urban-gro, Inc. (NASDAQ:UGRO) released second quarter financial results, revealing revenue was $16.3 million, an increase of 27%, compared to $12.8 million in the prior year period.
Revenue increase was driven by the accretive acquisition of Emerald Construction Management with a $2.9 million increase in construction design-build revenue for the two months in the quarter post acquisition, as well as the accretive acquisition of 2WR which was the primary driver of incremental services revenue of $2.7 million. These increases were partially offset by a decrease in equipment systems revenue of $2.1 million, primarily reflecting softer equipment demand in the U.S. Cannabis market.
