10-K · April 15, 2026
The company is a niche sports-media operator (core: IPG) that holds exclusive commercial/media rights to the Lanka Premier League and adjacent emerging-league rights; the 2024 business generated material sponsorship and…
Earnings analysis · 10-K
UGRO earnings analysis
Filed April 21, 2026 · Our reading of the company's report
The latest report
Urban‑gro reported FY2025 revenue of $17.4M but incurred a $22.1M net loss and finished the year with a stockholders’ deficit of $45.2M. During 2025 the company wound down its legacy Services segment (sold for $2.0M),…
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Urban‑gro reported FY2025 revenue of $17.4M but incurred a $22.1M net loss and finished the year with a stockholders’ deficit of $45.2M. During 2025 the company wound down its legacy Services segment (sold for $2.0M), recorded impairments/write‑offs of $7.27M, experienced a $2.47M loss on foreclosure of receivables, and recorded positive operating cash flow for continuing operations of $1.38M. Subsequent to year‑end the company completed a merger with Flash Sports & Media on February 17, 2026 and the combined entity believes it provides improved liquidity and a path toward sustainable operations.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
Reported figures
- Earnings per share
- $-41.83
What stood out
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Completed merger with Flash Sports & Media
The Company completed the merger on February 17, 2026 and “began operating as a diversified sports, media, and experiential marketing platform,” and the Company believes the combined entity “will provide improved liquidity and a path toward sustainable operations.”
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FY2025 revenue of $17.4M
Total revenue was $17,399,438 in 2025, comprised of Equipment $8,751,226 and Construction design‑build $8,467,451.
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Positive operating cash flow (continuing ops)
Net cash provided by operating activities of continuing operations was $1,380,966 in 2025 and the Company incurred capital expenditures of $298,215 (purchase of property and equipment).
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Divested Services segment for $2.0M
On August 27, 2025 the Company sold the Services businesses under a Stock and Asset Purchase Agreement for total purchase price of $2,000,000 (plus $143,000 for a customer list).
What to watch
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Going concern / large accumulated deficit
Auditors stated the consolidated financial statements were prepared with substantial doubt about the Company’s ability to continue as a going concern; the Company had an accumulated deficit of $124,867,240 and a stockholders’ deficit of $(45,165,234) as of December 31, 2025.
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Large impairments and write‑offs in 2025
Management recorded impairments and write‑offs totaling $7,271,522 during 2025 (the filing itemizes Property & equipment $566,609; trade receivables $1,130,760; contract receivables $4,034,280; inventory $172,920; prepaid and other current assets $1,366,953).
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Foreclosure of receivables and $2.47M loss
UG Construction receivables were foreclosed and sold in an Article 9 sale for $450,000 on September 4, 2025, and the Company recognized a loss on assets foreclosure of $2,473,501.
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Material debt exposure and defaults
Notes payable current balance was $3,533,255 at December 31, 2025, including Grow Hill note net $1,370,531 (the Company accrued the outstanding Grow Hill balance and is in default) and Agile Capital $675,000 (outstanding at year‑end).
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Contract / customer concentration and contract liability exposure
Contract liabilities were $13,457,357 at December 31, 2025 (was $14,094,176 at 12/31/2024) and the filing states $2,102,857 of the $14,094,176 at 12/31/2024 related to one customer that was recognized as revenue in 2025; one customer (C000002655) is shown as 61% of revenue in 2025 in the customer concentration table.
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Nasdaq compliance risk / monitoring
The Company received Nasdaq deficiency notices and, while Nasdaq staff notified the Company on March 4, 2026 that it had regained compliance, Nasdaq placed the Company on a one‑year Discretionary Panel Monitor under Listing Rule 5815(d)(4)(A).
Management's outlook
The 10‑K/Amendment does not provide forward numeric guidance. Management discusses a strategic shift and post‑merger outlook (completed February 17, 2026) and states the combined entity 'believes' it will improve liquidity, but no explicit revenue or EPS guidance is provided in the filing.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.