Thank you, Hilary and good afternoon, everyone.
As noted, I am Bradley Nattrass, I am the Co-Founder, Chairman and CEO of urban-gro. Also joining me on the call today is our Chief Financial Officer, Dick Akright, who you will hear from a little bit later. We truly appreciate your continued interest in the company and further the strong turnout for today's call. I'm excited to both update you on our progress to the end of Q2 and further share some insight on our focus for the remainder of the year.
As can be viewed in the 10-Q and press release circulated after market closed today, our momentum continues to strengthen. And once again we've delivered record results in Q2. Highlighting these successes, we achieved record revenue of $12.8 million. We achieved record positive adjusted EBITDA of approximately $600,000 and positive net income of $1.3 million. We finished the quarter with a record backlog of $27.9 million, which for urban-gro is signed client contracts on equipment systems with deposits. In turn these contracts will transition into recognize revenue at shipment, which is predominantly over the ensuing two quarters. We maintained a cash position of over $50 million. We successfully announced a very accretive acquisition, initially announced in Q2 we subsequently completed the acquisition of 2WR Partner and their subsidiary MJ12 Design Studio two weeks ago. They are leading 23 persons architect and interior design firm that not only will provide a significant boost of high margin services and revenue, but it presents a phenomenal cross-selling opportunity and allows us to engage new clients approximately three months earlier than we traditionally have been. With this acquisition, we've also added construction management expertise, and have extended our serving - service offering to also include the design of dispensaries, extraction facilities, and processing kitchens. And finally, and most exciting for the first time we're providing the following forward-looking guidance for our shareholders. We anticipate our full year 2021 revenues will be in a range of $54 million to $59 million. And we anticipate our full year 2021 adjusted EBITDA will be in a range of $4 million to $5 million, which represents approximately 7.5% to 8.5% of revenue. Moreover, even at the low end of this range, this is almost a $5 million increase of adjusted EBITDA over full year 2020. And as I like to say, we're just getting started. Today, urban-gro is a fully integrated architectural, engineering and design company that integrates equipment systems into controlled environment ag facilities. Further for operating facilities, we offer a Managed Services Platform, gro-care, that leverages our team's expertise, and provides our clients with the sweetest solution services focused on increasing crop yields, preventing downtime and also driving overall business continuity. We're in our eighth year, we have 80 employees, of which approximately two thirds of what we refer to as experts, a variety of architects, engineers, cultivation designers, and plant scientists and horticulturist who have a strong history of growing multiple crop types. Is these skill sets and the expertise acquired from working on more than 450 controlled environment ag facilities, that sets us apart and provides a competitive advantage in the marketplace.
As we move into the second half of 21, we're continuing to execute in opportunities in both cannabis and food focused markets. And after primarily working in the legalized cannabis space since our inception, this acquire a massive knowledge from working with one of the most valuable crops in the world, its given us a great entry point into food.
So not only are we continuing to capture more market share in the global cannabis market, but we're also successfully expanding our reach within the food focused vertical farming market as well.
Looking forward now and ensuring that we finish this year strong, there are three key growth initiatives that we remain focused on.
First, we continue to focus on the continued expansion of our high margin services offerings, both pre and post operation start-up.
With the successful acquisition of MJ12, as I mentioned earlier, the start of the call, we've now expanded our existing offerings to include architecture and interior design services. And as a company, we're diligently working to blend our existing engineering and cultivation design services into their 70 open projects, definitely phenomenal, cross-selling opportunity for our team.
We continue to focus on building out our managed service offering, grow care as well.
We have the expertise that operators and facilities desire to assist them by providing training, support, monitoring, and a variety of programs, including maintenance. Further, we continue to have a robust M&A pipeline, and we continue to examine acquisition and investment opportunities that are profitable, service based, accretive and synergistic to our core offerings.
Our second growth initiative revolves around a goal that I set for the company, is to be the leading provider of turnkey, indoor, high-performance cultivation facilities in the global controlled environment ag market. urban-gro defines turnkey as a delivering, a fully operational, customized, high performance facility. And looking forward and the key takeaway here is by utilizing our permit ready construction documents, we're confident that we'll be able to deliver these facilities much more quickly than operators have experienced to date, very, very important in new markets as they open in the United States.
Lastly, we're making solid progress with our expansion into the European market, both in cannabis and food.
In addition to making significant advances working with our commercial agents that we signed in Q1, we've retained the Vice President of Sales based in the Netherlands, who has a strong horticulture ties, who has strong horticultural ties to the European and Middle Eastern markets. Further later this month, we're opening - we're both opening our European entity in the Netherlands, and we're also exhibiting in a large cannabis tradeshow in Germany. In closing, I'm very proud of the progress that we've made in the first half of the year. And we remain focused on continuing to execute on our strategic initiatives over the next two quarters. With that, I'll turn the presentation over to our CFO, Dick Akright, to present our financial results for the second quarter, and for the first half of 2021. And then after he finishes, we'll move over into the Q&A session. Dick, please take it from here.