urban-gro Inc (NASDAQ: UGRO) is a company that, as of its 10-K filed April 15, 2026 for fiscal year ended December 31, 2025, completed a fundamental transformation away from its legacy Controlled Environment Agriculture (CEA) design-build and equipment reselling businesses. During the first three quarters of FY2025 the company wound down its CEA operations, sold assets, and reduced its workforce after citing changing market conditions and an inability to raise capital due to Nasdaq compliance issues. In the fourth quarter of 2025, the company entered into a binding letter of intent with Flash Sports & Media, Inc., and completed a merger with Flash Sports & Media in February 2026. Post-merger, the business operates as a sports media and entertainment company under the Flash Sports & Media platform, holding event rights related to the Lanka Premier League (LPL) cricket tournament through an agreement with Sri Lanka Cricket (SLC). The legacy CEA business has been classified as discontinued operations as of December 31, 2025.

Revenue model

Post-merger, revenue is generated through the Flash Sports & Media platform via event rights fees, ground sponsorship, and international media rights related to the Lanka Premier League cricket tournament. SLC receives a revenue share of 10% of ground sponsorship and international media rights revenue in years one and two, increasing to 20% in years three through five. The legacy CEA design-build and equipment reselling revenue streams were wound down during FY2025 and are classified as discontinued operations.

Products and services

Post-merger services include live broadcast production and distribution of LPL cricket matches, featuring infrastructure such as 26 cameras per match, satellite uplink and SNG distribution, Hawk-Eye Decision Review System, and EVS XT3 replay systems. The Event Rights Agreement with SLC covers an initial term of five annual tournaments commencing in 2020, with automatic one-year renewals. The legacy business included CEA facility design-build services and controlled environment agriculture equipment reselling, both of which were exited in FY2025.

Customers and end markets

Post-merger end markets include cricket broadcast audiences, international media rights buyers, and ground sponsors tied to the Lanka Premier League in Sri Lanka. The legacy CEA business served controlled environment agriculture operators; those operations were discontinued in FY2025.

Value-chain role

Flash Sports & Media holds event rights from Sri Lanka Cricket and acts as the primary rights holder and production entity responsible for live broadcast engineering, content delivery across television and live streaming, and sub-licensing of rights to other parties, subject to minimum audio-visual production standards set by ICC regulations.

Geographic exposure

Operations span the United States, Sri Lanka, and the United Arab Emirates, as disclosed in the FY2025 10-K filed April 15, 2026.

Source: SEC 10-K, filed 2026-04-15

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