Liquidity remains highly constrained with a cash balance of only $305.1K in 2026Q1, while erratic free cash flow, including a -91.7% margin in 2025Q3, underscores the instability of the firm's cash generation.
| Cash from Operations | -1.74M | 840.79K | -2.82M | -11.19M | -12.61M | -1.56M | -3.63M | -2.49M | -2.29M | 244.66K | -1.05M |
| Operating CF Margin % | - | 4.83% | -7.05% | -15.64% | -19.02% | -2.52% | -14.06% | -10.28% | -11.4% | 1.99% | -14.87% |
| Operating CF Growth % | -201.82% | 129.8% | 74.79% | 11.26% | -706.9% | 56.97% | -46.04% | -8.85% | -1034% | 123.39% | - |
| Net Income | -21.29M | -21.68B | -36.5M | -18.68M | -15.28M | -875.67K | -5.07M | -8.35M | -3.9M | -2.58M | -1.81M |
| Depreciation & Amortization | 350.78M | 349.36M | 2.07M | 1.64M | 1.48M | 495.28K | 258.44K | 266.48K | 154.14K | 75.61K | 47.76K |
| Stock-Based Compensation | 826.51M | 826.47M | 1.43M | 2.2M | 2.57M | 1.84M | 1.8M | 1.83M | 1.25M | 84.84K | 167.01K |
| Deferred Taxes | -14.59M | -14.61M | 0 | -215.86K | -322.09K | -189.59K | 861.34K | 595.71K | 0 | 0 | 0 |
| Other Non-Cash Items | 20.52B | 20.51B | 11.56M | 1.15M | 3.15M | 793.43K | 712.9K | 1.61M | 187.39K | 656.21K | 410.85K |
| Working Capital Changes | -5.26M | 11.24M | 18.62M | 2.71M | -4.22M | -3.63M | -2.2M | 1.56M | 23.39K | 2.44M | 388.63K |
| Change in Receivables | 1.36M | 4.51M | 17.63M | -19.25M | -2.52M | -10.55M | 530.33K | -849.36K | -73.92K | -286.64K | -366.03K |
| Change in Inventory | 0 | 49.66K | 0 | 0 | 190.22K | 45.48K | 47.34K | 443.32K | -167.04K | -331.2K | -7.75K |
| Change in Payables | 3.3M | 5.74M | 1.63M | 23.37M | 1.09M | 6.47B | -3.01B | 2.35M | 116.98K | 421.38K | 385.1K |
| Cash from Investing | 1.76M | 1.83M | -131.36K | 1.71M | -4.45M | -8.34M | -175.97K | -1.15M | -1.26M | -612.54K | -136.41K |
| Capital Expenditures | -298.15M | -298.21M | -131.39K | -615.17K | -580.35K | -292.43K | -175.97K | -233.21K | -403.15K | -212.54K | -136.41K |
| CapEx % of Revenue | 3781.07% | 1713.93% | 0.33% | 0.86% | 0.88% | 0.47% | 0.68% | 0.96% | 2.01% | 1.73% | 1.94% |
| Acquisitions | -55.77K | 0 | 0 | 0 | -3.87M | -5.54M | 0 | 49.74K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 299.97M | 300.05M | 25 | 0 | 0 | -8.04M | 0 | 161.75K | -895.32K | -408.05K | 0 |
| Cash from Financing | -411.76K | -3.48M | 2.7M | -1.41M | -5.52M | 44.31M | 3.54M | 2.91M | 3.07M | 2.01M | 1.17M |
| Debt Issued (Net) | -114.19K | -3.47M | 2.7M | -934.73K | -146K | -5.76M | 4.18M | 2.91M | 2.99M | 51.21K | 936.79K |
| Equity Issued (Net) | 100K | 0 | 0 | 0 | -4.36M | 50.06M | 0 | 0 | 80K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -4.36M | -7.68M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -397.57K | -11.76K | 0 | -479.36K | -1.01M | 0 | -638.05K | 0 | 0 | 1.96M | 231.39K |
| Net Change in Cash | -391.86K | -808.41K | -255.79K | -10.9M | -22.58M | 34.41M | -264.23K | -730.15K | -477.94K | 1.64M | -14.04K |
| Free Cash Flow | -1.98M | 542.58K | -2.95M | -11.81M | -13.19M | -1.86M | -3.81M | -2.72M | -2.69M | 32.12K | -1.18M |
| FCF Margin % | -25.08% | 3.12% | -7.38% | -16.5% | -19.9% | -2.99% | -14.74% | -11.25% | -13.41% | 0.26% | -16.81% |
| FCF Growth % | -42.76% | 118.38% | 74.99% | 10.5% | -611.01% | 51.28% | -39.99% | -1.2% | -8470.04% | 102.72% | - |
| FCF per Share | -2.40 | 1.03 | -5.30 | -26.21 | -31.08 | -4.63 | -19.98 | -15.51 | -14.29 | 0.18 | -6.60 |
| FCF Conversion (FCF/Net Income) | 0.09x | -0.04x | 0.08x | 0.60x | 0.83x | 1.79x | 0.72x | 0.30x | 0.59x | -0.09x | 0.58x |
| Interest Paid | -340.26K | 454.62K | 735.38K | 142.39K | 28.15K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.61K | 4.61K | 20.85K | 185.91K | 16.25K | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and project dependency
As reported in recent financial statements, the persistent gap between net losses and operating cash flow suggests that UGRO's earnings quality is heavily influenced by non-cash adjustments, with OCF/NI ratios fluctuating wildly, such as the 0.11 observed in 2026Q1, indicating a lack of reliable cash generation.
The frequent divergence between net income and operating cash flow highlights the difficulty in reconciling accounting losses with actual liquidity. Investors should monitor whether these fluctuations represent genuine operational improvements or merely timing differences in project-based revenue recognition that fail to translate into sustainable cash inflows.
Based on the provided quarterly data, UGRO's free cash flow trajectory appears deeply unstable, oscillating between positive and negative territory, with a notable -91.7% FCF margin in 2025Q3, reflecting the company's inability to maintain consistent cash generation amidst a shrinking revenue base and high fixed costs.
The lack of a clear, positive FCF trend suggests that the business model is currently unable to self-fund its operations. This volatility implies that the company remains highly susceptible to project delays and the broader capital expenditure freeze currently impacting its core Controlled Environment Agriculture client base.
According to historical cash flow filings, working capital changes have been a primary driver of cash flow volatility, including a significant $13.0M inflow in 2024Q4, which suggests that UGRO's cash position is highly sensitive to the timing of client payments and the management of project-related payables.
The reliance on working capital fluctuations to bolster cash flow indicates that the company's underlying operational cash generation is insufficient. Analysts should investigate whether these swings are indicative of aggressive collection efforts or simply the lumpy nature of large-scale engineering contracts nearing completion.
As evidenced by the provided data, stock-based compensation and depreciation expenses frequently offset net losses, with SBC reaching $825.4M in 2025Q4, which may mask the true cash burn rate and dilute the economic value for shareholders during this period of significant operational contraction.
The heavy reliance on non-cash add-backs to reconcile operating cash flow warrants further investigation into the company's true cash-burn profile. Investors should be cautious, as these accounting adjustments may be obscuring the underlying structural deficit in the company's ability to generate cash from its core engineering services.
Quick answers to the most common questions about buying UGRO stock.
urban-gro, Inc. (UGRO) generated $0.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
urban-gro, Inc. (UGRO) generated $0.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
urban-gro, Inc. (UGRO) spent $298.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.