor farms instead of data centers. (Vertiv and Schneider Electric provide critical infrastructure like power, cooling, and controls for data centers; urban-gro provides similar complex environmental and operational systems for specialized grow facilities.)

3. A specialized engineering and systems integration firm, like a Fluor or Jacobs, but exclusively focused on designing and outfitting high-tech indoor farms. (Fluor and Jacobs are large engineering, procurement, and construction firms for industrial projects; urban-gro provides comprehensive engineering design and systems integration but for the niche of controlled environment agriculture.)

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• Engineering & Design Services: Provides comprehensive design for indoor cultivation facilities, encompassing cultivation space programming, integrated design, and full-facility mechanical, electrical, and plumbing (MEP) engineering.
• Training Services: Offers educational programs, including equipment standard operating procedure libraries and staff training sessions for facility operations.
• Commissioning Services: Ensures proper setup and functionality of facilities and equipment through detailed commissioning processes.
• Cultivation Equipment Systems: Supplies integrated systems such as environmental controls, fertigation and irrigation, water treatment and reclamation, and purpose-built HVAC equipment.
• Commercial Horticulture Lighting Solutions: Provides specialized lighting designed for optimal plant growth in indoor cultivation environments.
• Benching Systems: Offers rolling and automated container benching systems to optimize space and efficiency within cultivation facilities.
• Specialty Fans: Provides specialized air movement solutions to maintain ideal environmental conditions within grow operations.
• Microbial Mitigation & Odor Reduction Systems: Delivers solutions to control microbial contamination and manage odors in cultivation facilities.
• Related-Party Hardware & Software Platforms: Integrates proprietary or associated hardware and software for enhanced facility management and control.

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Based on the provided company description, specific major customer names are not explicitly listed. Urban-gro primarily serves other companies within the commercial horticulture market that require engineering design services and integrated equipment systems for indoor cultivation facilities.

The customers Urban-gro serves can be categorized as:

1. Commercial cannabis cultivators: Companies involved in growing cannabis for medical and recreational markets in licensed facilities.
2. Controlled Environment Agriculture (CEA) businesses: Operators of large-scale indoor farms, including vertical farms and specialty crop growers, focused on producing food or other high-value crops.
3. Other large-scale indoor plant cultivation enterprises: Any commercial entity establishing or expanding indoor growing operations that require advanced environmental control, mechanical, electrical, and plumbing (MEP) engineering, and specialized cultivation equipment.

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• Scotts Miracle-Gro (NYSE: SMG)
• ams OSRAM AG (SIX: AMS.SW)

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Bradley Nattrass

Chief Executive Officer and Chairperson of the Board

Bradley Nattrass is a co-founder of urban-gro, Inc. and has served as CEO since March 2017. He began his entrepreneurial career in 2005 as the owner and operator of a provider of barbeque and grilling products. Prior to co-founding urban-gro in 2014, he was the Managing Member of enviro-glo, LLC, a company focused on manufacturing and branding commercial lighting products, and Bravo Lighting, LLC, which distributed commercial lighting products. He has over 25 years of experience in the agricultural sector and has led urban-gro through strategic acquisitions and diversification.

Dick Akright

Co-Chief Financial Officer

Dick Akright was appointed Co-Chief Financial Officer of urban-gro, Inc. on February 19, 2026, following the company's merger with Flash Sports and Media, Inc.. He previously served as the Chief Financial Officer of urban-gro, Inc. since August 2019, bringing over 30 years of experience in managing financial strategy, public company financial reporting, compliance, and operational finance.

Eric Sherb

Co-Chief Financial Officer

Eric Sherb was appointed Co-Chief Financial Officer of urban-gro, Inc. on February 19, 2026, following the company's merger with Flash Sports and Media, Inc.. Prior to this appointment, Mr. Sherb served as the Chief Financial Officer of Flash Sports and Media, Inc.

Jason "JT" Archer

Chief Operating Officer

Jason "JT" Archer was appointed Chief Operating Officer of urban-gro, Inc. in January 2023. Since joining the company in February 2022, he has been instrumental in framing the go-to-market strategy for its design-build offering and improving customer experience. Before joining urban-gro, Mr. Archer held numerous operations and sales roles, including most recently as VP of Construction and Market Development for the Multi-State Operator, 4Front Ventures.

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Key Risks to Urban-gro (UGRO)

1. Regulatory Risks in the Commercial Horticulture and Cannabis Industries: Urban-gro's business is highly dependent on the growth and regulatory environment of the commercial horticulture market, particularly the cannabis sector, across the United States, Canada, and Europe. Changes in legalization status, stricter regulations, increased taxation, or delays in new market openings could significantly impact demand for the company's cultivation design services and equipment systems. Any adverse shifts in the legal and regulatory landscape for cannabis and other cultivated crops could severely limit urban-gro's addressable market and revenue potential.

2. Market Oversupply and Capital Availability for Cultivation Facilities: The commercial horticulture market, especially for cannabis, is susceptible to periods of oversupply. If the supply of cultivated products outpaces consumer demand, profitability for cultivators could decrease, leading to reduced investment in new or expanded cultivation facilities. Additionally, constructing indoor cultivation facilities is capital-intensive, making urban-gro's project pipeline vulnerable to economic downturns or tighter credit markets, which could limit clients' access to necessary funding for projects.

3. Intense Competition and Rapid Technological Advancements: The market for integrated cultivation solutions, including engineering design services, environmental control systems, and specialized equipment, is likely competitive. Urban-gro faces competition from other engineering firms, equipment suppliers, and integrated solution providers. Furthermore, rapid technological advancements in cultivation techniques, environmental controls, and lighting solutions could necessitate continuous research and development investment. Failure to adapt to evolving technologies or effectively compete on innovation, price, or service could negatively impact urban-gro's market share and profitability.

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Urban-gro (UGRO) operates within several significant addressable markets related to controlled environment agriculture and commercial horticulture. These markets encompass their engineering design services, integrated equipment systems, and crop management products.

Controlled Environment Agriculture (CEA) Market

• Globally, the Controlled Environment Agriculture market was valued at approximately USD 113.75 billion in 2024 and is projected to reach USD 557.74 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 15.55% between 2025 and 2035.
• Another estimate places the global CEA market at USD 25 billion in 2024, expanding to USD 59.8 billion by 2030, with a CAGR of 9.3%.
• North America is a dominant region in the global CEA market, holding approximately 35% of the market share in 2023 and expected to lead with a 40.5% share in 2026.

Indoor Farming Market

• The global indoor farming market was valued at USD 22.3 billion in 2024 and is estimated to reach USD 47.2 billion by 2033, exhibiting a CAGR of 8.6% from 2025-2033.
• The U.S. indoor farming market was estimated at USD 7.25 billion in 2024 and is projected to reach USD 9.3 billion by 2030, with a CAGR of 4.2%.
• North America currently dominates the indoor farming market, holding over 36.9% of the market share in 2024.

Cannabis Cultivation Market

• The global cannabis cultivation market was valued at approximately USD 649.18 billion in 2025 and is anticipated to reach around USD 3,303.35 billion by 2035, growing at a CAGR of 17.67% between 2026 and 2035.
• North America holds the highest share (41%) of the global cannabis cultivation market, a dominance expected to continue.
• The U.S. cannabis cultivation market generated USD 12,580.4 million in revenue in 2022 and is expected to reach USD 26,756.1 million by 2030, with a CAGR of 9.9% from 2023 to 2030.

Commercial Greenhouse Market

• The global commercial greenhouse market size was valued at USD 40.6 billion in 2024 and is expected to reach USD 93.9 billion by the end of 2033, with a CAGR of 9.8%.
• North America is projected to dominate the global commercial greenhouse market, holding approximately 33.8% of the market share by the end of 2024.
• The North American commercial greenhouse market was valued at USD 7.65 billion in 2025 and is anticipated to reach USD 15.04 billion by 2034, growing at a CAGR of 7.8% from 2026 to 2034.

Horticultural Equipment Market

• The global horticultural equipment market size was valued at approximately USD 32 billion in 2023 and is projected to reach around USD 52 billion by 2032, growing at a CAGR of 5.6% during the forecast period.
• North America holds a prominent position in the horticultural equipment market, with a CAGR expected to be around 4.8% during the forecast period.

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Urban-gro, Inc. (UGRO) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic diversification, an emphasis on high-margin services, a robust project pipeline, and targeted expansion in key markets.

1. Diversification into new commercial sectors beyond Controlled Environment Agriculture (CEA): urban-gro is actively expanding its services into commercial sectors such as industrial, healthcare, food and beverage, higher education, and hospitality. This strategic move aims to stabilize revenue and reduce reliance on the historically volatile cannabis market, with non-CEA markets contributing approximately 70% of the company's revenue in 2023.

2. Growth in high-margin professional services and turnkey solutions: A core economic driver for urban-gro is its strategic shift towards higher-margin professional services, including architectural and engineering design. These services are crucial for securing larger, lower-margin integrated systems and equipment sales contracts. The company's efforts to provide a full turnkey offering, enhanced by acquisitions like MJ12 Design Studio, are anticipated to generate incremental service revenue by offering comprehensive project solutions to clients.

3. Robust project backlog: urban-gro maintains a significant project backlog, which provides clear visibility into future revenue recognition. The company reported a project backlog of $99 million as of March 31, 2024. This substantial pipeline of secured projects is a key indicator of sustained revenue in the coming periods.

4. Strategic expansion in the global cannabis and food-focused vertical farming markets: While diversifying, urban-gro continues to secure new contracts within the cannabis sector, anticipating growth driven by evolving regulatory landscapes. Concurrently, the company is expanding its presence in the food-focused vertical farming market, which is projected to experience substantial growth, further broadening its revenue streams.

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Share Repurchases

• Urban-gro announced an increase of $2 million to its existing stock repurchase program on January 18, 2022, allowing the company to purchase up to $7 million of its common stock.

Share Issuance

• Urban-gro raised $4 million in an initial public offering (IPO) on January 27, 2021, issuing 4,157,936 shares at $1.00 per share.
• The number of outstanding shares for Urban-gro was 4.71 million in 2020, 11.44 million in 2021, 10.71 million in 2022, 11.67 million in 2023, and 12.42 million in 2024.
• On February 25, 2026, Urban-gro issued 37,505 shares related to raising its Agile loan balance.

Outbound Investments

• Urban-gro completed the acquisition of Emerald Construction Management Inc. on April 29, 2022, for a purchase price of up to $7.0 million, funded with $2.5 million in cash and up to $4.5 million in equity.
• On August 27, 2025, Urban-gro signed a $2 million agreement to sell assets and shares of a subsidiary related to architectural services, while retaining its core controlled environment agriculture business.
• Urban-gro completed a merger with Flash Sports & Media Inc. in February 2026, with Flash stockholders ultimately holding about 90% of the combined company.

Capital Expenditures

• Urban-gro had no material commitments for capital expenditures as of December 31, 2023, and December 31, 2024.
• Net cash provided by investing activities was $1.9 million for the year ended December 31, 2023, primarily from the sale of an investment in XS Financial for $2.4 million, offset by the acquisition of property, plant, and equipment of $0.5 million.
• Capital investment remained small in Q1 2025, with purchases of property, plant, and equipment at $13,800.