Welcome to our dedicated page for Agrify Corporation news (Ticker: AGFY), a resource for investors and traders seeking the latest updates and insights on Agrify Corporation stock.
Agrify Corporation (Nasdaq: AGFY) is a leading innovator in precision hardware and software grow solutions for the indoor agriculture market, with a strong focus on the cannabis industry. Established in 2016 and based in Burlington, Massachusetts, Agrify's core offerings include Vertical Farming Units (VFUs), Integrated Grow Racks, LED Grow Lights, and a comprehensive range of non-proprietary products such as air cleaning systems and pesticide-free surface protection products.
The company has developed a reputation for integrating data, science, and technology into its cultivation and extraction solutions. Agrify’s proprietary VFUs are designed to optimize micro-environment controls, enabling cultivators to produce high-quality products with exceptional consistency and yield. The company also offers a suite of associated services, including consulting, engineering, and construction, which bolsters its value proposition in the indoor agriculture space.
Recent financial results indicate significant progress in Agrify's financial health. For instance, the company reported its first positive quarterly net income of approximately $572,000 for the quarter ending December 31, 2023. Agrify has also seen a marked improvement in gross profit and a substantial reduction in operating expenses, demonstrating effective cost management and operational efficiency.
Notable achievements include the successful deployment of Agrify's Total Turnkey (TTK) project with Nevada Holistic Medicine, which showcases the efficacy of Agrify's technology in producing premium-quality cannabis products. Additionally, the company has made strides in the extraction market, signing a $500K Turnkey Hydrocarbon Extraction and Lab Equipment Package deal with Grotech Farms LLC.
Agrify continues to explore strategic partnerships and acquisitions to strengthen its market position. Although a planned merger with Nature's Miracle Holding Inc. was recently terminated due to unfavorable market conditions, Agrify’s management remains committed to pursuing opportunities that create shareholder value.
The company has also taken significant steps to maintain its Nasdaq listing, including a $13.8 million debt-to-equity conversion that helped regain compliance with Nasdaq’s equity requirements. This move underscores the commitment of Agrify's management and leading shareholders to the company's long-term success.
For more information, visit Agrify’s official website at www.agrify.com.
Agrify (AGFY) has secured a $25.9 million non-brokered private placement priced at $22.30 per share. The company plans to use the proceeds for general corporate purposes, including working capital and business development. Chairman and Interim CEO Ben Kovler participated by purchasing 10,000 shares at $38.76. The private placement is expected to close on November 21, 2024. Investors will receive pre-funded warrants if their beneficial ownership exceeds 4.99% post-offering. A resale registration statement will be filed with the SEC within 45 days upon investor demand.
Agrify (AGFY) reported its Q3 2024 financial results with revenue of $1.9 million and gross profit of $0.2 million. The company posted a net loss of $18.6 million, largely due to a $15 million change in warrant liabilities. Recent developments include securing new convertible note financing of up to $20 million with an initial $10 million draw from Green Thumb Industries, appointing Ben Kovler as Chairman and Interim CEO, and announcing plans to acquire the Señorita brand of hemp-derived THC drinks. The company currently has approximately 1.5 million shares outstanding and 6.3 million warrants.
Agrify (NASDAQ: AGFY) has signed a non-binding letter of intent to acquire the Señorita brand of hemp-derived legal THC (HDLT) beverages from Double or Nothing The deal involves exchanging 530,000 shares of Agrify common stock or equivalents, expected to close by year-end. Señorita, founded in 2022 by winemakers Charles Bieler and Joel Gott, offers low-sugar, low-calorie THC beverages in classic and mango margarita flavors. The brand is currently distributed in Canada and nine U.S. states. Agrify currently has 1.4 million shares outstanding, 6.3 million warrants, and approximately $17 million in debt.
Agrify (AGFY) has secured a $20 million convertible secured note from a Green Thumb Industries subsidiary, with $10M available at closing. Green Thumb also acquired an ownership stake in Agrify through stock and warrant purchases from outgoing executives. Benjamin Kovler, Green Thumb's Founder and CEO, has been appointed as Agrify's Chairman and Interim CEO, replacing Raymond Chang. Additionally, Richard Drexler and Armon Vakili joined the Board, bringing total membership to six. The company will continue operating independently, retaining the majority of its existing management team and independent Directors.
Agrify (NASDAQ: AGFY) announces that its customer, Nevada Holistic Medicine (NHM), has won the Best Cultivation Award at the 8th Annual Nevada Cannabis Awards & Music Festival. NHM, which uses 132 Agrify Vertical Farming Units (VFUs), achieved significant improvements in its operations:
1. Doubled flower production within 90 days
2. Reduced operational costs by 50% to less than $650 per lb. of finished packaged flower
3. Consistently produces over 9 lbs. per VFU per crop cycle in 32 sqft. of floor space
NHM's Stack House cultivation facility also secured 3rd place in the "Best Cultivation" category. The collaboration between Agrify and NHM led to improvements in best practices implementation, cost efficiency, optimized cultivation processes, and enhanced team accountability.
Agrify (Nasdaq:AGFY) reported its Q2 2024 financial results and amended Q1 2024 results. Key highlights include:
- Q2 2024 revenue: $3.0 million (up 15% from Q1 2024, down from $5.1 million in Q2 2023)
- Q2 2024 gross profit: $1.7 million (up 54.8% from Q1 2024)
- Q2 2024 operating loss: $1.5 million (improved from $5.3 million in Q2 2023)
- Q2 2024 net loss: $2.8 million (improved from $6.8 million in Q2 2023)
The company reported a reassessment of Q1 2024 accounting, resulting in non-cash adjustments. For H1 2024, Agrify now reports $1.99 million operating income and $1.48 million net income. CEO Raymond Chang noted ongoing industry challenges and the company's constrained cash position as barriers to growth.
Agrify (Nasdaq: AGFY) held its Annual Meeting of Stockholders on August 12, 2024, with 49.16% of outstanding shares represented. Key outcomes include:
- Re-election of five directors to the Board
- Ratification of GuzmanGray as the independent accounting firm
- Approval of amendments to pre-funded warrants and the 2022 Omnibus Equity Incentive Plan
- Failure to approve the reverse stock split proposal
Agrify faces a September 3, 2024 deadline to regain compliance with Nasdaq's $1 minimum bid price requirement. The company plans to seek a 180-day extension but risks potential delisting if unable to meet listing standards.
Agrify (Nasdaq:AGFY) reminds stockholders to vote before the proxy voting deadline of 11:59 p.m. (Eastern Daylight Time) on August 11, 2024, for the upcoming Annual Meeting of Stockholders. The virtual meeting will be held on August 12, 2024, at 10:00 a.m. (EDT). Agrify's Board of Directors unanimously recommends voting 'FOR' all proposals.
Stockholders can vote online at www.proxyvote.com or by phone at 1-800-579-1639 for registered holders. Beneficial holders should check their proxy card or contact their broker for voting instructions. For questions or assistance, contact Agrify Investor Relations at IR@agrify.com or call (857) 256-8110.
Agrify (Nasdaq: AGFY) has signed a $500K deal with Grotech Farms , a licensed cannabis operator in Bridgeton, NJ, for a Turnkey Hydrocarbon Extraction and Lab Equipment Package. This package includes a PX10 Hydrocarbon Extractor, Cascade Sciences Vacuum Ovens, a 10L Decarboxylation Package, Diamond-Miners, and a Short-Path Distillation System. Grotech Farms aims to produce a variety of craft concentrates, live resin, and distillate. Additionally, Grotech has purchased Agrify's UL-Compliant C1D1 Explosion Proof Room for safe, quality extraction. Agrify's CEO, Raymond Chang, expressed excitement about the partnership and the continuous adoption of their technologies in New Jersey.
Agrify (Nasdaq: AGFY) has announced that it has regained compliance with Nasdaq's minimum stockholders' equity requirement of $2.5 million. This follows a $13.8 million debt-to-equity conversion by CP Acquisitions, , and GIC Acquisition, , entities affiliated with Chairman and CEO Raymond Chang. Nasdaq has confirmed this compliance, a significant step toward ensuring Agrify's ongoing listing. The company has also made strides in improving its balance sheet, reducing cash burn, and driving business growth. Agrify remains focused on a full turnaround and creating long-term shareholder value.
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