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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 announced significant changes to its Board of Directors, effective January 31, 2025. Peter Shapiro and Sanjay Tolia have been appointed as new board members, while Richard Drexler has departed.
Shapiro brings extensive experience as an independent music entrepreneur, having operated venues like Brooklyn Bowl and The Capitol Theatre. He has been recognized on Billboard's Power 100 List and serves on various civic boards including New York Public Radio and the Rock and Roll Hall of Fame Museum.
Tolia joins as co-founder of Marine Layer Advisors and Bengal Capital, bringing significant financial expertise and cannabis industry experience. He has a background in equity derivatives and has managed wellness brands through his private equity fund.
Agrify (Nasdaq: AGFY) announced its exclusive partnership with The Salt Shed music venue in Chicago to offer its award-winning hemp-derived THC (HD9) beverage, Señorita. This partnership marks the first time an HD9 beverage will be served at The Salt Shed. Starting January 11, 2025, concertgoers can purchase Señorita at all venue bars during shows and at the new RISE at Salt Shed retail space. Señorita will be available in flavors like Mango Margarita (5mg), Lime Jalapeño Margarita, Paloma, and Ranch Water.
The Salt Shed, run by 16” on Center, expects to host over 600,000 fans across 145 shows this year. Ben Kovler, Chairman and Interim CEO of Agrify, emphasized the growing demand for alcohol alternatives and the synergy between music and cannabis. Victor David Giron, CFO of 16” on Center, highlighted the increasing popularity of non-alcoholic options among concertgoers.
Products sold at RISE at Salt Shed, including Señorita, are Farm Bill compliant, manufactured in certified cGMP facilities, and feature transparent labeling with ingredient and potency information, as well as certificates of analysis via QR codes.
Agrify (AGFY) has announced and completed the sale of its cultivation business to CP Acquisitions, , an entity affiliated with former CEO Raymond Chang. The transaction, signed and closed on December 31, 2024, includes the sale of all cultivation-related assets, including Vertical Farming Units (VFUs), total-turnkey (TTK) solution assets, and Agrify Insights™ software solutions.
The deal involves the assumption of cultivation business liabilities by CP and the termination of two convertible notes held by CP totaling approximately $7 million. Following this transaction, Agrify plans to focus on THC-related growth categories, particularly hemp-derived THC Delta 9 (HD9) beverages, including their Señorita THC Margarita product currently available in 9 states and online.
Agrify (NASDAQ: AGFY) has completed its acquisition of Señorita brand assets from Double or Nothing , expanding into the hemp-derived THC beverage market. The transaction involved 530,000 shares of Agrify common stock. Señorita, created by winemakers Charles Bieler and Joel Gott, offers THC-infused drinks as alcohol alternatives, currently featuring Lime Jalapeño and Mango Margarita flavors.
The brand plans to launch Paloma in January and Ranch Water in 2025. Señorita products are available in nine U.S. states and Canada through major retailers like Total Wine, ABC Fine Wine & Spirits, and Binny's. Post-acquisition, Agrify has approximately 2.0M common shares outstanding and 7.6M warrants.
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.
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